Ardana, a prominent DeFi project built on top of Cardano took to Twitter to announce that it has halted development. Its official tweet noted,
“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.”
It is worth noting that, venture capital firms have been distancing away from Cardano-related projects of late citing that it was risky to invest funds into the ecosystem.
Read More: Are VC firms steering away from Cardano?
Further revealing how development on Cardano was “difficult,” Ardana’s announcement highlighted,
“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.“
Furthermore, it should be noted that the funds and treasury balances will be held by Ardana Labs until another competent developer team from the community comes forward to continue their work.
Ardana, as such, raised $10 million last year via a funding round led by now inoperative and bankrupt crypto hedge fund Three Arrows Capital, Cardano’s cFund, and Ascensive Assets. Alongside, the project was working on stablecoin minting and foreign exchange services. It intended to be “the MakerDAO and the Curve Finance of Cardano.”
Artem Wright, one of the founders of SundaeSwap Labs showed interest to purchase “infra or internal tooling” developed by Ardana. He tweeted:
Meanwhile, people from the community were happy to see the “real leaders” step up and opined that this phase could also be conquered. Expressing support and wishing good luck, a particular user said,
“I will ride the train with you guys.”
The native token of the platform, DANA, noted a free-fall in its price. From the peak $0.07479 peak registered at the beginning of this week, the #2953 ranked token was seen exchanging hands at $0.007899 at press time. The same translated to an approximate 90% dip in value.