Leading Cardano stablecoin project shuts down after excruciating launch delays By Cointelegraph


Main Cardano stablecoin venture shuts down after excruciating launch delays

On Nov. 24, Ardana, a number one decentralized finance (DeFi) and stablecoin ecosystem constructing on (ADA), abruptly halted growth, citing “funding and venture timeline uncertainty.” The venture will stay open-source for builders whereas treasury balances and remaining funds will probably be held by Ardana Labs “till one other competent dev workforce locally comes ahead to proceed our work.”

The transfer got here as a shock to many because of the sudden nature of the announcement. Nonetheless, it seems that points have been already current for a while. Starting July 4, Ardana has held an ongoing preliminary stake pool providing, or ISPO, to fund its operations. In contrast to conventional fundraising mechanisms, builders don’t obtain the ADA delegated by customers, however as a substitute, the staking rewards. Customers are incentivized to maintain delegating by receiving the native DANA tokens as a reward.