Ethereum (ETH) co-founder Charles Hoskinson is addressing the issue concerning Ardana, a Cardano-based stablecoin project that recently halted operations.
In a new video update, Hoskinson says that as an early investor in the project, his investment appears to be a total loss.
“I saw over the last few days some grumblings about [Ardana] having issues, and then on Twitter, [a] tweet came out that they have now discontinued operations, or at least they’re scaling back to the point where they’re no longer going to be able to deliver what they promised they were going to deliver.
Now, I was an investor in [the] projects through the C fund… It looks like it is probably a total loss, and what was incredibly distasteful to me was the management of these projects blamed Cardano for their failures.”
Ardana said that building on the Cardano (ADA) blockchain was “difficult” and would be halting operations but leaving their code open source.
“Unfortunately due to recent developments with regards to funding and project timeline uncertainty, the Ardana project has had to come to a halt. Our code will remain open source for builders to continue our work going forward as they wish.
Development on Cardano has been difficult with a lot of funding going into tooling, infrastructure and security. This alongside the uncertainty around development completion has led to the best course of action being halting development of [the project].”
Hoskinson goes on to say that the issue lies with the project’s leadership rather than the technology behind Cardano or a lack of funds.
“I will remind everyone that Ethereum raised $18 million of which they only got to deploy $9 million because they lost $9 million to market volatility and they can hedge their Bitcoin properly and they delivered the second-market cryptocurrency in the world. This was not a funding issue. This was not a platform issue. It looks like it was a leadership issue…
My understanding is, having talked to the C fund, that the first time we were informed that these projects were having trouble was through Twitter, the same time as you guys, which is utterly distasteful, and it shouldn’t happen.”
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