Ardana announced the stoppage of the creation of a stablecoin

Representatives of the site from the Ardana decentralized finance sector reported that the creation of a stablecoin in the Cardano blockchain was stopped and canceled. The announcement of the bad news appeared on a Twitter account.

They decided not to close the source code so that programmers who wish to continue working on the project have the opportunity to do so. Insufficient funding was cited as the reason:

Unfortunately, due to funding issues and an uncertain schedule, the Ardana project has been closed. The source code will remain open so that programmers can continue to work if they wish.

The DeFi site will store the remaining funds, and the administration promises to transfer the funds to a development team that will be competent enough to implement the idea of creating a stablecoin and will be ready for this work. The Ardano administration also noted that the creation of a stablecoin on Cardano requires large investments in the creation of tools that will allow for a high level of infrastructure security and cybersecurity.

Ardano was previously able to raise funding through an initial staking pool offering, and all interested users could support the project by locking their Cardano (ADA) equivalent funds and receive rewards in Ardana (DANA) tokens. The service, in turn, received dividends from staking in the form of Cardano coins, which benefited both those who block their funds on Ardano and the administration of the DeFi project itself.

As with the rest of the decentralized finance sector, Ardana was the same risky project, as users were able to see in 2022. There was a colossal drop in the rates of Ardana and Cardana, and the funds received were not enough to implement the idea with the creation of a stablecoin. As a result, Ardana has lost more than 99% in price, and Cardano has decreased by 76% in 2022.

DeFi projects are often exposed to various risks and many of them cannot be sustained due to the volatile market and the global downtrend. In addition, users are trying in every possible way to create new and not the most humane ways to earn extra money.

There is also a project administration that does not sit idly by and develops tools to protect its clients. So, earlier we talked about how 1inch Network created the RabbitHole security protocol, which will help users avoid falling into the “sandwich attack” trap. If you missed this material, then we invite you to follow the link and read it .

Although there is a lot of risk in the decentralized finance sector, there are also profitable projects. One of these cases was Nest Protocol, which added 51% to the cost in 1 day, which you can read about here .