According to a recent announcement, Cardano-based projects ardana and orbis are chilling Both projects cited lack of funding and uncertain conditions; More surprising is the coincidence of the announcements of the two projects.
Ardana and Orbis Rugged.— ADA Whale (@cardano_whale) November 24, 2022
According to Cardano-focused Twitter account ADA Whale, there is more to both projects than meets the eye, as he noted that “some things don’t add up.”
ardana project Explaining the reason behind its action, it said that development of Cardano was difficult, with a lot of money going into tooling, infrastructure and security. It noted that with uncertainty surrounding the completion of development, it halted dUSD, the stablecoin it operates on.
A user questioned Ardana’s claims about lack of funding, saying, “You raised $10 million. How did that money go in 1-2 years on development? I don’t understand.”
That was not the first time ardana Such worrying concerns have been raised. At the beginning of the year, Ardana claimed that it had completed almost all of its product development and could launch in a few weeks if it wanted to. However, it made the excuse that Cardano was not ideal for a protocol dealing with liquidation, claiming that it was not safe to launch without putting user funds at risk.
This raised concerns in the Cardano community, which sought to clarify its meaning. The Ardana project was criticized for pinning the blame for its failures on the Cardano blockchain.
Given the current events, Cardano-based lending protocol AADA Finance has delisted the DANA token, the core asset of the Ardana project, from its platform.
Orbis, another project that said it was stalling, said that investors had pulled out, and that it had been hit hard by recent events in the crypto space. It put its NFT project on hold indefinitely until a continuity plan is determined for the core zk-rollup solution.
SunThose who previously worked on the Orbis project expressed some concerns about the project, especially during its token sale.
Despite this, the health of the Cardano network remains strong with a monthly on-chain density of 3.41%, according to Cardano Explorer data.