Ardana, a stablecoin ecosystem built on the Cardano (ADA) blockchain, received $10 million in seed capital from a group of investors led by CFund, Three Arrows Upper-case letter and Ascensive Assets.

Ryan Matovu, CEO and co-founder of Ardana, issued the following statement regarding the deal:

"As the first all-in-one stablecoin ecosystem built on Cardano, our platform provides users with convenient access to liquidity, an ever-present concern in the hyper-competitive DeFi world. We are also able to leverage Cardano's speed, scalability and security to offering a decentralized fiscal solution that works for everyone, and presently nosotros'll even be facilitating foreign exchange on-chain."

Users can send, receive, store, borrow and lend the stablecoin — known as dUSD — freely on the network. It volition have a 1:1 exchange charge per unit with the United States dollar, and will be fully collateralized with cryptocurrencies such as Cardano (ADA).

Ardana plans to hold a public sale of its secondary token, known as DANA, for protocol governance as outlined in its roadmap. The project's developers intend for the sale to occur later this year, with 35.625 million out of 125 million tokens up for grabs for $0.30 to $0.60 each. The team besides plans to introduce a decentralized commutation, or DEX, chosen Danaswap by the 2nd quarter of next yr. Ardana claims Danaswap will feature depression slippage and yield farming opportunities for liquidity providers.

The Cardano network currently has lower transaction fees than other networks on Ethereum, which may be advantageous for stablecoin adoption. According to Bitquery and BitInfoCharts, respectively, users pay an average toll of $0.43 for each Cardano transaction compared to $47.23 for Ethereum at time of publication. Cardano's development activity has picked up steam since its Alonzon Fork concluding calendar month — which enabled smart contract functionality on its blockchain.