{"id":359902,"date":"2021-10-29T22:00:00","date_gmt":"2021-10-29T19:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cardano-stablecoin-protocol-ardana-raises-10m-in-latest-funding-round\/"},"modified":"2021-10-29T22:00:00","modified_gmt":"2021-10-29T19:00:00","slug":"cardano-stablecoin-protocol-ardana-raises-10m-in-latest-funding-round","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cardano-stablecoin-protocol-ardana-raises-10m-in-latest-funding-round\/","title":{"rendered":"# Cardano stablecoin protocol Ardana raises $10M in latest funding round"},"content":{"rendered":"

“# Cardano stablecoin protocol Ardana raises $10M in latest funding round <\/strong>”
\n<\/p>\n

Ardana, a stablecoin ecosystem built on the Cardano (ADA) blockchain, received $10 million in seed capital from a group of investors led by Three Arrows Capital and Ascensive Assets.<\/p>\n

Ryan Matovu, CEO and co-founder of Ardana, issued the following statement regarding the deal:<\/p>\n

\u201cAs the first all-in-one stablecoin ecosystem built on Cardano, our platform provides users with convenient access to liquidity, an ever-present concern in the hyper-competitive DeFi world. We are also able to leverage Cardano\u2019s speed, scalability and security to offer a decentralized financial solution that works for everyone, and soon we\u2019ll even be facilitating foreign exchange on-chain.”<\/p><\/blockquote>\n

Users can send, receive, store, borrow and lend the stablecoin \u2014 known as dUSD \u2014 freely on the network. It will have a 1:1 exchange rate with the United States dollar, and will be fully collateralized with cryptocurrencies such as Cardano (ADA).<\/p>\n

Ardana plans to hold<\/a> a public sale of its secondary token, known as DANA, for protocol governance as outlined<\/a> in its roadmap. The project’s developers intend for the sale to occur later this year, with 35.625 million out of 125 million tokens up for grabs for $0.30 to $0.60 each. The team also plans to introduce a decentralized exchange, or DEX, called Danaswap by the second quarter of next year. Ardana claims Danaswap will feature low slippage and yield farming opportunities for liquidity providers.<\/p>\n

The Cardano network currently has lower transaction fees than other networks on Ethereum, which may be advantageous for stablecoin adoption. According to Bitquery and BitInfoCharts, respectively, users pay<\/a> an average cost of $0.43 for each Cardano transaction\u00a0compared<\/a> to $47.23 for Ethereum at time of publication. Cardano’s development activity has\u00a0picked up steam\u00a0since its Alonzon Fork last month \u2014 which enabled smart contract functionality on its blockchain.<\/p>\n