In January, Ardana developers said that “nearly all product/smart contract development is complete.”
Ardana Labs will hold treasury balances and leftover money “until another competent dev team in the community steps up to continue our work:” The company, which was developing leading decentralised finance (DeFi) and stablecoin ecosystem on Cardano, unexpectedly suspended development on November 24 due to “financial and project timeframe uncertainties.”
“Development of Cardano has been arduous, requiring a substantial investment in infrastructure, tools, and security. This, along with the uncertainties surrounding the conclusion of development, has led to the optimum course of action being the cessation of dUSD development.”
Due to the suddenness of the news, many were surprised by the decision. However, it seems that problems have existed for some years. Starting on July 4, Ardana has conducted an ongoing ISPO, or initial stake pool offering, to support its activities. In contrast to conventional fundraising methods, developers do not get Cardano.
ISPO issuers have had difficulties due to the simultaneous decline in the value of DANA and ADA, as well as the decline in Cardano staking income induced by the current crypto winter. In the last year, the native DANA tokens of Ardana have lost close to 99.85 percent of their worth.
In January, Ardana said that “almost all product/smart contract development is complete. We could have launched our goods within a few weeks if we so desired, but we chose to blame the delay on the Cardano network’s “liquidation troubles” and “danger to user money.” The majority of consumers responded badly, blaming Ardana instead. One author, LucidCiC, published:
“It seems like you are blaming Cardano for your lack of enthusiasm and commitment. You chose to construct here for a specific purpose, and now you’re giving up. Others, such as Axo, will grab all the limelight.”