Ardana, a stablecoin ecosystem that is powered by the Cardano blockchain, got $10 million in seed capital from several investors led by Ascensive Assets and Three Arrows Capital. The private equity investors seem to be bullish on the novel stablecoin platform.
The CEO and co-founder of Ardana, Ryan Matovu, stated the deal:
“As the first all-in-one stablecoin ecosystem built on Cardano, our platform provides users with convenient access to liquidity, an ever-present concern in the hyper-competitive DeFi world. We are also able to leverage Cardano’s speed, scalability, and security to offer a decentralized financial solution that works for everyone, and soon we’ll even be facilitating foreign exchange on-chain.”
Now, users can receive, send, borrow, store and lend the stablecoin, abbreviated as dUSD, freely on the network. Notably, it is set to have a 1:1 exchange rate with the US dollar. Moreover, it will be fully collateralized with cryptos like Cardano (ADA).
Ardana aims to hold a public sale of its secondary token that is known as DANA. All that will be done for protocol governance as highlighted in its roadmap. The developers of this project aim for this sale to happen before the end of this year, with 35.625 million out of the total supply of 125 million tokens up for grabs for $0.30 to $0.60 per token.
Notably, the team also plans to introduce a decentralized exchange (DEX) going by the name Danaswap by Q2 2022. Ardana alleges that Danaswap will comprise some low slippage and yield farming profit-making options for the liquidity providers.
Currently, the Cardano network has lower transaction fees than all other networks operating on Ethereum, which may prove beneficial for stablecoin adoption. Based on Bitquery and BitInfoCharts, respectively, users are compelled to pay an average of $0.43 for every Cardano transaction compared to $47.23 for ETH at the time of writing. Cardano’s development activity has spiked since its Alonzon Fork in September. It enabled smart contract functionality on its blockchain.
