On November 24, 2022, two cardano-based projects announced a temporary cease in operations due to inadequate funding. The projects Orbis and Ardana aired this news on their Twitter pages.
Hey all of
Unfortunately due to constrained funding and uncertain conditions, Orbis Labs is unable to continue building and the project as come to a halt. This is unfortunate given the amazoing research and work that has been produced.
— Orbis (@orbisproject) November 24, 2022
Orbis, an L2 scaling protocol designed to solve the scalability issue on Cardano, aims to do this with zkSnark roll-ups by using it to secure collateral-backed loans.
Ardana was built to encompass its parent network, scalability, speed, and security, making it highly scalable, fast, and secure against malicious actors and hackers.
The project also intends to include features like Danaswap, which allow users to leverage an AMM designed for multi-asset pools. In addition, it consumes very little slippage, providing a favorable risk-to-yield ratio for liquidity providers.
A governance and utility token for Danaswap is also anticipated, which will be used to pay liquidity providers and enable them to directly contribute to the development of the Ardana platform.
It also features a savings account where users can earn passive income by storing stablecoins with them, and receiving interest on their savings.
The Ardana and Orbis teams were unhappy because of this recent development. The main cause of the lack of liquidity was the withdrawal of some investors as a result of the protracted bear market.
Also, the crash of one of the top 10 crypto exchanges has negatively impacted the crypto community, changing market sentiments.
In contrast, Ardana stated in a tweet that it would make its code available to developers. Finally, both platforms thanked their teams for the fantastic job done so far and hoped the projects would resume as soon as possible.
However, a cloud of uncertainty still looms over both projects regarding whether they will ever resume operations.