Top stablecoin project Cardano shuts down after severe launch delay
On November 24, Ardana, a leading decentralized finance (DeFi) and stablecoin ecosystem building on (ADA), suddenly stop development, citing “uncertainty about the cost and duration of the project.” The project will remain open source for builders while the balance of funds and the remainder will be held by Ardana Labs “until another group of capable developers in the community move forward to continue the work.” our job.”
The move shocked many due to the abrupt nature of the announcement. However, it seems that the problems have been around for a long time. Starting July 4, Ardana held an ongoing pool of initial public offering, or ISPO, to fund its operations. Unlike traditional fundraising mechanisms, developers do not receive user-authorised ADA but instead a staking reward. Users are encouraged to continue their authorization by receiving native DANA tokens as a reward.