News Business: Cardano DeFi Project Ardana Halts Development, Citing Funding, Timeline Concerns The project closed a $10 million round led by now bankrupt crypto hedge fund firm Three Arrows Capital last year. #News #Business #Crypto

Ardana (DANA), a once-promising decentralized finance project built on perennial top-ten proof-of-stake blockchain Cardano (ADA) has halted development. ===== 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 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 Ardana 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.” DANA is down 82.54% in the last 24 hours 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. By Frederick Munawa, Nov 24, 2022, https://www.coindesk.com/business/2022/11/24/cardano-defi-project-ardana-halts-development-citing-funding-timeline-concerns/

vya4slav's Recent Blog Posts

The Treasury Department has refused to answer a Republican lawmaker’s questions about the blacklisting of coin mixer Tornado Cash. Congressman Tom Emmer (MN-06) wrote a letter to the Department of…
1 year ago
Binance, the world’s largest crypto exchange, admitted Tuesday to flaws in its system that left its supply of Binance Smart Chain BUSD—one of the company’s stablecoins, which is purportedly backed…
1 year ago
Binance’s proximity to its collapsed competitor FTX has given federal prosecutors reason to seek new information in their 4-year-old investigation into the world’s largest crypto exchange. Over the…
1 year ago
Crypto fund investors are still feeling pretty pessimistic about the crypto industry, research shows—but not when it comes to XRP. A Monday report by CoinShares said that despite $9.7 million in…
1 year ago
Washington CNN Business — Meta has been fined roughly $275 million by Ireland’s data privacy regulator for failing to prevent hackers from siphoning off personal information from more than 500…
1 year ago