On social media, speculation abounded about Cardano projects Ardana and Orbis, both announcing the end of development on the same day.
Aldana calls it a day
Aldana It has established 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 will $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:
“In addition to our investor expertise, this funding will allow us to establish Ardana as one of the leading defi gateways for the Cardano blockchain. The future is bright.”
To date, a post from the company’s Twitter announced the termination of development due to “recent developments” and “uncertainties in funding and project timelines.”
Hello Ardana community,
Unfortunately, due to recent developments regarding funding and project timeline uncertainty, the Ardana project had to come to a halt. Our code remains open source so that builders can continue our work as they wish.
— Ardana – Cardano’s DeFi Hub (@ArdanaProject) November 24, 2022
After the announcement, the DANA token fell 77.8% to its lowest ever $.0.01158415 in process. DANA will launch on November 22, 2021 and three days after launch, he hit a record high of $11.27.
Tweet thread The funds are “tools, infrastructure, and security.” together with “uncertainty” Before and after completion of development”, it was decided that the best course of action was to cease development.
Aldana We appealed to another developer to take over the project, with the remaining funds reserved to fund the move. Details of the remaining funds were not disclosed in the tweet thread.
Orbis has also informed the Cardano community that it is discontinuing development, citing “funding constraints and uncertainties.”
Unfortunately, due to lack of funding and uncertainties, Orbis Labs was unable to continue building and the project came to a halt. This is unfortunate given the amazing research and results that have been done so far.
— Orbis (@orbisproject) November 24, 2022
ORBIS is a Layer 2 solution that leverages the zkSNARK rollup technology to help scale and improve throughput.
Orbis applied for 1 million ADA funding during its Catalyst Fund 8 round, which closed in May.
Orbis Project CEO Ryan Matovwhich also founded Ardano.
The Cardano community speculates
After receiving this news, @cardano_whale Both projects claimed to have been rug pulling. Similarly, @biscoin_io Posted a screengrab from Orbis dated Nov. 23, talking about “stopping public sale of NFTs,” with the caption, “Early warning.”
— Bison Coin (@bisoncoin_io) November 23, 2022
Cardano users report losing their funds. @Cardanopolis CAD$25,000 ($18,700) claims to be down. Several commentators echoed the loss of funds as well, expressing regret for ignoring the red flags.