Ardana protocol on Cardano blockchain secured $10M funding in seed round

A stablecoin ecosystem built on the Cardano blockchain, Ardana protocol received $10 million in seed capital from a group of investors led by Three Arrows Capital and Ascensive Assets.

Ardana protocol on Cardano blockchain secured $10M funding in seed round

The CEO and co-founder of Ardana, Ryan Matovu said that, “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."

The protocol will allow users to send, receive, store, borrow and lend the stablecoin called dUSD freely on the network. The stablecoin will be pegged 1:1 exchange rate with USD and will be fully collateralized with cryptocurrencies like Cardano’s ADA.

Ardana is in planning to arrange a public sale of its secondary token for protocol governance called DANA. The project's developers intend for the sale to occur later this year, with 35.625 million out of 125 million tokens up for grabs for $0.30 to $0.60 each. 

The team also plans to introduce a decentralized exchange dubbed Danaswap by the second quarter of next year. Protocol claims Danaswap will feature low slippage and yield farming opportunities for liquidity providers.

Cardano currently has much lower transaction fees than other networks, which may be advantageous for stablecoin adoption. Cardano's development activity has picked up steam since its Alonzo Fork last month which enabled smart contract functionality on its blockchain.

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