Ardana, a Decentralized Stablecoin Building on Cardano, Abruptly Halts Development

Ardana, a decentralized stablecoin ecosystem built on the Cardano (ADA) blockchain, has been forced to halt development due to funding deficiencies and project timeline uncertainty.

Ardana Stablecoin Halts Development

Ardana Labs, the team behind the decentralized exchange stable asset liquidity pool (dUSD) being built on the Cardano network, has announced a halt to its project due to “funding and project timeline uncertainty.” The project tweeted:

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

The development team for the “first all-in-one stablecoin ecosystem” however noted that the codes for the Ardana project would remain open source. The development teams could build upon it if they wished.

In addition, Ardana Labs said it would hold the remaining funds and treasury balances until “another competent dev team” comes forward to continue working on the project.

Building on Cardano is Difficult

Ardana explained that building Cardano has been difficult. They added that a lot of funding went into “tooling, infrastructure, and security.” Ardana is not the only project experiencing difficulties.

Orbis, a project that aimed to address the scalability of Cardano has also halted its development. However, the SundaeSwap team is trying to buy any infrastructure or internal tools developed in the past year.

Djed, an over-collateralized stablecoin built on the Cardano ecosystem in partnership with COTI, will be launched in January 2023.

Halting after years of development and $10 million raised in October 2021 has made the Cardano community call the project a scam.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Milko Trajcevski

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).