Two Web3 coin projects have thrown in the towel amid market uncertainty. Cardano decentralized stablecoin ecosystem Ardana has halted development due to funding and ‘timeline uncertainty’. Also, a related project, Orbis, has decided to discontinue development for the same reasons. Community members criticized the announcement and said it was a hoax. We3 coin prices plunged after the news.
Web3 coin project Ardana threw the towel, the price crashed
Ardana is a decentralized ecosystem running on a Cardano stablecoin. Web3 coin project announced that it has stopped development due to funding and project timeline uncertainty. The project said on November 24 that “recent developments regarding funding and project timeline uncertainty” were the reasons behind the halt. However, he noted that the code will remain open source and others can build on it if they want. In this context, Ardana shared the following statement on her Twitter account:
Hello Ardana community. Unfortunately, due to recent developments regarding funding and project timeline uncertainty, the Ardana project has come to a standstill. Our code will remain open source so that builders can continue our work as they please.
Hello Ardana community,
Unfortunately due to recent developments with regards to funding and project timeline uncertainty, the Ardana project has had to come to a halt. Our code will remain open source for builders to continue our work going forward as they wish.
— Ardana – DeFi Hub of Cardano (@ArdanaProject) November 24, 2022
Meanwhile, Ardana Labs will retain all remaining funds and treasury balances until ‘another competent development team arrives’ to continue the work. The team explained their decision as follows:
Development in Cardano has been difficult with so much funding going into tools, infrastructure and security. This was the best course of action to stop the development of dUSD, along with the uncertainty about the completion of the development. Remaining funds and treasury balances etc. will be held by Ardana Labs until another competent development team in the community arrives to continue our work.
We3 coin price literally crashed after Ardana’s decision to stop development. At press time, Ardana (DANA) fell 80.5% on a daily basis to $0.01085.
DANA daily price chart / Source: CoinMarketCapWhile Orbis was giving up, an offer came to Ardana!
Ardana describes itself as a decentralized exchange stable asset liquidity pool. It has two main products in its ecosystem. One of them is the stablecoin platform, and the other is the DEX called Danaswap. Meanwhile, Orbis, a project strongly associated with Ardana, has also stopped development. It should be reminded that Ardana founder Ryan Matovu is the CEO of Orbis Labs. Meanwhile, the SundaeSwap team is trying to purchase any infrastructure or internal tools developed in the last year.
Hey Ardana team, we would like to discuss/purchase any infrastructure or internal appliance you may have developed over the past year and a half. Can someone from your side contact me? I’m still not sure who works here.
https://twitter.com/artembwright/status/1595597291896848386
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