A busy time for Ardana, a unique all-in-one stablecoin ecosystem that set to launch on Cardano, after it successfully raised $1.5 million over two successful public sales. Ardana is something of an exception in a realm where new apps and protocols are popping up all the time. That’s because it merges the best of decentralization, including security, anonymity and speed, while drawing from the benefits of the stablecoins.
With Ardana, users can place their holdings in its secure vault system, from here they can mint the dUSD stablecoin through trustless collateral assets like ADA, deriving exceptional returns. They can also store their holdings in Ardana’s vaults which promise solid returns even in bear markets as its assets are pegged against the USD for stability. Plus, it takes advantage of the security, scalability and speed of the Cardano blockchain.
Users can also use DanaSwap, Ardana’s DEX which is an automated market maker (AMM) exchange for stable multi-asset pools. The DEX ensures swaps with limited slippage, which give users access to low-risk high yield opportunities for those providing liquidity.
DANA Sale On OccamRazer
The IDO, which took place earlier this month on OccamRazer has brought the ecosystem a wealth of funds, which can help it build Cardano’s leading hub for DeFi and Stablecoins. It will also be used to propel its user base forward, and help it develop the products further. The first of two inclusive public sales of DANA, Ardana’s native token, which is a governance token that gives holders voting rights, saw it being sold at $0.60, with a maximum allocation of $500 per address, thus successfully raising $1.5 million.
This round follows in the footsteps of earlier private fundraising round, which saw the Cardano based ecosystem raise over $10 million from names like cFund, Three Arrows Capital, Ascentive Assets, DeFi Capital, Morningstar Ventures, Mechanism Capital, Kronos Research, FMFW.io and MGNR.
The CEO and founder of Ardana, Ryan Matovu, was effusive in praise of OccamRazer’s involvement in the funding round,”We are pleased by the success of our recent public fundraising round with Occam. Occam surely is the leading launchpad on Cardano and we look forward to further success working with them as we move closer to our token launch in the coming weeks.”
Ardana — the on-chain asset-backed stablecoin protocol and DEX stable asset liquidity pool built on Cardano has some big news. It is rewarding its community by opening its doors to an early token sale. The project seeks to boost inclusion by putting all Ardana fans on the same playing field.
Thus, on October 14, at 2 pm UTC, Ardana is opening registration for a future public sale. The registration will be capped to 2,000 registrants, with a limit of $500. To emphasize, this milestone is taking place ahead of the token launch in mid-November.
What is Ardana?
Ardana is a unique protocol that focuses on the facility and use of asset-backed stablecoins for its users to develop the Cardano economy. The protocol allows users to leverage their ADA and use it for minting, staking, earning, and lending.
In addition, the DEX enables users to trade and swaps safely and economically. It also brings low risk and high yield opportunities to its liquidity providers.
Ardana facilitates the borrowing of stablecoins against locked collateral
It leverages Cardano’s security, stability, and speed
It ensures users holdings preserve their value while protecting against volatility inherent in cryptos
Its native stablecoin is pegged against the USD for stability
The particulars of the DANA sale
The objective of the sale is twofold. Firstly, it raises funds for the next level of development in the push towards DANA. Secondly, it offers a fair sale with lower entry barriers so that all participants may become stakeholders in the native DANA token — a Cardano CNT token.
Once users have registered, the next step of this significant event will take place on October 28, at 2:00 pm UTC. At first, 30% of all tokens will be released in the first stage. Next, a further 30% will come out a month later.
Finally, the last 40% will be available in the month after. Moreover, the token price is a mere $0.60. Also, a variety of tokens will be accepted in exchange, including USDT, USDC, ETH (ERC-20 vs Metamask/cold wallets only).
The sale is open for international participants, except for U.S residents and citizens. All those who register will need to work through the KYC process in order to prove their identity, and the sale will take place here.
Once participants buy the native DANA token, of which there is a cap of 1,666,666 DANA, they will need to store it in a Cardano wallet. This is considered safer than storing them in an exchange, which is hackable as history has shown. Users can find full instructions on how to set up a Cardano wallet here.
Democratizing Ardana for the community
To give its community a fair chance at governance and stakeholding, Ardana has decided to make the sale as inclusive as possible by:
Implementing a low maximum contribution threshold to prevent significant funds from swooping in and taking a substantial allocation, i.e. no whales
Ensuring all members of the community have a fair chance to participate by running this sale
Lastly, the purchase price of the tokens will be minimal
There will be a further token sale through the Occam launchpad for those participants unable to secure pre-registration. Community members are encouraged to be ready for the first token sale by setting up their Cardano wallet, registering on October 14, and awaiting the sale on October 28.
COTI, an enterprise-grade fintech platform that empowers organizations to build their payment solutions, recently announced that it will be partnering with Cardano’s stablecoin hub, Ardana.
The collaboration will introduce stablecoin crypto-to-fiat payments aimed at the Cardano community, in addition to consumers and merchants worldwide.
Speaking in a statement, COTI’s CEO, Shahaf Bar-Geffen, said,
“Today, COTI is doing its first steps in Defi over Cardano, which we believe will be huge. We are happy to collaborate with the remarkable team of Ardana to bring new Cardano Native Assets to ADA Pay and scale up our operations.”
Cardano (ADA) expands its bet on DeFi and NFT
Ryan Matovu, founder of Ardana, stated that Cardano (ADA) and its DeFi segment look very promising in terms of e-commerce adoption worldwide:
Both COTI & Cardano have a value proposition that is immediately applicable to each of our day-to-day lives, no matter where we may be. When it comes to e-commerce, it is within our vision to have our stablecoin being able to participate in all walks of life- from yield farming on-chain, to financing actual farming off-chain.
Ardana is going to bring decentralized stablecoin payments to ADAPay, a native payment system for the Cardano (ADA) community. Ardana customers will be able to purchase goods with their stablecoins wherever ADAPay is accepted.
Also, Cardano-based stablecoin payments will be accessible for millions of merchants worldwide, protecting them from being exposed to the volatility of cryptocurrency assets.
COTI Price Jumps 50%
Just a few hours after COTI made the announcement, it received a lot of attention from crypto users, and its coin’s price spiked by roughly 50%, hitting an all-time high (ATH) of $0.60.
Although COTI has retraced and is now trading at $0.51 following another wide-market crash induced by fresh China FUD, it has still retained a 24-hour increase of 25%, according to live data from CoinMarketCap.