Leading Cardano stablecoin project shuts down after excruciating launch delays

On November 24th, Aldana, the leading decentralized finance (DeFi) and stablecoin ecosystem built on Cardano (ADA), suddenly stopped Developed due to “uncertainties in funding and project timelines”. The project remains open source for builders, with financial balances and remaining funding held by Ardana Labs “until another talented development team within the community moves forward to continue our work.” increase.

Development of Cardano has been difficult due to the large amount of money spent on tools, infrastructure and security. connected to.”

The move shocked many by the nature of the announcement. However, the problem seems to have existed for some time. Beginning July 4th, Ardana held an ongoing Initial Stake Pool Offering (ISPO) to fund its operations. Unlike traditional funding mechanisms, the developer receives staking rewards instead of receiving her ADA delegated by the user. Users will be motivated to continue delegating by receiving native DANA tokens as a reward.

Unfortunately, the simultaneous crash of DANA and ADA prices, along with the ongoing crypto winter, which is causing Cardano staking yields to drop, is causing problems for ISPO issuers. Over the past year, Ardana’s native DANA token has lost nearly 99.85% of its value.

January, Aldana claimed Almost all product/smart contract development is finished. was blamed for the delay. “Most users reacted negatively and instead he blamed Ardana. One individual, @LucidCiC, I have written:

You seem to blame Cardano for your own lack of motivation and dedication. You decided to build here for a reason and now you are giving up. Others like them will come and take all the glory.”