The Cardano stablecoin project is shutting down after facing severe delays during its launch.

Ardana developers claimed back in January that “almost all of the product/smart contract development is done.” Meaning they are ready for Cardano stablecoin.

Cardano stablecoin

The company Ardana, which is working on building a decentralized finance (DeFi) and stablecoin ecosystem based on the cryptocurrency Cardano (ADA), has suddenly stopped all development. The reason given is that there is uncertainty about the funding and timeline for the project.

The project will stay open-source, which means anyone can use the code to build things, and the money that was raised for the project will be kept safe by Ardana Labs until another group of people who are good at coding comes along to continue the project.

“Development on Cardano has been difficult with alot of funding going into tooling, infrastructure and security. This alongside the uncertainty around development completion has led to the best course of action being halting development of dUSD.”

The news about Cardano stablecoin came as a surprise to a lot of people because it was announcement came out so suddenly. It seems that there were already some problems for a while. Ardana is a company that is selling shares to raise money to pay for its operations. The sale began on July 4 and is still going on.

Developers do not get money from people using the ADA coin, but they do get rewards for holding the coin in their wallets. Users who delegate their tokens earn rewards in the form of DANA tokens. This incentive encourages users to keep delegating their tokens.

The recent decrease in the value of DANA and ADA, as well as the decrease in Cardano staking yields, has caused problems for ISPO issuers. Ardana’s native DANA tokens have lost close to 99.85% of their value over the past year.

In January, Ardana said that almost all of the development for their products and smart contracts are ready. We could launch our products within a few weeks if we so wanted, but we’re choosing to delay because of liquidation issues with the Cardano network. This could risk users’ funds, so we want to be extra careful. Many people were not happy with Ardana and blamed them for what happened. One individual, @LucidCiC, wrote:

“Sounds like you’re blaming Cardano for your own lack of motivation and dedication. You decided to build here for a reason, And now you’re giving up. Others like Axo will come in and take all the glory.”

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