Rare VC Fund Raise For Cardano DeFi Project Nets 10 Million

Three Arrows Capital throws some money at a Cardano DeFi project, defying concurrency FUD. 

We are excited to be joining Three Arrows Capital, @AscensiveAsset, and an incredible list of investors in a strategic round for @ArdanaProject . Keep an eye on this one, we will be finally getting some overdue innovation in the Defi space soon! 🚀🚀https://t.co/1exPPPrH2s

— Jordi Alexander (@gametheorizing) October 29, 2021

Ardana, a Cardano-based DeFi protocol, raised $10 million USD for their protocol. The fund raise was led by the VC firms Three Arrows Capital and Ascentive Assets. In exchange for funding Ardana, the VC firms will receive future tokens from the project. How much exactly was not disclosed.

Recommended: What’s Up With Cardano These Days?

• Ardano’s main focus is its decentralized exchange (DEX) Danaswap. Ardana is also developing the native to Cardano stablecoin dUSD. The project also completed a successful IDO today.
• The much-needed infusion comes as Cardano DeFi is under fire. Multiple DEXs on Cardano have run into issues with concurrency since the release of smart contracts. However, this cash infusion shows that the concurrency issue is likely not as dire as Cardano stalkers would like it to be.
• Much has been made over Cardano’s lack of VC funding. Some believe it proves just how much of a clown show Cardano really is. Others think it’s a feature and not a bug. Maybe I’m being a bit Pollyanna-ish here, but I’d think trying to limit VC funding isn’t the worst idea. Especially considering what happened with ICP...
• Regardless, for individual projects taking money when they can get it is important. Especially considering they might need a long runway considering how different Cardano’s Plutus is from Solidity.
• Much has been made over concurrency issues, but one of the DEXs on Cardano, OccamFi, found a solution. Watch the video below for an explanation.