The stablecoin protocol Cardano Ardana raised 10 million US dollars in the last financing round

Ardana, a stablecoin ecosystem based on Cardano’s blockchain (ADA), has raised $ 10 million in capital from a group of investors led by Three Arrows Capital and Ascensive Assets.

Ryan Matovu, CEO and Co-Founder of Ardana, has released the following statement regarding the acquisition:

“As the first all-in-one stablecoin ecosystem based on Cardano, our platform provides users with convenient access to liquidity, a concern that is always present in the hyper-challenging world of hyper-challenge. We can also take advantage of Cardano’s speed, scalability, and security to provide a decentralized financial solution that works for everyone, and we’ll even soon be supporting currency exchange on chain. ”

Users can send, receive, store, borrow, and lend the stablecoin – called dUSD – online for free. It will have an exchange rate of 1: 1 to US dollars and will be fully collateralized in cryptocurrencies such as ADA.

Ardana plans to conduct a public sale of its secondary token named DANA for log management as outlined in its roadmap. The project’s developers plan to sell it later this year, with 35.625 million of the 125 million tokens up for grabs for $ 0.30-0.60 each. The team also plans to launch a decentralized exchange (DEX) called Danaswap in the second quarter of next year. Ardana claims that Danaswap will have low slippage and will provide farming opportunities for liquidity providers.

The Cardano network currently has lower transaction fees compared to other Ethereum networks.

Which could benefit the introduction of stablecoins. According to Bitquery and BitInfoCharts, respectively, users pay an average of $ 0.43 per Cardano transaction, compared to Ethereum’s $ 47.23 at press time. Cardano’s development activity has increased since its Alonzon fork last month, which enabled smart contract functionality on its blockchain.