ardanaa DeFi and stablecoin ecosystem built on top of it Cardano ADA/USDhalted development Thursday, citing “uncertainty about funding and project timeline.”

What happened: Ardana Laboratories said it will keep the project open-source for builders, while “treasury balances and remaining funds will be held until another competent community development team takes over our work.”

Hello Ardana community,

Unfortunately, due to recent developments regarding funding and the uncertainty of the project timeline, the Ardana project has had to be shelved. Our code remains open source so developers can continue our work as they please.

– Ardana – Cardano’s DeFi hub (@ArdanaProject) November 24, 2022

The crypto market saw one Jerk to FTX FTT/USD, a crypto exchange, collapsed, sending shockwaves through the market. “Cardano development has been difficult as a lot of money has gone into tools, infrastructure and security. This coupled with the uncertainty of completion of development has led to the best course of action being to stop development on dUSD,” Ardana tweeted.

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Cardano’s cFundTHere Arrows Capital and Rising Assets supported Ardana last year after that Invest $10 million in the company. The company developed stablecoin minting and forex services and hoped to become “the MakerDAO and curve financing of Cardano.”

In January Ardana claims that almost the entire smart contract development was completed. “We could launch our products in a matter of weeks if we wanted to. However, the underlying network on Cardano is currently not ideal for protocols dealing with liquidations; It’s not safe enough for us to launch it without risking user funds.”

price action: ADA is trading at $0.31 and is down 2.02% in the last 24 hours, according to Benzinga Pro.
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