Ardana (DANA), a large-scale project developed on the Cardano (ADA) blockchain, which worked in particular for the development of decentralized stablecoins, has suddenly ended its activity. Blaming the blockchain and timing uncertainties, Ardana had however announced on January 1 that almost all of the development of its products had been completed.
Ardana stops along the way
Obscure news from the side of the Cardano (ADA) blockchain: Ardana (DANA), a major decentralized stablecoin projecthas just suddenly ceased operations, citing financial and timing uncertainties.
Hello Ardana community,
Unfortunately due to recent developments with regards to funding and project timeline uncertainty, the Ardana project has had to come to a halt. Our code will remain open source for builders to continue our work going forward as they wish.
— Ardana – DeFi Hub of Cardano (@ArdanaProject) November 24, 2022
“Hello Ardana community, unfortunately, due to recent developments regarding funding and uncertainty over the project timeline, the Ardana project had to be put on hold. Our code will remain open source so that manufacturers can continue our work as they wish. »
Aspiring to become both “the MakerDAO and the Curve Finance” of the Cardano blockchain, Ardana managed to raise $10 million last year to support its development. The round table had in particular seen the participation of the fund – now bankrupt – Three Arrows Capital (3AC)but also Cardano’s cFund, Cardano’s development fund.
Also according to the Twitter release, Ardana clarifies that its treasury will remain in place ” until another competent development team from the community comes along “. The Ardana code, open source, also remains available if developers wish to appropriate the project.
Unsurprisingly, the price of DANA, Ardana’s native cryptocurrency, crashed. It went from 0.06 to 0.008 dollars in just 24 hours.a far cry from its all-time high (ATH) of $10.84 reached on November 22, 2021.
Ardana’s DANA token price falls
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An abrupt announcement that does not please the community
Ardana’s announcement, as sudden as it was surprising, unsurprisingly did not sit well with the Cardano blockchain community. Charles Hoskinson himself (the founder of Cardano), explained that he personally lost $500,000 in this case:
Looks like I might have just lost 500k on it. I was an investor through the cfund. Waiting for a readout from them
—Charles Hoskinson (@IOHK_Charles) November 24, 2022
“Looks like I just lost $500,000. I was an investor through the cfund. I await a response from them. »
Other clues also leave you speechless, since Ardana explains that her decision is notably due to uncertainties “around the completion of development”, while she herself affirmed on January 1, 2022 that “ almost all product/smart contract development completed “.
Thus, faced with a clear lack of information, some did not hesitate to qualify Ardana as a rug pull. Others, more measured, called the project a “bad investment” while questioning the due diligence process carried out by the Cardano fund during the tour de table carried out last year.
Ardana however specified that other information was to come, which will not be too much. Indeed, many investors felt aggrieved, and wonder where the 10 million dollars went a priori used for the development of the project.
“So what is your CEO going to talk about at the Cardano Summit as a proposed speaker? How to lose 10 million without developing the project? »
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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