- In an almost shocking move, Ardan revealed that it was halting operations
- The project seemed to be pointing at Cardano for their failings
Развојни тим компаније Cardano Недавно hinted towards the launch date of its native stablecoin, which was January 2023. While one stablecoin was being prepared for launch, another stablecoin in the ecosystem crashed even before it launched. To the amazement of observers in the ecosystem and the larger crypto industry, Ardana abruptly halted its stablecoin operations.
What made Ardana unstable?
Despite its promises, work on Ardana, a decentralized finance project built on Cardano, has ceased. This информација was included in the group’s 24 November release.
Здраво заједница Ардана,
Нажалост, због недавних дешавања у погледу финансирања и несигурности у временском оквиру пројекта, пројекат Ардана је морао да се заустави. Наш код ће остати отвореног кода за градитеље да наставе наш рад како желе.
— Ардана – ДеФи чвориште Цардано (@АрданаПројецт) Новембар 24, 2022
After raising $10 million in a funding round last year led by the now-defunct crypto hedge firm Капитал с три стрелице, Ardana was in development for a year. Other participants in the funding round included Cardano’s cFund and Ascensive Assets. Before it was canceled, the project was developing stablecoin minting and currency conversion services.
While the change was unexpected, problems appeared to have been brewing for the project. The team stated that developing on Cardano was challenging and that a lot of money had to be invested into the network’s infrastructure, security, and tooling. The unpredictability of the project’s conclusion was also cited as a reason for the stop.
Blaming Cardano
Since July, when it first started, Ardana has been running an initial stake pool offering, or ISPO, to raise funds for the business. ISPO issuers have run into trouble since the price of DANA, ADA, and Cardano staking yields have all dropped because of the ongoing crypto winter.
Earlier in the year, the project тврди that it had everything sorted out and could launch whenever it wanted.
3/ 🌈 To put it simply, we could launch our products within a few weeks if we so wanted. However, the underlying network on #Цардано is currently not ideal for any protocol dealing with liquidations; it’s not safe enough for us to launch without risking user funds.
— Ардана – ДеФи чвориште Цардано (@АрданаПројецт) Januar 1, 2022
However, their most recent statement appeared to imply that Cardano’s shortcomings were to blame for their failure. There might be concerns about Cardano’s own stablecoin, Djed, in light of the termination of this promising project and the apparent finger-pointing toward Cardano.
Nothing, however, indicates that this most recent development would influence Djed.
According to Santiment, a glance at Cardano’s development activity revealed a decline. Nevertheless, the development activity seen at 106 indicated a significant level of development activity, which pointed to potential new network functionality.
Source: https://ambcrypto.com/could-cardano-stablecoin-plan-be-at-risk-with-the-halt-of-this-stablecoin-details-inside/