Cardano’s dUSD stablecoin project team halts development works

The team behind the dUSD stablecoin project suspended its work because of funding uncertainty & some other reasons.

Cardano is a popular Proof-of-stake (PoS) consensus-based scalable blockchain network. Due to efficient crypto transactions via the Cardano network, this blockchain network aims to stand as the top-ranked crypto network in this crypto industry. In September of last year, devs successfully introduced smart contract feature in the Cardano Blockchain.

On 24 November, Ardana, a Defi project team in the Cardano Blockchain ecosystem, announced on Twitter that they are facing problems because of the funding timeline uncertainty, so the team is going to close the development works on the dUSD stablecoin project.

“Unfortunately due to recent developmeaboutd in funding and project timeline uncertainty, the Ardana project has had to come to a halt,” the Team said.

The team confirmed that the developed codes will remain available to the devs, who are willing to support & push this project forward. And funds will remain reserved in the hand of Aradhana Labs.

Remaining funds and treasury balances etc will be held by Ardana Labs until another competent dev team in the community comes forward to continue our work.

— Ardana – DeFi Hub of Cardano (@ArdanaProject) November 24, 2022

Cardano founder Charles Hoskinson is a crypto leader, who believes not to get much support from VCs. Since the beginning of the Cardano project, Hoskinson never invited or took funding support from any VC and probably this thing is a very big negative factor behind the lack of funding support from VCs.

At present time, Cardano’s supportive team COTI is working on the Djed stablecoin project. Devs are developing a DjedPay payment app and it is expected that the team will launch the mainnet of Djed & DjedPay in the early phase of 2023.

Around a week ago, Cardano commercial arm EMURGO announced the future launch of USDA, a highly compliance-based & Cardano blockchain-supported stablecoin. The team is expecting this new stablecoin launch in January 2023.