on November 24, Cardano (ADA) altcoin Ardana, a leading decentralized finance (DeFi) and stablecoin ecosystem built around the world, abruptly halted the project, citing “financing and project timeline uncertainty”:
“Developing on Cardano; This has been difficult because of the large amount of funds spent on vehicles, infrastructure and security. This, along with the uncertainty regarding the completion of development, has led to the best course of action being to stop the development of dUSD.”
Cardano founder Charles Hoskinson answered a user question about the failed Ardana project, explaining that he was also affected by this negative situation.
Looks like I might have just lost 500k on it. I was an investor through the cfund. Waiting for a readout from them
— Charles Hoskinson (@IOHK_Charles) November 24, 2022
Ardana cited funding constraints and uncertain conditions in the distribution timeline as reasons for its failure.
“It looks like I may have lost $500,000,” said the Cardano founder, who was dissatisfied with the situation. Hoskinson said Cardano is an investor in the project through its early-stage mutual fund, cfund. He also said that he is waiting for an explanation from the Ardana team.
The Collapse of the Ardana Project on the Cardano Altcoin Network May Have Been Due to 3AC
John O’Connor, Director of Africa Operations, appears to be in the same situation as the Cardano creator, as he expressed surprise and disappointment when he heard the news. He said he invested in the project and cfund alike:
“I’m still trying to figure out what happened; Last I heard, DeX was supposed to come out this month.”
According to O’Connor, the sources of the event that led to the collapse of the Ardana project may be linked to the collapse of the Three Arrows Capital (3AC).
O’Connor confirmed to a user on Twitter that 3AC is an investor in the Ardana project.
*Not investment advice.
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