Charles Hoskinson, a co-founder of Ethereum (ETH), discusses Ardana, a Cardano-based stablecoin project that recently ceased operations.
As an early investor in the initiative, Hoskinson states in a recent video update that his investment seems to be a complete loss.
“Over the last several days, I heard rumblings about [Ardana] and then on Twitter, [a] tweet said that they have now ceased operations, or at the very least are cutting down to the point where they would no longer be able to accomplish what they had promised.
Now, I was a project investor through the C fund… The management of these initiatives blamed Cardano for their failures, which I found to be really disgusting.
Ardana said that constructing on the Cardano (ADA) blockchain was “challenging” and that it will cease operations while keeping its code open source.
“Unfortunately, owing to recent financing and schedule developments, the Ardana project has had to be suspended. Our source code will remain accessible to those who choose to continue our work in the future.
Cardano’s development has been arduous, requiring a substantial investment in infrastructure, tools, and security. This, coupled with the uncertainty surrounding the project’s completion, has made suspending progress the safest course of action.”
Hoskinson continues by stating that the problem resides with the project’s leadership and not with Cardano’s technology or a lack of funding.
“I will remind everyone that Ethereum received $18 million, of which they were only able to deploy $9 million because of market volatility, and yet they provided the second-most valuable cryptocurrency on the planet. This was not a problem with money. It was not a platform-related problem. It seems to have been a leadership problem…
My impression, after speaking with the C fund, is that Twitter was the medium via which we first learned that these projects were in trouble, which is completely disgusting and should not occur.”
Also Read: SHIB trading volume increased by 102% in 24 hours, with whales purchasing 323 billion coins
