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Cardano Stablecoin Protocol, Ardana Raises $10m In Funding Round

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  • Ardana reportedly raised $10M in its recent funding round.
  • The funding round will help Ardnana gear up for its Q4 plans.
  • Aside from this, Ardana has also partnered with NEAR protocol.

In its recent strategic funding round, Cardano’s asset-backed stablecoin protocol and decentralized exchange, Ardana, reportedly raised $10M.

To note, Ardana combines a DEX stable asset liquidity pool and asset-backed fully decentralized stablecoin protocol. Because of the latter, Cardano (ADA) token holders will be able to use their assets as collateral against a cost-effective loan, denominated in the dollar-pegged dUSD stablecoin.

As it is currently gearing up for a Token Generation Event and Public Sale in Q4, the result of the funding round is indeed good news. The Cardano-powered platform whose founding team is tech veterans from Apple, Microsoft, Barclays and Cardano, won support from cFund, Morningstar Ventures, Mechanism Capital, Kronos Research, FMFW.io, MGNR, Selini Capital, Skynet Trading, and Portico Ventures amongst others. More so, the funding round was led by Three Arrows Capital and Ascensive Assets.

Ardana CEO and Co-founder — Ryan Matovu, commented,

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To say we are thrilled to welcome aboard some of the best-known names in the private equity space would be an understatement. 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.”

Matovu also added, “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.”

Going back, the Ardana Dollar uses smart contracts to let users mint, spend, and receive dUSD on the Cardano blockchain, with all dollars fully backed by collateralized assets like ADA. According to the team, when users deposit ADA into the permissionless, noncustodial Ardana vault, they will receive a portion of its value back — as a newly minted dUSD loan, which, when repaid, unlocks their mentioned collateral.

On the other hand, Danaswap DEX will facilitate highly capital-efficient trading between stablecoins and tokens representing identical assets such as synthetic Bitcoin (BTC). To add on, Danaswap will also allow users to earn interest from dUSD deposits, as well as a percentage of market-making fees generated from the app.

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Similarly, Ardana’s second native asset, DANA, functions as a utility and governance token — conferring voting rights on changes to the project’s parameters as well as the share of platform fees.

It is also important to note that because of its recent partnership with NEAR protocol, Ardana’s decentralized stablecoin will soon have utility across different chains via bridging infrastructure. This makes it the first collateralized stablecoin loan offering on both ADA and EGLD.

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Cardano Past and Present Challenges in the Crypto Industry

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  • Smart contracts and network scalability has been Cardano’s challenge.
  • Despite this, Cardano (ADA) is still showing an impressive performance in the market.

Cardano (ADA) has been through a mix of positive and negative downsides since its inception. Starting from the past, it has been striving to get a smart contract for smooth platform functionality. Also, apart from this, one key thing that Cardano has faced is scalability, according to a report.

However, this makes people keep doubting how Cardano claims to be an Ethereum killer and also a third-generation blockchain. This was seen from the time that the Cardano team started to fight for smart contract acquisition to make the network stand out among the odds in terms of network scalability.

Cardano has already made a significant step forward by tackling some of its challenges. This includes the implementation of the Alonzo Hard Fork Upgrade, Basho, Mamba, and other network extensions for betterment. Seemingly, all these appear not to serve as a catalyst to solve Cardano’s underlying tragedy.

Mention to the community what are technical challenges openly but not in a sense of FUDing but rather that some solution needs to be found. This could also be a good thing because some community members in the spirit of the decentralized brain could start looking for solutions (research) or even start implementing them (development).

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Nevertheless, regardless of all these, Cardano is still showing an absolute performance in the market. It keeps climbing ranks while rocking new all-time highs. At writing time, ADA price trades at $1.56 with a market capitalization of over $50 billion on Coingecko. This makes it ranks as the 6th largest cryptocurrency in terms of market cap.

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Cardano (ADA) Down 50% from Peak: Possible Reasons

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Largest proof-of-stake network sees its token in multi-week painful decline.

ADA, a core native asset of the newest smart contracts platform Cardano, touched $1.5 in its multi-month freefall. Here’s what makes it plummet before gaining 200% in five weeks.

ADA loses 50% since early September

On Sept. 2, 2021, the ADA price reached its all-time high at $3.10 on the eve of the activation of its smart contract functionality. This major upgrade went live as a result of Alonzo hard-fork mainnet activation in mid-September.

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Cardano (ADA) price loses 50%, here's why
Image by Binance

At the same time, its activation failed to catalyze another wave of ADA price rally: the asset entered a multi-week “bear market.” On Nov. 26, 2021, it reached the lowest level since Aug. 9.

The most obvious mid-term catalyst is the criticism of Cardano’s smart contracts performance. As covered by U.Today previously, the viability, speed and functionality of this system were attacked by both Ethereum (ETH) and Bitcoin (BTC) maximalists.

In terms of short-term bearish catalysts, the most obvious one is the delisting of Cardano’s ADA by eToro, a mainstream derivatives trading platform. eToro restricted its U.S. customers from opening positions in ADA and Tron’s Tronics (TRX) from Dec. 26, 2021.

Will ADA see another rally in 2022?

Cardano’s inventor, Charles Hoskinson, has already slammed eToro’s decision and attributed it to the lack of a global regulatory standard in the sphere of crypto and blockchain.

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As U.Today reported earlier, Mr. Hoskinson is certain that 2022 will be a splendid year for his ecosystem. Speaking about its roadmap for the coming year, he called it a “living ecosystem.”

He calls Cardano’s technology unbelievable and claim

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Red Alert In Crypto Space, Cardano Price Trembling Yet Remains Bullish

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Crypto space witnessed a replica of a May crash but with lesser intensity. Bitcoin price is hovering between $53,800 and $54,400. However, some assets stood strong above their support levels like Ethereum & Cardano.

Despite the bearish trend prevailing in the short-term, yet the ADA price still remains bullish in the higher time frame. 

Cardano price maintained a substantial downtrend ever since the beginning of the present trading day. In the daily chart, the asset has formed a double-bottom and was expected to surge high slicing through the neckline.

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But the asset was rejected at the neckline in the last few hours of the last trading day. ADA price dumped nearly 15% ever since then, however, it’s also attempting to rebound. 

3rd Cardano sell-off is going on since the early hours of the Asian trade. The dump dragged the price much below the 200-day MA and extended the gap between the strong resistance levels around $2.5.

A major reason for the sell-off is speculated to be the pandemic FUD circulating in space. However, the retracement is expected to be well in place as more than 70% of ADA is staked and keeping only 30% in circulation is pretty bullish for the asset. 

Exactly a year ago, the Cardano price was around $0.03 and the asset was surrounded by immense FUD. However, the ADA price didn’t stop then and may not stop now also.

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Collectively the asset maintains a substantial rally ever since it faced an extreme sell-off in September. Yet the strong support levels still reside around $1 and the asset is still bullish until the asset sustains above these levels. 

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