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- Cardano welcomes its first stable coin Ardana.
- Ardana raises $10M of seed funding through it’s group of investors.
- The cardano network has the least amount of transaction fee that could help the stablecoin.
A stablecoin, named Ardama, built on the networks of Cardano blockchain raised $10M of its initial seed funding.The seed capital was invested by a bunch of investors led by the organisation’s Acensive assets & Three Arrows Capital.
Ardana happens to be the first-ever stable coin on the Cardano network. Ryan Matovu, CEO and Co-Founder of Ardana took pride in introducing the stablecoin which provides the users with convenient access to liquidity, and pointed out that it solved concerns related to liquidity that was ever present in the highly competitive De-fi world.
According to the co-founder, the stablecoin Ardana also benefits from the speed, security and scalability of the cardano network that would help provide a decentralised financial network that works for everyone. He further goes on stating that they’ll be facilitating Foreign exchanges on the blockchain soon.
Known as the ticker symbol of dUSD, users will be able to exchange, store & transact with the token on the network. Token will be anchored to the United States dollar on a one-to-one basis and will also be able to provide an exchange with other cryptocurrencies like cardano.
Furthermore, Ardana plans to list another secondary token, known as DANA for public sale. The project developers intend to provide 36.5M out of 125M tokens for grabs later this year.
Both tokens dUSD & DANA will be issued at $0.30 & $0.60 respectively.
Lastly, the developers also plan on introducing a new decentralized exchange (DEX). The exchange is planned to unveil itself by the second quarter of 2022, The exchange will be named Danaswap.
The stablecoin could be at an advantage considering the fact, coins on the cardano network have the least amount of transaction fee when compared to others on blockchains like Ethereum.
As per BitQuery & BitInfoCharts, users on the Cardano network pay a transaction fee of merely 43 cents when compared to $47.23 on Ethereum. Cardano seems to be in a proactive development phase, especially after enabling Smart contract functionality on its blockchain.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
