Cardano projects Ardana and Orbis call it quits, community cries foul play – Crypto News – Crypto News
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Cardano projects Ardana and Orbis call it quits, community cries foul play Cardano projects Ardana and Orbis call it quits, community cries foul play

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Cardano projects Ardana and Orbis call it quits, community cries foul play – Crypto News

Published

3 years ago

on

Haru Invest

Social media chatter is rife with speculation on Cardano projects Ardana and Orbis, both of which announced ending development on the same day.

Ardana calls it a day

Ardana pitched itself as the “first all-in-one stablecoin ecosystem built on Cardano.” The ecosystem consisted of the dUSD stablecoin, an AMM DEX called Danaswap, and the DANA governance token.

In November 2021, the project raised $10 million in a strategic funding round led by Three Arrows Capital, CFund, and Ascensive Assets. At the time, CEO and co-founder Ryan Matovu said:

“Along with the investors’ expertise, this funding will allow us to establish Ardana as one of the premier defi gateways on the Cardano blockchain. The future is bright.

Fast forward to now, a post from the company’s Twitter announced the end of development due to “recent developments” and “funding and project timeline uncertainty.”

The DANA token sunk 77.8% following the announcement, recording a new all-time low of $0.01158415 in the process. Dana launched on Nov. 22, 2021, and achieved an all-time high of $11.27 three days following its launch.

The tweet threads continued by saying development “has been difficult” with the funding going towards “tooling, infrastructure, and security.“In conjunction with” uncertainty around development completion,” it was decided the best course of action would be to halt development.

Ardana appealed to other developers to take over the project, with the remaining funds held in reserve to finance the move. Details on what funds remain were not disclosed in the tweet thread.

Orbis follows suit

In quick succession, Orbis also notified the Cardano community that it too was ending development citing “constrained funding and uncertain conditions.”

Orbis is a layer 2 solution utilizing zkSNARK roll-up technology to aid scaling and higher throughput.

Orbis applied for 1 million ADA funding during the Catalyst Fund 8 round, which concluded in May.

According to Reddit user u/demesisx, concerns were raised over the lack of a working demo while requesting all the funding be paid upfront. The concerns resulted in the community turning down Orbis’s funding application.

The Orbis Project CEO is Ryan Matovuwho also founded Ardano.

The Cardano community speculates

In response to the news, @cardano_whale alleged that both the projects were a rug pull. Similarly, @biscoin_io posted a screengrab from Orbis, dated Nov. 23, that spoke of “halting the public NFT sale,” captioned with “you were warned early.”

Cardano users have reported losing funds, with @CardanoPolice claiming to be down CAD$25,000 ($18,700). Several commenters echoed losing funds as well while expressing regret over ignoring the red flags.

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