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.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.