Cardano-based DeFi and stablecoin project Ardana(DANA) has decided to stop the project due to the uncertainty in the financing and project timeline, with a statement on Twitter.
Reasons for Ardana Discontinuation
Cardano’s DeFi project raised a total of $ 10 million in an investment round led by Three Arrows Capital last year. The decline in the cryptocurrency market and the collapse of the FTX exchange affected many institutional projects, as well as the Cardano-based Defi and the stablecoin project DANA. The project was focused on stablecoin and exchange services, but the financial problems that occurred and the uncertainty in the development phase caused by these financial problems forced the project to stop.
Ardana announced this decision to stop the project on their twitter account as follows;
“Hello Ardana community, Unfortunately due to recent developments with regard 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. Development on Cardano has been difficult with a lot of funding going into tooling, infrastructure and security. This along the uncertainty around development completion has led to the best course of action being halting development of dUSD.”
After the announcement made via Twitter, DANA fell by 82.54% in 24 hours according to Coinmarketcap data.
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