Ardana (DANA), a much-hyped decentralized finance project on Cardano (ADA), has halted development. In a tweet to the Ardana community, the project team cited funding and project timeline uncertainty as the reasons for ceasing operations.
Ardana was barely a year into development when it raised $10 million in a funding round led by 3 Arrows Capital, a now-defunct crypto hedge fund, Cardano’s cFund, and Ascensive Assets. The project aspired to be “the MakerDAO and the Curve Finance of Cardano” and worked on stablecoin minting and foreign exchange services.
While this development is part of the short-term market outlook that appears bleak, others projects have been finding success. For example, BudBlockz and its token, BLUNT, have seen significant demand and price rises, proving there is still potential to do well despite market downturns.
Ardana (DANA) crashed after the announcement of development being halted
Ardana (DANA) describes itself as a decentralized asset liquidity pool with stable exchange rates. Its ecosystem includes two significant products: a stablecoin platform and a DEX called Danaswap.
Orbis, another Ardana-related project, has also halted development. Meanwhile, the SundaeSwap team is attempting to acquire any infrastructure or internal tools created in the previous year.
Ardana was developing an all-in-one stablecoin ecosystem for Cardano (ADA), which has seen significant growth in the last year. However, it appears that the crypto winter has proved too brutal. Its future is uncertain, though it may still find new life in new hands. Following the announcement, the platform’s native token, DANA, fell by nearly 80%.
Decentralized finance (DeFi): An irreplaceable staple in the crypto universe
Decentralized finance platforms that provide decentralized versions of traditional banking and financial services have fared relatively well in the crypto firestorm. The failure of platforms such as Ardana focused attention on a crucial matter- the need for DeFi to be positioned for a more prominent role in the future.
The advantages of decentralized finance are apparent. It enables fast and secure payments and transactions. Even traditional financial institutions recognize this value and have been researching ways to get involved in providing their versions of crypto services for years.
DeFi is already a thriving hub for digital asset investors, offering real potential for yields. Unlike traditional finance, DeFi offers many investment opportunities for retail investors to earn. Some yield options include staking, farming, liquidity mining, and trading. For the average investor or borrower, DeFi is already a one-stop shop. As the bear market continues, DeFi is establishing itself as an indispensable fixture in the crypto world.
BudBlockz (BLUNT) signals broader adoption amid the crypto bear market
If DeFi will play a more significant role in the future, there is a need to develop projects that can stand the test of time. This is where the development of Budblockz comes into play, as it has created a niche on a less-traveled path.
The BudBlockz (BLUNT) protocol is a cannabis delivery-focused decentralized finance (DeFi) system. Its primary goal is to supply cannabis in areas where the drug is legal for medical or recreational use. Budblockz is the first marijuana cryptocurrency project, allowing marijuana enthusiasts to link their non-fungible tokens (NFTs) to physical assets. It connects users through the NFT platform.
The Budblockz (BLUNT) platform will aid in improving operations in this rapidly expanding industry, which is expected to be worth more than $176 billion by 2030. It is achieved by utilizing blockchain and cryptocurrency technology and will result in the wider adoption of DeFi products.
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