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After launch delays, Cardano Stablecoin closes its doors.

WikiBit 2022-11-30 14:37

Abstract:A well-known decentralized finance (DeFi) and stablecoin network called Ardana, which was based on Cardano (ADA), abruptly stopped development on November 24. They cited "finance and project timing uncertainty" as justification for their selection.

  

  The source code for the project will still be available to anyone who wants to build with it, and Ardana Labs will hold any remaining cash and treasury balances in its control “until another competent dev team in the community steps forward to continue our work.”

  The announcement of the news was abrupt, which caused many people to be surprised. As a result, many individuals were surprised by the choice. On the other hand, it appears that problems have existed for a considerable amount of time previous to this.

  In order to acquire money for its business operations, Ardana has been conducting what is frequently referred to as an initial stake pool offering (ISPO) since the Fourth of July. The incentives for staking are given to the developers themselves, as opposed to the users donating ADA to them. This is in contrast to conventional fund-raising strategies, which distribute the ADA to the developers

  

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  The fact that users are awarded DANA tokens, which are fundamental to the operation of the platform, as a reward for delegating creates an incentive for them to continue doing this action. Unfortunately, issues have arisen for ISPO issuers as a result of the simultaneous decline in price of DANA and ADA, as well as the falling returns obtained from staking Cardano as a result of the current crypto winter. Both of these phenomena are a direct result of the current state of the cryptocurrency market.

  The value of Ardana's native DANA coins has dropped by more than 99.85 percent during the course of the last year.

  

  As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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