New stablecoin platform appears to be popular among private equity investors. Ardana, a Cardano (ADA)-based stablecoin ecosystem, has acquired $10 million in early funding from a consortium of investors led by Three Arrows Capital and Ascensive Assets.
Ardana's CEO and co-founder, Ryan Matovu, made the following statement on the deal:
"As the world's first all-in-one stablecoin ecosystem based on Cardano, our platform gives consumers easy access to liquidity, which is a constant issue in the hyper-competitive DeFi market." We can also use Cardano's speed, scalability, and security to provide a decentralized financial solution that works for everyone, and we'll soon be supporting on-chain foreign exchange."
On the network, users may freely transmit, receive, store, borrow, and lend the stablecoin dUSD. It will be completely collateralized with cryptocurrencies such as Cardano and will have a 1:1 exchange rate with the US dollar (ADA).
According to Ardana's roadmap, it wants to perform a public auction of its secondary token, DANA, for protocol governance. The sale will take place later this year, with 35.625 million out of 125 million tokens available for $0.30 to $0.60 apiece, according to the project's creators. By the second quarter of next year, the Danaswap team hopes to launch a decentralized exchange, or DEX. For liquidity providers, Ardana says Danaswap will have minimal slippage and offer farming potential.
Cardano presently offers cheaper transaction costs than other Ethereum networks, which may be beneficial for stablecoin adoption. Users pay an average cost of $0.43 for each Cardano transaction, according to Bitquery and BitInfoCharts, compared to $47.23 for Ethereum at the time of writing. Since the Alonzon Fork last month, which enabled smart contract capability on its blockchain, Cardano's development activity has accelerated.
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