Ardana
Crypto Overview
Project Overview
Ardana was intended to be a decentralized stablecoin hub built on the Cardano blockchain. The project aimed to create a stablecoin protocol and a decentralized exchange (DEX) called Danaswap.
Current Status
As of November 2022, Ardana announced an indefinite halt to development, citing funding and project timeline uncertainty. The project has effectively ceased operations, and development has been frozen. The team stated they would maintain all code as open source for others to use.
Intended Utility
The project was designed to provide: 1) A stablecoin protocol, 2) A DEX for trading Cardano-based assets, 3) Yield farming opportunities through the DANA governance token.
Business Model Assessment
The original business model involved providing DeFi services, including stablecoin minting and exchange services. However, the project never reached the implementation phase.
Real-World Adoption
Due to the project's cessation, there is no active usage or adoption. The token exists but has no practical utility as the platform was never launched.
Development Activity
There has been no development activity since November 2022. The project's GitHub repositories are archived.
Token Distribution
Information about token distribution is limited, but the token had an initial supply of 125 million DANA tokens. Detailed vesting schedules and current holder distribution are not readily available due to the project's discontinuation.
Crypto Impact
To assign a comfort level investing in Ardana from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Ardana.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.