{"id":515467,"date":"2022-11-24T22:15:00","date_gmt":"2022-11-24T19:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/leading-cardano-stablecoin-project-shuts-down-after-excruciating-launch-delays\/"},"modified":"2022-11-24T22:15:00","modified_gmt":"2022-11-24T19:15:00","slug":"leading-cardano-stablecoin-project-shuts-down-after-excruciating-launch-delays","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/leading-cardano-stablecoin-project-shuts-down-after-excruciating-launch-delays\/","title":{"rendered":"# Leading Cardano stablecoin project shuts down after excruciating launch delays"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ab696d39d3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ab696d39d3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/leading-cardano-stablecoin-project-shuts-down-after-excruciating-launch-delays\/#%E2%80%9D_Leading_Cardano_stablecoin_project_shuts_down_after_excruciating_launch_delays_%E2%80%9C\" >&#8221; Leading Cardano stablecoin project shuts down after excruciating launch delays &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Leading_Cardano_stablecoin_project_shuts_down_after_excruciating_launch_delays_%E2%80%9C\"><\/span>&#8221; Leading Cardano stablecoin project shuts down after excruciating launch delays &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvY2YwMjgzMWMtNDAzNy00YmNlLTg3YWMtNGMwZWYyNTNjZTAzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5129e2ea>On Nov. 24, Ardana, a leading decentralized finance (DeFi) and stablecoin ecosystem building on Cardano (ADA), abruptly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ArdanaProject\/status\/1595594077260709888\">halted<\/a> development, citing &#8220;funding and project timeline uncertainty.&#8221; The project will remain open-source for builders while treasury balances and remaining funds will be held by Ardana Labs &#8220;until another competent dev team in the community comes forward to continue our work.&#8221;<\/p>\n<blockquote><p>&#8220;Development on Cardano has been difficult with alot of funding going into tooling, infrastructure and security. This alongside the uncertainty around development completion has led to the best course of action being halting development of dUSD.&#8221;<\/p><\/blockquote>\n<p>The move came as a shock to many due to the sudden nature of the announcement. However, it <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears that issues were already present for some time. Beginning July 4, Ardana has held an ongoing initial stake pool offering, or ISPO, to fund its operations. Unlike traditional fundraising mechanisms, developers do not receive the ADA delegated by users, but instead, the staking rewards. Users are incentivized to keep delegating by receiving the native DANA tokens as a reward.<\/p>\n<p>Unfortunately, a simultaneous collapse of the price of DANA, ADA, as well as declining Cardano staking yields from the ongoing crypto winter has caused issues for ISPO issuers. Over the past year, Ardana&#8217;s native DANA tokens have lost close to 99.85% of their value.<\/p>\n<p>In January, Ardana <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ArdanaProject\/status\/1477283670431965185\">claimed<\/a> that &#8220;almost all of the product\/smart contract development is finished. We could launch our products within a few weeks if we so wanted&#8221; and instead blamed the delay on the Cardano network&#8217;s &#8220;liquidation issues,&#8221; and &#8220;risk to users&#8217; funds.&#8221; Most users reacted negatively, placing the blame on Ardana instead. One individual, @LucidCiC, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/LucidCiC\/status\/1595709271131312128\">wrote<\/a>:\u00a0<\/p>\n<blockquote><p>&#8220;Sounds like you&#8217;re blaming Cardano for your own lack of motivation and dedication. You decided to build here for a reason, And now you&#8217;re giving up. Others like Axo will come in and take all the glory.&#8221;<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/leading-cardano-stablecoin-project-shuts-down-after-excruciating-launch-delays\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Leading Cardano stablecoin project shuts down after excruciating launch delays &#8220; On Nov. 24, Ardana, a leading decentralized finance (DeFi) and stablecoin ecosystem building on Cardano (ADA), abruptly halted development, citing &#8220;funding and project timeline uncertainty.&#8221; The project will remain open-source for builders while treasury balances and remaining funds will be held by Ardana&#8230;<\/p>\n","protected":false},"author":1,"featured_media":515468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvY2YwMjgzMWMtNDAzNy00YmNlLTg3YWMtNGMwZWYyNTNjZTAzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,75378,74863,74868,4965],"class_list":["post-515467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cardano","tag-cryptocurrencies","tag-defi","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/515467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=515467"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/515467\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/515468"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=515467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=515467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=515467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}