Orbit and Ardana – a project that once raised 10 million USD from the fund Three Arrows Capital now bankrupt – simultaneously announced to cease operations. 

Two system projects Cardano simultaneously stopped working

Ardana (DANA) stops the project

Ardana, a once promising decentralized finance project on Proof-of-Stake (), decided to close.

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” all-in- first on ", consists of dUSD, 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 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.

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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.

DANA volatility throughout history – Source: CoinMarketCap

Orbit was in a similar situation

For the same reason and time announced with Ardana, Orbit is also terminating its development.

Orbis is a layer-2 solution that uses zkSNARK technology for transaction scalability and throughput. Orbis has applied for a grant of 1 million from the Catalyst Fund 8 round that ended in May.

According to sud discussion u/demesisx on , 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.

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. , the biggest proof is probably , Three Arrows Capital, , Voyager, Zipmex, Vauld, Hodlnaut, Core Scientific…

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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 promote privacy with an independent token.

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