Ardana, the Cardano DeFi Stablecoin Hub Raises $1.5 Million During its First Two IDO Sales

Key takeaways:

• Ardana, a DeFi platform featuring the first of its kind decentralized stablecoin, and DEX liquidity pool built on Cardano, has raised $500,000 during the latest IDO sale of its native token DANA
• The company intends to use $1.5 million accumulated during the first two IDO sales and $10 million it raised during the funding round to build the top DeFi protocol on Cardano
• Decentralized stablecoin dUSD and DEX stableswap Danaswap are slated to launch during Q1 2022

Ardana, the decentralized stablecoin hub built on Cardano has announced the successful completion of the second round of initial decentralized exchange offering (IDO) of its native token DANA. With $1.5 million raised during the first two public sales and $10 million raised from major VC partners like cFund and Three Arrows Capital, Ardana is on the path to become the top decentralized finance (DeFi) protocol in the Cardano ecosystem.

Ardana is filling the gap between decentralization and the safety of centralized stablecoins

During the public sale of Ardana’s governance token DANA, which was held on OccamRazer Cardano launchpad on November 4, the company raised $500,000. This marks Ardana’s second IDO in the span of the last two weeks. The first DANA sale took place on Tokensoft on October 28. The company managed to raise $1 million at a DANA base price of $0.6, despite limiting the maximum allocation to $500 per single address in an effort to avoid price manipulation from whales.

DANA tokens are designed to fulfill several different use cases. Their main role is to power Ardana’s governing system, allowing token holders to vote and participate in the decision-making process concerning the blockchain platform’s future. In addition, DANA holders can stake their tokens and earn rewards by doing so.

Ryan Matovu, CEO and founder at Ardana talks about the latest IDO sale that was held on Occam:

"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 will allow users to mint dUSD stablecoins by collateralizing crypto assets like ADA via a secure and decentralized vault system. The platform’s highly efficient decentralized exchange (DEX) stableswap, dubbed Danaswap, will let users convert digital assets with minimum slippage and notably low fees, while also creating a low-risk environment for liquidity providers. 

The dUSD stablecoin is designed to be fully decentralized, collateralized by an excess of on-chain assets, and pegged to the value of the US Dollar. The company plans to release its stablecoin and Danaswap stableswap in the first quarter of 2022.