Cardano-based DeFi protocol Ardana raises $10 million from Three Arrows Capital and others

Oct 29, 2021 | The Block News | 0 comments

Ardana, a decentralized finance (DeFi) protocol built on the Cardano blockchain, has raised $10 million in strategic funding.

Three Arrows Capital and Ascensive Assets co-led the round, with cFund, Morningstar Ventures, Mechanism Capital, Kronos Research, FMFW, MGNR, Selini Capital, Skynet Trading, and Portico Ventures also participating.

The funding was secured via a Simple Agreement for Future Tokens (SAFT) sale, Ardana co-founder and CEO Ryan Matovu told The Block. The fresh capital will help build and expand the protocol, said Matovu.

Ardana is building two key products: a stablecoin called dUSD and a decentralized exchange (DEX) called Danaswap. The stablecoin will enable users to take loans against Cardano ecosystem tokens such as ADA. The DEX, on the other hand, will let users trade tokens, earn interest from dUSD deposits, and earn rewards in Ardana’s native DANA token for providing liquidity.

Matovu said the protocol has been under development since January and will launch in the fourth quarter of this year. There are currently 25 people working for Ardana, and Matovu is looking to hire some developers, he said.

Cardano-based projects have begun raising fundings recently as the blockchain launched smart contracts capabilities last month. Some of these projects include ADALend, Spores and deFIRE.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from

Related Articles

Facebook (Meta) Removes It’s Ban Of Crypto Ads

Facebook (Meta) Removes It’s Ban Of Crypto Ads

Crypto advertising on social media has been a hot topic throughout the year. We’ve covered much of the back and forth both at Bitcoinist and over at our sister network NewsBTC over the years. A prime example of this occurred in recent months Google shifted their...

FTX.US adds support for Ethereum-based NFTs to its marketplace

FTX.US adds support for Ethereum-based NFTs to its marketplace

After hinting that this feature would come soon, the U.S.-based crypto exchange FTX.US now allows users to buy, sell and display Ethereum NFTs on its previously Solana-only non-fungible token (NFT) marketplace.  According to a tweet from the exchange, Wednesday marks...

Shiba Inu Grows 33% In One Day As Whales Load Up On SHIB

Shiba Inu Grows 33% In One Day As Whales Load Up On SHIB

Shiba Inu has been on the rebound since this week opened up for trading. The meme coin had not had the best of weeks as it had dipped to the $0.00003 range following the market crash. The dips have caused some to panic and question the viability of the cryptocurrency...

Pin It on Pinterest

Share This