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VI Orbit and Ardana – a project that once raised 10 million USD from the fund Three Arrows Capital now bankrupt – simultaneously announced to cease operations.
Ardana (DANA) stops the project
Ardana, a once promising decentralized finance project on blockchain Proof-of-Stake Cardano (ADA), decided to close.
Hello Ardana community,
November 24, 2022
Unfortunately due to recent developments with regards to funding and project timeline uncertainty, the Ardana project has had to come to a halt. Our code will remain open source for builders to continue our work going forward as they wish.
Funding and project progress were the reasons given for the shutdown, according to a notice sent to the community yesterday.
Ardana calls itself an “ecosystem” stablecoins all-in-one first on Cardano", consists of stablecoins dUSD, AMM DEX Danaswap and the governance token DANA.
The project has only been in development for a year after raising $10 million last November, with the participation and leadership of hedge fund Three Arrows Capital, cFund and Ascensive Assets. The project sets the ambition to become “MakerDAO and Curve Finance of Cardano”.
The project announcement reads:
“Developing on Cardano has been very difficult due to the high cost of tools, infrastructure, and security, plus the progress of the project has led us to make the decision to stop developing dUSD today.”
However, Ardana's code is still open source for developers to continue working in the future if they want. The remaining budget is temporarily held by Ardana Labs until another team takes over.
DANA has dropped over 83% in the last 24 hours as of press time, currently trading at the $0.01 mark. At its peak in September 2021, this token hit $9.29, according to CoinMarketCap.
Orbit was in a similar situation
For the same reason and time announced with Ardana, Orbit is also terminating its development.
Hey all of
November 24, 2022
Unfortunately due to constrained funding and uncertain conditions, Orbis Labs is unable to continue building and the project as come to a halt. This is unfortunate given the amazoing research and work that has been produced.
Orbis is a layer-2 solution that uses zkSNARK technology for transaction scalability and throughput. Orbis has applied for a grant of 1 million ADA from the Catalyst Fund 8 round that ended in May.
According to sud discussion u/demesisx on Reddit, Orbis did not present a working demo, so it did not raise capital. In addition, Orbis CEO Ryan Matovu is also the founder of Ardana.
Before the two sad news above, the community could not help but be angry and angry because their investment had collapsed.
Well I found out I lost $25 thousand dollars Canadian today. How's your Wednesday evening. Thanks @ArdanaProject
November 24, 2022
Before Arrdana and Orbit, there were also many projects that could not stand through the current harsh times of the market and were forced to erase their names on the industry map. cryptocurrency, the biggest proof is probably FTX, Three Arrows Capital, Celsius, Voyager, Zipmex, Vauld, Hodlnaut, Core Scientific…
The news that Ardana and Orbit are shutting down comes just a few days after the Cardano development team announced that it will soon develop its own stablecoin, and build blockchain promote privacy with an independent token.
