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

Solana-based decentralized exchange platform Raydium confirmed in a tweet on Friday that it had been the victim of an exploit. At press time, around $2 million worth of different cryptocurrencies…
1 year ago
On Thursday, former U.S. President Donald Trump released a 45,000-piece series of $99-apiece NFTs following long-awaited hints that a “major announcement” would be forthcoming. Many people had…
1 year ago
Auditing firm Mazars Group has dropped cryptocurrency firms as clients, according to crypto exchange Binance. In a statement with Bloomberg, Binance said that “Mazars has indicated that they will…
1 year ago
Tech giant Microsoft won't allow its customers to mine cryptocurrencies on its online services without prior written permission, according to a policy update that came into effect on Dec. 1.…
1 year ago
PayPal will integrate its buy, sell and hold crypto services with MetaMask Wallet as the companies look to broaden users' options to transfer digital assets from their platforms, the companies…
1 year ago