On Nov.24, Ardana, a leading decentralized finance (DeFi) and stablecoin ecosystem building on Cardano (ADA) halted development due to funding and project uncertainty. The project will remain open-source for builders while Ardana Labs holds the treasury balances and remaining funds.
- Development on Cardano has been difficult with a lot of funding going into infrastructure and security. The best course of action is to stop development of dUSD. The sudden nature of the announcement shocked many. Issues were present for some time. Ardana has held an ongoing initial stake pool offering to fund its operations.
- Developers don’t receive the ADA delegated by users, but rather the staking rewards. Users are rewarded with native DANA token if they keep giving. The collapse of the price of DANA, ADA, and Cardano has caused issues for ISPO issuers. Ardana’s native DANA token has lost close to 99% of their value over the past year.
- Ardana claimed in January that almost all of the product/smart contract development is done. We could launch our products within a few weeks if we wanted, but instead blamed the delay on the Cardano network’s liquidation issues.
- Users blamed Ardana instead of reacting negatively. One individual wrote. Sounds like you’re blaming Cardano for your lack of motivation. You built this for a reason, and now you’re giving up. Others like Axo will come in and take all the magnificence.
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