Ardana, Cardano-based Stablecoin Project Abruptly Halts Development
Ardana, a Cardano-based decentralized stablecoin ecosystem, has announced its intention to stop development. The platform has been working on a stablecoin for the Cardano network.
According to the platform’s report, it is halting development due to timeline uncertainty for the project and insufficient funding. However, the user community termed the reasons mere excuses, calling the platform a scam.
The Ardana project team announced to its community that it stopped the project last Thursday. The project tweeted on its official platform that there is enormous uncertainty about its timeline.
The tweet also mentioned that the platform was facing difficulties with funding. Meanwhile, the platform added that its source code would remain open source.
Thus, other developers can build on it if they want. Additionally, Ardana Labs stated that they would hold on to the platform’s treasury balances and leftover funds until a worthy team steps up to finish the project.
“Development on the Cardano blockchain has not been easy for the team. Most of the project’s funding goes to security, infrastructure, and tooling. Also, we are not sure when the project will be completed. This has forced us to halt the development of the dUSD stablecoin,” the tweet stated.
Ardana poses as a decentralized asset liquidity platform with stable exchange rates. Its ecosystem includes two primary products: a DEX token called Danaswap and a stablecoin platform.
Orbis, another Ardana-related project, has also suspended operations. Ryan Matovu, the creator of Ardana, was Orbis Labs CEO. Meanwhile, the SundaeSwap team is attempting to acquire any of Ardana’s internal tools or infrastructure created in the last year.
What Is The Relationship Between Orbis And Ardana?
Orbis is an initiative that utilizes zero-knowledge proofs to resolve scalability concerns on the Cardano blockchain. The layer-two scaling solution partnered with platforms like MLabs, cFund, and Platonic Systems.
Similarly, Ardana is a stablecoin protocol built on the Cardano blockchain. The platform has witnessed several developments in the past month.
However, the crypto winter has hit the project very hard, making the platform’s future uncertain. Meanwhile, the price of the platform’s native token, DANA, dropped by about 80% following the news.
Naturally, the Ardana community did not take the news lightly, given the recent happenings in the crypto space. They labeled the stablecoin project a scam and rug pull since they invested money to fund it.
The latest development might spell doom for the Cardano blockchain, which is planning to launch a stablecoin soon. Other blockchains like Solana have also witnessed great difficulties amid the crypto market crisis.
If the current market situation continues, several projects may have to halt development. A vast market overhaul is needed to revive the falling faith in the crypto sector.
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