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Orbis

<div id="content"><div><div><div id="primary"><div><div><div><p><a target="_blank" href="https://zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg" data-caption="" rel="noopener"><img decoding="async" width="1200" height="700" data-sizes="auto" data-srcset="https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg?w=75&amp;resize=75 75w,  https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg?w=100&amp;resize=100 100w,  https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg?w=150&amp;resize=150 150w,  https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg?w=240&amp;resize=240 240w,  https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg?w=320&amp;resize=320 320w,  https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg?w=500&amp;resize=500 500w,  https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg?w=640&amp;resize=640 640w,  https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg?w=800&amp;resize=800 800w,  https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg?w=1024&amp;resize=1024 1024w,  https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg?w=1280&amp;resize=1280 1280w,  https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg?w=1600&amp;resize=1600 1600w" data-src="https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg" srcset="https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg 1200w,  https://zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term-300x175.jpg 300w,  https://zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term-1024x597.jpg 1024w,  https://zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term-768x448.jpg 768w" sizes=" 1200px) 100vw, 1200px" alt="Historically Accurate Cardano On-Chain Metrics Suggest ADA Price Could Triple In Near Term" title="Historically Accurate Cardano On-Chain Metrics Suggest ADA Price Could Triple In Near Term" src="https://i0.wp.com/zycrypto.com/wp-content/uploads/2022/10/Historically-Accurate-Cardano-On-Chain-Metrics-Suggest-ADA-Price-Could-Triple-In-Near-Term.jpg"></a></p><p>Cardano has emerged as the blockchain network with the most <a target="_blank" href="https://zycrypto.com/cardano-outpacing-crypto-majors-as-ada-reigns-as-the-most-developed-cryptocurrency/" rel="noopener">robust development activity</a> in the last 30 days, according to data from Santiment.</p><p>Per data from the on-chain analytics platform, the Cardano blockchain&rsquo;s GitHub code repository recorded 18% more developer activity than any other blockchain after filtering out routine updates. The repository clinched over 500k significant development updates in the last 30 days.</p><p><em>&ldquo;Cardano is head and shoulders above all other crypto assets on development activity. Our GitHub tracking data filters out routine updates like Slack updates,&rdquo; Santiment wrote.</em></p><p>Polkadot clocked in second in the ranking with over 486k updates to its repository. Kasuma, Cosmos, Ethereum, Internet Computer, Status, Decentraland, Filecoin, and Vega Protocol rounded off the rest of the top ten networks by GitHub developer activity.&nbsp;</p><p>The finding is a change from development activity data for September and October that saw the Polkadot/Kasuma combined repository record the highest level of developer activity.</p><h2 id="h-ada-price-set-to-surge"><strong>ADA price set to surge?</strong></h2><p>Cardano blockchain&rsquo;s dominance of the metric is also coming after its ecosystem has seen the announcement of several new projects. During November, Cardano core research and development company Input Output Global (IOG) revealed plans to introduce a new data protection-focused side chain called Midnight with a token named DUST.</p><p>IOG also announced Hydra for Payments, a fully open-source developer toolkit that will simplify and introduce new use cases for its layer 2 scaling solution, the Hydra Head Protocol.</p><p>Hydra for Payments will allow developers to deploy Hydra Heads to implement use cases for their decentralized applications, including bank-to-bank transfers, pay-per-use API services, NFT auctions, and light wallet micropayments.</p><p>Projects building on Cardano were not left out of the fun as <a target="_blank" href="https://zycrypto.com/cardanos-self-regulated-stablecoin-set-for-launch-in-early-2023-is-ada-ready-for-a-go-at-1/" rel="noopener">COTI announced</a> that Djed&mdash;Cardano&rsquo;s first formally verified, crypto-backed pegged algorithmic stablecoin&mdash;would launch in January 2023.</p><p>On the negative side, the ecosystem saw its first significant rug pull and failed project. Ardana, a stablecoin project, as well as Orbis, a layer-2 solution utilizing zkSNARK roll-up tech, both announced that they were halting development due to funding issues.&nbsp;&nbsp;</p><p>Despite the majorly bullish ecosystem developments, ADA, the native token of the Cardano blockchain, has continued to trade with considerable volatility. At the time of writing, ADA is trading at $0.32, up 2.25% in the last 24 hours.&nbsp;The crypto asset is down around 19% in the one-month period and 75.8% year-to-date (YTD).</p></div><p>Source: https://zycrypto.com/cardano-reigns-as-the-most-developed-crypto-asset-as-ada-leaps-forward/</p></div></div><h2>Post navigation</h2></div></div></div></div>


BitcoinEthereumNews

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Cardano Reigns As The Most Developed Crypto Asset As ADA Leaps Forward ⋆ ZyCrypto

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<p>The termination of the Ardana and Orbis projects has sparked debates in the community. Investors are disappointed. The reality is that 90-95% of startups fail. In the blockchain industry, the score will be likely slightly worse. I wouldn't be afraid to say that 99% of projects will fail. Cardano will survive third-party project failures just like all other smart contract platforms. There are currently several hundred projects being built. Even if we are big pessimists, we can say that in a few years we can have 10 successful projects with a large number of users. This number, with competition at its back, is amply sufficient for Cardano's success. We could conclude that almost nothing has actually happened and end the debate there. However, it would be a shame not to take some lessons from the event.</p>
<h2>TLDR</h2>
<ul><li>Even if the CEO of the Ardana project had paid the developers above average, he could have had 50 of them for 4 years.</li>
<li>It's normal for a project to fail. In the blockchain industry, transparency is expected when a project is funded by the community.</li>
<li>Blockchain is an industry like any other, even riskier, so the same laws apply there as anywhere else.</li>
<li>The Orbis project applied for $1M in Catalyst Fund 8.</li>
<li>If a third-party project fails, it's a failure of the team, not the Cardano platform.</li>
</ul><h2>How much money is required for success?</h2>
<p>Both projects had the same CEO, Ryan Matovu. The following was announced on the official Twitter feed of the Ardana project: </p>
<p><i>"Unfortunately due to recent developments with regard to funding and project timeline uncertainty, the Ardana project has had to come to a halt. Development on Cardano has been difficult with a lot of funding going into tooling, infrastructure and security. "</i></p>
<p>In November 2021, the project raised $10M in a strategic funding round led by Three Arrows Capital, CFund, and Ascensive Assets. At the time, CEO and co-founder Ryan Matovu said:</p>
<p><i>&ldquo;Along with the investors&rsquo; expertise, this funding will allow us to establish Ardana as one of the premier Defi gateways on the Cardano blockchain. The future is bright.&rdquo;</i></p>
<p>First of all, it is very unprofessional to blame the Cardano platform for the failure of the project. If any project is applying for funding, they should be familiar with the development using the platform and know what they are getting into. This is the only way to estimate future development costs. If the third-party team encounters problems during the development of the application, they can ask for help from the IOG team, another project, or the community. Both projects, Ardana and Orbis, pretended everything was fine until the last moment. As far as I know, no one, not even the investors, was informed about the problems.</p>
<p>At the time of the announcement of the termination of the projects, stablecoin, many DEXs, and lending platforms already existed in the Cardano ecosystem. These projects were capable of delivering what they promised and the development was apparently successful.</p>
<p>10M USD for the development of the Ardana project is a royal budget. Many projects have been built in the Cardano ecosystem for much less. It doesn't make much sense to compare the different projects as each has different ambitions and different development conditions. What we can do, however, is think rationally in the context of costs in the traditional IT world.</p>
<p>What is the annual average salary of programmers in different countries? In the US it is $110,000, in Canada $61,000, in Germany $52,000, in Singapore $42,000, in Japan $36,000, in China $23,000, in Poland $22,000, in India $8,000.</p>
<p>If the CEO of the Ardana project paid each developer a $100,000 annual salary, 50 team members could work on the project for 2 years. If he gave the developers the average European salary, he could have 50 developers for 4 years. </p>
<p>If the team list on the official website is complete, it only had 13 members including the CEO. The Twitter account of the project was created in May 2021. The existence of the project was 1.5 years. Based on my calculations, even if each team member took $200,000 a year, more than half of the budget had to stay.</p>
<p>It would be fair to the investors and the community if the team explained the reasons for the project's failure, what it has managed to build in that time, the costs involved, how much money is left in the fund and what will be done with it.</p>
<p>Any project can fail for many different reasons. In the blockchain industry, teams are expected to be transparent first and foremost. It cannot be common for someone to raise a huge amount of money to fund a project and then announce the termination after a relatively short period of time. This is not enough and we should not accept it. If the project is at least partially funded by the community or Catalyst, the team should realize that they cannot just quit and walk away. The team has a responsibility to the investors. </p>
<p>Our feeling is that Ardana announced the project prematurely and at a time when development tools were not available. The team probably chose a "try and see" strategy.</p>
<h2>Project funding</h2>
<p>People should be aware that investing in startups is risky. The blockchain industry has attracted many people who have no experience in investing. They often think that they are investing in something new right from the start and that they will profit from it. This is a big mistake. Just like in any other industry, most projects fail. Blockchain is an industry like any other, even riskier, so the same laws apply there as anywhere else.</p>
<p>The blockchain industry is specific in that it is still largely unregulated. This is why there is more fraud in it than in other industries. Everyone should keep this in mind when trying to gauge the risk of an investment. During the ICO mania in 2017, it was common for teams to raise money and quietly walk away. Often they just delivered a website and wrote a white paper.</p>
<p>ADA holders should also be careful when voting in Catalyst. Getting Catalyst funding is more difficult for teams. However, despite great efforts to select relevant projects, it happens that a funded project fails. I repeat this is a perfectly normal phenomenon. If a project gets funding that is challenging to deliver, the project can fail for many different reasons.</p>
<p>The Orbis project applied for $1M in Catalyst Fund 8. The community was concerned that the project might fail. Project Orbis was not funded. This was probably one of the reasons why the project ended. </p>
<p>Although we don't know if the Orbis project would have continued if it had received funding, we can say that Catalyst works better than regular ICO projects. Teams applying for funding in Catalyst go through some filtering and must be able to answer relevant questions.</p>
<p>In general, third-party teams need to get funding and that can be provided by future users or people who are willing to take risks. Risk is always associated with the possibility of losing the investment. From our perspective, people shouldn't buy tokens for projects whose team is unknown and that have nothing to show for it other than a website and a white paper. Teams should only ask retail for funding when they can show proof of concept.</p>
<p>There are projects that have released tokens after they have been successful. If a project is successful and adopted, the project tokens tend to gain adequate market value. </p>
<h2>Cardano is a platform</h2>
<p>Cardano is a platform that opens up the possibility for third parties to build an app. The third-party team is fully responsible for whether their project succeeds or fails. </p>
<p>Third-party developers decide how to fund the project. The project can be funded by VC funds, by Catalyst or by the community. The team is responsible for managing the money well and being able to fund the development to completion. </p>
<p>If a project fails, it's a failure of the team, not the Cardano platform. It's similar to a startup getting VC funding to create a new social network. They would choose the Java platform for development. If the team didn't complete the project, probably no one would believe the team that Java was to blame for the failure.</p>
<p>The Cardano ecosystem is not as developer-friendly as traditional development platforms. Cardano is a young platform, so developers may have difficulty with documentation, tool availability, or finding developers. It is possible that the team has to create some of the necessary tools themselves.</p>
<p>The team should do a good analysis of the platform before deciding to build on it. If they subsequently assure investors that they are able to deliver the app according to the roadmap, this claim must be based on facts, not feelings. The team needs to know what tools and options are available to them and what they may potentially be missing. Teams can collaborate on the development of tools, or funding can be obtained to develop them.</p>
<p>It's unfair of the Ardana team to blame Cardano's platform for the failure of their project. The team, with its high budget, certainly had many options to address the situation. For example, it was possible to pause the project, create the necessary tools, and then move on. Maybe the CEO of the project didn't find quality developers. That, of course, is his failure. </p>
<p>Cardano platform survives failed projects. Of course, it is important that the reason for the failure is not the platform itself. In this case, however, I don't think so. Moreover, new tools and libraries are gradually emerging and developers are slowly learning to use them. It is possible to develop on the Cardano platform, and existing projects prove it.</p>
<p>Ardana and Orbis will be among the many other projects that will fail. This is the reality. Projects will come and go. Cardano stays and will improve over time.</p>
<h2>Conclusion</h2>
<p>Projects should have a good estimate of how much they need to develop the app. If the amount is too high, the team should be able to explain why. I dare to say that for the budget the Ardana project received, a completely new smart contract platform could have been built. A lot of other useful applications or tools could have been built for 10M USD. The investors are the most disappointed as they had their own skin in the game. Let's see if the team will be able to credibly communicate the reasons for the failure and return a part of the budget back to the investors.</p>
<p>There is a lot of competition in the Cardano ecosystem. Other projects will build what Ardana and Orbis planned to deliver. Nothing changes for Cardano and it will definitely survive the fall of these two projects.</p>
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Cexplorer

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Learning from the end of the Ardana and Orbis projects

<p>You are here: <a href="https://www.tronweekly.com/">Home</a> / <a href="https://www.tronweekly.com/category/news/">News</a> / <a href="https://www.tronweekly.com/category/news/altcoin-news/">Altcoin News</a> / Cardano Founder Likened Ardana’s Halt To The Infamous Mt. Gox</p><p><img src="https://www.tronweekly.com/wp-content/uploads/2022/11/kanchanara-nSVlzuKy60Y-unsplash-e1669360590856.jpg" alt="Cardano Founder Likened Ardana's Halt To The Infamous Mt Gox." srcset="https://www.tronweekly.com/wp-content/uploads/2022/11/kanchanara-nSVlzuKy60Y-unsplash-e1669360590856.jpg 1139w, https://www.tronweekly.com/wp-content/uploads/2022/11/kanchanara-nSVlzuKy60Y-unsplash-e1669360590856-300x214.jpg 300w, https://www.tronweekly.com/wp-content/uploads/2022/11/kanchanara-nSVlzuKy60Y-unsplash-e1669360590856-1024x729.jpg 1024w, https://www.tronweekly.com/wp-content/uploads/2022/11/kanchanara-nSVlzuKy60Y-unsplash-e1669360590856-768x547.jpg 768w" sizes="100vw"></p><p>Ardana, a Defi project on the Cardano blockchain <a href="https://twitter.com/IOHK_Charles/status/1595896233943764992">ruffled </a>a few features when it blamed the underlying network for “not being ideal” for any protocol development.</p><p>The project which touted itself as Cardano’s Defi hub announced halting its operations because of issues related to “funding and project timeline uncertainty.”</p><p>The platform which raised $10 million said that the remaining funds and treasury balances will be held by Ardana Labs until another dev team comes forward to continue the work.</p><p>The statements invited ire from many, including <a href="https://www.tronweekly.com/cardano-founding-entity-launch-stablecoin/">Cardano</a> founder Charles Hoskinson who likened the “blame game” to Mark Karpeles blaming the Bitcoin protocol for Mt. Gox.</p><p>In 2014, Mt. Gox which held over 70% of all bitcoin transactions worldwide, abruptly suspended trading. The then CEO Mark Karpeles and his team issued a press release&nbsp;blaming the Bitcoin protocol itself.</p><p>While making the comparison, Hoskinson did not seem to agree with Ardana’s claim of fund inadequacy as it was hardly a year back since the funding round took place.</p><p>The investment was led by the now-defunct 3AC and included Cardano’s early-stage investment fund cFund, whose investor was none other than Hoskinson himself.</p><p>Just as users were coming to terms with the news, two other Cardano projects Orbis and Indigo met their untimely demise.</p><h2>Two Other Cardano Projects Down in The Dumps</h2><p>Orbis, a layer 2 scaling solution notified the Cardano community that it too was ending development citing “constrained funding and uncertain conditions.”</p><p>What caught community members’ attention was the project’s last-minute attempt to secure funds through an NFT sale before ceasing operations. Many believed that this was a classic rug pull, while others reiterated that failed projects are not rug pulls.</p><p>The next in line of fire was Indigo, a Cardano-based stablecoin project. Unlike the previous two, Indigo did not shut shop but its token <a href="https://twitter.com/bisoncoin_io/status/1595559991775461376">launch</a> INDY was marred with malicious activity.</p><p>After INDY went live on Nov 22, its price hit ATH 12 from the listing price of 9.5 ADA. The tokens were airdropped to the community members but the intense selling pressure send the price down to 7.7 ADA.</p><p>On-chain sleuths found that a single wallet dumped 35k INDY tokens for about $70k leading to the INDY falling back to 5.7.</p><p>Upon further investigation, the wallet holder turned out to be a former core team member who had a fallout with Indigo and so dumped the tokens he received early as a gift.</p>

Tron Weekly

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Cardano Founder Likened Ardana's Halt To The Infamous Mt. Gox

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<p>On Thursday (24 November 2022), two Cardano-powered projects &mdash; Ardana and Orbis &mdash; unexpectedly came to a halt, but this doesn&rsquo;t seem to have dented the enthusiasm, passion, and optimism of the Cardano community presumably due to the rich depth of the ecosystem.</p>
<p>The two announcements came or less at the same time.</p>
<p>First, at 1:24 a.m. UTC on 24 November 2022, Orbis Labs, which is behind&nbsp;Orbis&nbsp;&mdash; &ldquo;a layer 2 zk-rollup scaling solution on Cardano built to support decentralized finance applications and a thriving blockchain ecosystem&rdquo; &mdash; announced that it was &ldquo;unable to continue building&rdquo;:</p>
<div lang="en" dir="ltr"><p>Hey all of </p><p>Unfortunately due to constrained funding and uncertain conditions, Orbis Labs is unable to continue building and the project as come to a halt. This is unfortunate given the amazoing research and work that has been produced.</p></div>&mdash; Orbis (@orbisproject) <a href="https://twitter.com/orbisproject/status/1595589252330536960?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 24, 2022</a>
<p>It went on to say:</p>
<p>&ldquo;<em>The NFT has been halted until further notice when a continuation plan is set out for the core zk-rollup solution. We as a team will we will do what is necessary for investors and community members to be made whole going forward&hellip; This was an unexpected result due to committed investors very recently pulling out of the project and recent events in the crypto space which affected Orbis directly&hellip;</em></p>
<p>&ldquo;<em>We want to thank all of you involved and we are currently working out a plan going forward for the project long term. For now, the Orbis Labs Github organisation will remain open source and open to outside contribution&hellip; The community groups have been halted until further notice.</em>&ldquo;</p>
<p>Then, roughly 20 minutes later (i.e. at 1:44 a.m. UTC on 24 November 2022), the&nbsp;Ardano&nbsp;team, which was working on &ldquo;the first all-in-one stablecoin ecosystem built on Cardano&rdquo;, announced that &ldquo;due to recent developments with regards to funding and project timeline uncertainty, the Ardana project has had to come to a halt&rdquo;:</p>
<div lang="en" dir="ltr"><p>Hello Ardana community,</p><p>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.</p></div>&mdash; Ardana &ndash; DeFi Hub of Cardano (@ArdanaProject) <a href="https://twitter.com/ArdanaProject/status/1595594077260709888?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 24, 2022</a>
<p>Here are a few reactions from the crypto community:</p>
<p lang="en" dir="ltr">Cardano has nothing to do with third-party developers failing to deliver. Every team should make sure in the initial part of the project that they are capable of building on <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Cardano</a>. Ending a project by saying 'it's difficult' after raising money is unprofessional.</p>&mdash; Cardano YODA (@JaromirTesar) <a href="https://twitter.com/JaromirTesar/status/1595726778575765504?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 24, 2022</a>
<p lang="en" dir="ltr">It is hard to build projects on Cardano but it is literally impossible to build anything on Bitcoin! Cardano was designed for professionals and separates the wanna be developers from those who understand what is going on. Cardano's technical difficulty is a form of security!&#127940;</p>&mdash; Lucid (@LucidCiC) <a href="https://twitter.com/LucidCiC/status/1595726232121118723?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 24, 2022</a>
<p lang="en" dir="ltr">I'd much rather get rid of the unmotivated value extracting projects now then have to deal with all of their exploits because they don't know what they're doing later.</p>&mdash; Lucid (@LucidCiC) <a href="https://twitter.com/LucidCiC/status/1595729398468030465?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 24, 2022</a>
<div lang="en" dir="ltr"><p>Important part is Orbis. They actually had some pretty solid research done. </p><p>Let's get together and revive Orbis, fuck the token; I just mean the protocol.</p><p>A rebranding can also be made but that's not a priority, we need the infrastructure and zk tech on Cardano.</p></div>&mdash; $nadjritzcalod (@nadjritzcalod) <a href="https://twitter.com/nadjritzcalod/status/1595714052201844738?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 24, 2022</a>
<p lang="en" dir="ltr">Ardana and Orbis projects are on hold, maybe rugged. It sucks but this is happening and will happen in every ecosystem. <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Cardano</a> is not an exception. Many other teams are continuing development. For example, a few days ago the Indigo project launched the first stablecoin iUSD.</p>&mdash; Cardano YODA (@JaromirTesar) <a href="https://twitter.com/JaromirTesar/status/1595677000068435968?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 24, 2022</a>
<p lang="en" dir="ltr">Cardano DeFi is still in a good place. We can use a sophisticated trading platform (Axo), pooled lending (Liqwid), more stable coins (coming) + reiterate dapps/add flavours of them for decentralisation. But really 90% of tooling is there, now need to build up liquidity &amp; activity</p>&mdash; ADA whale (@cardano_whale) <a href="https://twitter.com/cardano_whale/status/1595753950510469121?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 24, 2022</a>

<p>As you can see from these few examples, although the failure of these two projects seems to have disappointed and angered the Cardano community, there still seems to a lot of excitement and enthusiasm in the air especially since today&rsquo;s bad news comes shortly after all the good news delivered in last week (first at IO ScotFest in Edinburgh, Scotland and then at Cardano Summit in Lausanne, Switzerland).</p>
&mdash; Sooraj (@Soorajksaju2) <a href="https://twitter.com/Soorajksaju2/status/1595311039163535360?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 23, 2022</a>
<p>Over the next week or two, we hope to report on several of the interesting announcements that were made at these two events.</p>
<p><a href="https://www.cryptoglobe.com/latest/2022/11/cardano-powered-projects-ardana-and-orbis-come-to-a-halt-but-ada-community-not-worried/" target="_blank" rel="noopener">News Source</a></p>


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Elevenews

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Cardano-Powered Projects Ardana and Orbis Come to a Halt, but $ADA Community Not Worried

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