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

An old gray car with Ardana logo written on side stuck in mud

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:

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.

On the Flipside

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

Why You Should Care

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

Read about other stablecoins on the Cardano ecosystem below:
EMURGO will Launch Cardano’s First Regulated Stablecoin, USDA, in Q1 of 2023

Other developments on Cardano are covered below:
Charles Hoskinson Invites Dogecoin (DOGE) to Become a Cardano (ADA) Sidechain for Free

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

Author

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).