Cardano DeFi Project Ardana Come To A Halt
Harold - Coincu
A Cardano-based decentralized financial project called Ardana (DANA) has stopped its development.
The defi project abruptly stopped work on the project on November 24 due to funding and project timeline uncertainty.
Hello Ardana community,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.— Ardana – DeFi Hub of Cardano (@ArdanaProject) November 24, 2022
The project will continue to be open-source for developers, and Ardana Labs will hold onto any remaining treasury funds until another capable dev team in the community comes forward to continue our work.
In a tweet sent to the community yesterday, the project claimed “funding and project timeline uncertainty” as the reason for suspending operations. Per the project tweet:
Development on Cardano has been difficult with alot 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.— Ardana – DeFi Hub of Cardano (@ArdanaProject) November 24, 2022
After raising $10 million in a funding round last year, led by the now-defunct crypto hedge fund Three Arrows Capital, Cardano’s cFund, and Ascensive Assets, the project had barely had time to complete one year of development.
Other projects have also been affected recently after the collapse of FTX. Typically, Optimism’s Quix and Arbitrum’s Stratos NFT marketplaces have been shut down.
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