Ardana, a decentralized ecosystem on Cardano, announced via Twitter on November 23rd that it had halted development concerning funding and project timeline uncertainty.
The Ardana protocol set out to create an ecosystem for Cardano that goes above and beyond current standards in order to produce a decentralized financial system that benefits everyone, from international financial organizations to Ethiopian farmers. Though it may yet find life in new hands, its future is currently quite questionable.
However, the company further explained in the tweet’s comment section that the development of Cardano has proven difficult due to the lack of funding going into tools, infrastructure, and security. Alongside this uncertainty, halting the development of dUSD seems to be the best course of action at this point in time.
The company said that any remaining cash and treasury balances would be kept by Ardana Labs until a reliable development team steps forward in the community to take up their work.
According to the statement:
We want to thank all of you for your support throughout our development. We will continue to be involved in the Cardano community. More updates surrounding the ongoing ISPO will be coming soon.
FUD Floating Around Ardana Project
Pete, the Cardano ambassador, previously warned against the Ardana Project in a thread on Twitter. He said FUD was floating around for ArdanaProject.
Additionally, he emphasizes that there has been a lot of activity across several distinct sub-repos and there are “just be fake commits.” Pete said:
They’ve been busy here, with a larger team and a lot more commits. The number of branches kinda scares me. How does anyone keep that many branches under control?
After his tweet, the community also displayed concerns and said, “These are legitimate concerns.” Because Ryan Matovu, the creator of Ardana and Orbis, was engaged in two additional projects (YFD & Plethori) that have been proven to be fraudulent, which has caused FUD.
However, the concerns come true. Following Ardana’s announcement, Orbis, a venture closely related to Ardana, has also stopped further development. Moreover, until a future date when a continuing strategy for the primary zk-rollup solution is laid out, the NFT also has been suspended.
In a similar manner, they offer the same explanations, stating that the project has come to an end owing to insufficient funds and unknown circumstances. Additionally, until further notice, the community groups have also been halted.
As per the tweet’s comment section:
This was an unexpected result due to committed investors very recently pulling out of the project and recent events in the crypto space which affected Orbis directly.