Cardano DeFi projects halt development due to funding

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Cardano

Ardana, a decentralised stablecoin ecosystem on Cardano has halted its development due to funding issues.

The project tweeted that it will be halting its stablecoin development, citing "timeline uncertainty" and "lack of funding" as its primary issues.

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Orbis, a Cardano scaling solution has also stopped development due to similar issues as Ardana.

Cardano's Ardana and Orbis put on hold

Ardana took to Twitter to announce new developments concerning their Cardano stablecoin project. For many Cardano users the news came without warning.

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The team later added that development on Cardano has recently become difficult due to all of the funding that has been deployed to strengthen its network protocols.

Ardana Labs later shared how the remaining funds will be held by the organisation until a competent development team comes forward to continue the development of dUSD.

Ardana describes itself as a decentralised exchange with a stable asset liquidity pool and an on-chain asset-backed stablecoin protocol built on Cardano. The project was primarily focused on developing dUSD, a Cardano stablecoin.

In addition to this, Orbis Labs, another project in the Cardano ecosystem, also announced that they will be shutting down for the time being.

Orbis further tweeted how a lack of funding coupled with decreased investor interest has made the project come to a halt.

According to Orbis Labs:

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.

Cardano users took to Twitter to share their opinions.

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