Cardano (ADA)-based DeFi and stablecoin project Ardana (DANA) has decided to cease its services, citing funding and project uncertainty.
The turmoil of the crypto bear market and the global economy has put players in the industry in trouble. Many projects are going through shaky periods in terms of investment and management. Especially the situations experienced and experienced by the FTX stock market affected millions of investors. Institutional companies and investment companies are looking for ways to survive. On the other hand, bankruptcies and closings also drew attention. Cardano-based Ardana has decided to close its shutters after difficult processes.
Cardano-Based Ardana Suspends Services In Light Of Financing And Uncertainty
Cardano-based DeFi platform Ardana (DANA) rose to prominence last year by raising $10 million from an investment round led by Three Arrows Capital (3AC).
The strong project has turned to stablecoin issuance and areas such as foreign exchange services. The company’s policy included being the strong DeFi project of MakerDAO and Cardano.
However, the crypto bear market has also affected DANA. The DeFi project has ceased its services, citing funding constraints and the project timeline. In addition, the company underlined that it will leave the code structure of the project to the developers as open source.
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