The Cardano-based decentralized finance project and stable coin ecosystem, Ardana has suspended the development quoting project schedule unpredictability and funding problems.
The suspension is done on November 24.
According to Ardana Labs, the project will carry on to be an open source for creators. Although, treasury balances and residual funds will be kept by Ardana Labs till another qualified dev team in the community steps forward to take on our work.
Ardana Labs was only a year into its growth and has generated $10 million in 2021 through a funding round directed by now-bankrupt crypto hedge fund Three Arrows Capital (3AC). Other investors added Ascensive Assets and Cardano’s cFund.
Furthermore, Ardana Labs was also spending its time and energy on stablecoin minting and foreign exchange reserves. The platform craved to be “the MakerDAO and the Curve Finance of Cardano”. Ardana Labs took to Twitter to post that:
“Growth on Cardano has been problematic with much funding
We współpracy z: https://www.thecoinrepublic.com/2022/11/28/ardana-suspends-growth-quoting-funding-issues/
