Cardano DeFi Project Ardana Halts Development, Citing Funding, Timeline Concerns

The project closed a $10 million round led by now bankrupt crypto hedge fund firm Three Arrows Capital last year.

AccessTimeIconNov 24, 2022 at 8:27 p.m. UTC
Updated Nov 28, 2022 at 4:11 p.m. UTC

Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.

Ardana, a once-promising decentralized finance project built on perennial top proof-of-stake blockchain Cardano, has halted development.

The project cited “funding and project timeline uncertainty” as the reason for ceasing operations, in a tweet addressed to the Ardana community Wednesday.

Ardana was barely a year into development after raising $10 million last year via a funding round led by now defunct crypto hedge fund, Three Arrows Capital, Cardano’s cFund and Ascensive Assets. The project was working on stablecoin minting and foreign exchange services, and aspired to be “the MakerDAO and the Curve Finance of Cardano.”

Per the Ardana Twitter account, “Development on Cardano has been difficult with a lot of funding going into tooling, infrastructure and security. This alongside the uncertainty around development completion has led to the best course of action being halting development of dUSD.”

DANA, Ardana's currency, is down 82.54% in the last 24 hours at the time of publication, currently trading at $0.01046. At its peak in November 2021, it traded at $9.2916, according to cryptocurrency data provider, Coinmarketcap.

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Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.

CoinDesk - Unknown

Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.