A Cardano-based decentralized financial project called Ardana (DANA) has stopped its development.
The defi project abruptly stopped work on the project on November 24 due to funding and project timeline uncertainty.
The project will continue to be open-source for developers, and Ardana Labs will hold onto any remaining treasury funds until another capable dev team in the community comes forward to continue our work.
In a tweet sent to the community yesterday, the project claimed “funding and project timeline uncertainty” as the reason for suspending operations. Per the project tweet:
After raising $10 million in a funding round last year, led by the now-defunct crypto hedge fund Three Arrows Capital, Cardano’s cFund, and Ascensive Assets, the project had barely had time to complete one year of development.
Other projects have also been affected recently after the collapse of FTX. Typically, Optimism’s Quix and Arbitrum’s Stratos NFT marketplaces have been shut down.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Author
DeFi
Cardano DeFi Project Ardana Come To A Halt
A Cardano-based decentralized financial project called Ardana (DANA) has stopped its development.
The defi project abruptly stopped work on the project on November 24 due to funding and project timeline uncertainty.
The project will continue to be open-source for developers, and Ardana Labs will hold onto any remaining treasury funds until another capable dev team in the community comes forward to continue our work.
In a tweet sent to the community yesterday, the project claimed “funding and project timeline uncertainty” as the reason for suspending operations. Per the project tweet:
After raising $10 million in a funding round last year, led by the now-defunct crypto hedge fund Three Arrows Capital, Cardano’s cFund, and Ascensive Assets, the project had barely had time to complete one year of development.
Other projects have also been affected recently after the collapse of FTX. Typically, Optimism’s Quix and Arbitrum’s Stratos NFT marketplaces have been shut down.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
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