Cardano’s DeFi Stablecoin Hub Ardana Raises $500K in Second IDO
Ardana, a Cardano-based DeFi stablecoin hub, has announced the completion of its second IDO (Initial DEX Offering) with a $500,000 raise.
The second public sale for the Ardana native governance token DANA, which took place on OccamRazer on November 4, 2021, saw the firm raise $500,000 from several investors.
For the second IDO, investors were required to contribute no more than $500 in ether (ETH) in order to partake in a share of $500,000 worth of DANA tokens.
Since the IDO was organized on OccamRazer, the first complete launchpad solution for the Cardano ecosystem, investors were required to connect only to their Cardano addresses.
Ryan Matovu, CEO & founder at Ardana, expressed satisfaction at the successful completion of the company’s second token sale on the OccamRazer platform, adding,
“Occam surely is the leading launchpad on Cardano and we look forward to further success working with them as we move closer to our token launch in the coming weeks.”
DANA, which is designed as the governance token that powers the Ardana ecosystem, will allow holders to vote and participate in crucial decision-making processes of the platform.
Participants of the IDO do not need to go through any rigorous process to redeem the token, as the distribution is automated and shared only to Cardano addresses that successfully participated in the IDO.
In a bid to protect the value of $DANA in the long term, Ardana designed a suitable tokenomics for the token, whereby investors will only receive an initial 15% of the IDO rewards. In comparison, the remaining 85% will be locked up, with 15% distributed in subsequent months.
Ardana’s First IDO
The second IDO took place less than a week after Ardana completed the first public sale on October 28.
Ardana’s first IDO, conducted on Tokensoft, saw the DeFi stablecoin hub raise $1 million. During the token sale, Ardana tried to prevent whales from participating in the event by ensuring that no participating address purchased more than $500 worth of $DANA.
Bridging The Gap
The company’s main objective is to bridge the gap between decentralized and centralized stablecoins.
Users are allowed to leverage Ardana’s decentralized vault system to mint the dUSD stablecoin via trustless assets like Cardano’s native cryptocurrency ADA.
Not only are users able to mint decentralized stablecoins, but they can also perform token swap operations using the Danaswap, a stableswap DEX.
Aside from the two public sales of the $DANA that saw the firm raise a combined $1.5 million, Ardana had previously secured $10 million funding from notable investors such as cFund, Three Arrows Capital, and Ascentive Assets, among others.
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