The ArdanaProject also cited difficulty building on Cardano as a reason for shutting down a year after raising $10M from ArrowsCapital3, Morningstar_vc and MechanismCap. FrederickMunawa reports.
The project cited “funding and project timeline uncertainty” as the reason for ceasing operations, in a tweet addressed to the Ardana community yesterday.
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 Ardano 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.” 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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