Cardano stablecoin protocol Ardana raises $10M in latest funding round

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Ardana, a stablecoin ecosystem constructed on the Cardano (ADA) blockchain, obtained $10 million in seed capital from a gaggle of buyers led by Three Arrows Capital and Ascensive Belongings.

Ryan Matovu, CEO and co-founder of Ardana, issued the next assertion concerning the deal:

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“As the primary all-in-one stablecoin ecosystem constructed on Cardano, our platform supplies customers with handy entry to liquidity, an ever-present concern within the hyper-competitive DeFi world. We’re additionally capable of leverage Cardano’s velocity, scalability and safety to supply a decentralized monetary resolution that works for everybody, and shortly we’ll even be facilitating international change on-chain.”

Customers can ship, obtain, retailer, borrow and lend the stablecoin — generally known as dUSD — freely on the community. It’s going to have a 1:1 change fee with america greenback, and will likely be absolutely collateralized with cryptocurrencies reminiscent of Cardano (ADA).

Ardana plans to hold a public sale of its secondary token, generally known as DANA, for protocol governance as outlined in its roadmap. The mission’s builders intend for the sale to happen later this yr, with 35.625 million out of 125 million tokens up for grabs for $0.30 to $0.60 every. The staff additionally plans to introduce a decentralized change, or DEX, referred to as Danaswap by the second quarter of subsequent yr. Ardana claims Danaswap will characteristic low slippage and yield farming alternatives for liquidity suppliers.

The Cardano community at the moment has decrease transaction charges than different networks on Ethereum, which can be advantageous for stablecoin adoption. In keeping with Bitquery and BitInfoCharts, respectively, customers pay a median price of $0.43 for every Cardano transaction compared to $47.23 for Ethereum at time of publication. Cardano’s growth exercise has picked up steam since its Alonzon Fork final month — which enabled sensible contract performance on its blockchain.