Cardano founder Charles Hoskinson talked about the recent development in stablecoin project Ardana. The stablecoin project based on Cardano blockchain network was reported to halt its operations. Hoskinson came forward and explained the issues that made the project come to an end.
Hoskinson was among the early investors of the stablecoin project and in the latest video, he seemed quite dissatisfied with it. He said his investment looks like it went into vain.
Ethereum co-founder said that he had been looking over the Ardana project and the bad tempered complaints from it and that it had issues. He cited Ardana’s tweet and said that he came to know about the project being discontinued. More specifically, the developers are not up to scaling back to the level where they said earlier to reach.
It appears to be a total loss because Hoskinson invested in the projects through the C fund, and what I found to be incredibly repulsive was that the management of these projects blamed Cardano for their failures.
In a tweet for its community, Ardana mentioned the recent funding developments and the unpredictability of the project development schedule. The Ardana project’s operations were consequently suspended. However, the creators promised that the code would continue to be open source and accessible for developers to work on.
Ardana announced that it would cease operations but leave its code open source due to the “difficult” nature of developing for the Cardano (ADA) blockchain.
With so much money going on infrastructure, security, and tooling, Cardano development has been challenging. The wisest course of action is to suspend the project’s development as a result of this and the uncertainties surrounding its completion.
Hoskinson continues by stating that the project’s leadership, not Cardano’s technology or a lack of funding, is the problem.
In addition he said to remind everyone that Ethereum raised $18 million, of which they only deployed $9 million because they lost $9 million because of market volatility. But they can properly hedge their Bitcoin, and they provide the second-market cryptocurrency in the world. The project had no money problem here and it had nothing to do with the platforms. He cited this as a problem with the project’s leadership.
According to Hoskinson, having talked to the C fund, the first time the investors were informed that these projects were having trouble was through Twitter. It was similar to getting informed like everyone else on Twitter got the news. He noted this as utterly distasteful and said it should not have happened.
Source: https://www.thecoinrepublic.com/2022/11/30/cardano-based-stablecoin-project-ardana-backoff-hoskinson-addresses-the-issue/