Since the mainnet, the Cardano ecosystem has been growing fast in quantity. Hundreds of new projects are going to board on the Cardano blockchain. However, it’s probably just a growth in number, Cardano-based DeFi projects are yet to operate and they need time to deploy their ideas.
Recently, Ardana was invested by Three Arrow Capital which is famous for its investments in DeFi projects such as SushiSwap and Aave.
The article below will provide all detailed information about Ardana, including:
- What is Ardana? How does it work?
- What is Ardana Token (DANA)? All detailed information about its Tokenomics.
- How to get and buy DANA tokens?
- Roadmap and updates.
- Details about the team, investors, and partners.
- Is Ardana a good investment?
Let’s find out the potential of Ardana as it combines trading and lending services!
What is Ardana?
Ardana is an all-in-one DeFi station running on Cardano that is going to build products around its own stablecoin dUSD. The platform offers two main products that are the Danaswap AMM DEX and the lending dUSD service. The ambition of Ardana is to facilitate foreign exchange on the Cardano blockchain.
How does Ardana work?
Stablecoin dUSD is the primary product of Ardana, which is crypto-backed and pegged 1:1 to USD. Basically, the working principle of dUSD is CDP (Collateral Debt Position) which is similar to stablecoin DAI issued by Maker DAO.
Users deposit ADA or other supported tokens as collateral into Ardana Vaults to borrow Ardana stablecoin (dUSD). Once borrowed, users need to repay the debt plus the additional interest to redeem the collateral.
DanaSwap uses the invariant equations to determine the price for trading. Basically, the equations will adjust variables to get to the given price at the trade time. In addition, Ardana has StablePools with optimal proportions. This means the StablePool will adjust the number of output tokens for the trade corresponding to the magnitude of the output deviation.
Users can provide liquidity to those StablePools to earn trading fees based on their share in the specific pools. However, like other blockchains’ liquidity pools, liquidity providers will also be affected if the price moves in the high volatility market.
What is DANA Token?
DANA is the utility and governance token of Ardana that allows DANA stakers to receive a proportional share of the fees on the Ardana platform. At the same time, they can participate in the governance of Ardana to vote on parameter changes.
When doing so, they have to lock their DANA in the Ardana Reward Enhancement Module (AREM) and receive exDANA in return. exDANA is the non-transferable token and the exchange rate of DANA and exDANA increases according to the lock time (maximum 4 years). In simple terms, the longer you lock DANA, the more exDANA tokens you’ll receive, and the more voting power you’ll own.
Ardana Reward Enhancement Module (AREM) is a system designed to distribute rewards from the platform fees to users who:
- Lock DANA to receive exDANA.
- Provide liquidity.
- Deposit dUSD in the Ardana Savings Module.
Detailed information about DANA Token
DANA Price Today
DANA Key Metrics
- Token Name: Ardana Token.
- Ticker: DANA.
- Blockchain: Cardano.
- Token Standard: Updating…
- Contract: Updating…
- Token Type: Utility and Governance.
- Max Supply: 75,000,000 DANA.
- Circulating Supply: Updating…
DANA Token Allocation
The DANA Token has the total max supply of 125,000,000 tokens distributed as follows:
- Liquidity Mining Rewards: 40% (50,000,000).
- Token Sale: 28.5% (35,625,000).
- Founders, Team and Advisors: 15% (18,750,000).
- Ecosystem Development and Treasury: 11.5% (14,375,000).
- Exchange Liquidity: 5% (6,250,000).
DANA Token Sale
On October 14th, 2021, Ardana had a public sale to raise $1 million for 1,666,666 DANA at $0.6. Moreover, the team is going to launch DANA token IDO on Occam Finance on November 14th, 2021.
DANA Token Release Schedule
DANA Token Use Case
DANA is the utility and governance token of the Ardana platform and it has functions, including:
- Staking: Holders can stake their ADA tokens to be rewarded a share of protocol fees on Ardana.
- Governance: DANA holders are able to participate in the governance of Ardana to vote on parameters changes.
- Liquidity Mining programs: 40% of the DANA total supply will be distributed via the Liquidity Mining programs. In the future, the team will release the plan for users to participate.
Therefore, we’ll constantly update new information about Ardana for readers’ convenience.
How to get DANA Token
Currently, the DANA token is not listed in any exchange. As a result, investors can participate in the public sale or the upcoming IDO on Occam Finance.
How to buy DANA Tokens
Roadmap & Updates
The Ardana team released a detailed roadmap that describes the long-term plan until 2023. However, most targets are still in the planning stage, we will focus on the most recent targets/milestones.
As you can see in the roadmap, the Ardana team has finished the funding rounds and everything related to the infrastructure is still in progress.
Team, Investors, and Partners
In Aug 2021, Ardana raised $2.7 million in a seeding round led by Three Arrow Capital along with cFund, Ascensive Asset, DeFi Capital, Morning Star Venture, Mgnr, Angels, and David Post. Invested funds of Ardana are probably sufficient to build the platform as well as develop the projects in the future.
Ardana has formed a partnership with Elrond Network. They’re going to build a Cardano-Erond bridge that allows crypto assets of Elrond to move to Ardana for DeFi services.
Is Ardana (DANA) a good investment?
Since 2021, Ardana has been developing the platform and sticking to the roadmap. However, they are still in the development phase, there are lots of targets to reach in the future. Coin98 Insights will give some key highlights of Ardana as follows.
The core business of Ardana is around its dUSD stablecoin. The team hasn’t revealed any detailed information about that stablecoin yet, but according to the documentation, it’s more like DAI issued by MakerDAO. Therefore, we can compare the dUSD stablecoin with the DAI stablecoin having $6 billion in market capitalization.
Ardana is building a combination of DEX, lending, and issued dUSD, which is a strategic move to create a DeFi ecosystem enabling capital efficiency. Capital efficiency is the core feature of DeFi 2.0, if any project is able to realize that, it will be a sharp competitive advantage. However, those products are in progress so we will not jump to any conclusion before the products are in operation.
Three Arrow Capital successfully invested in SushiSwap and Aave which are a trading platform and a lending platform. Therefore, the venture capital has experience in supporting new projects to achieve their goals. At the same time, cFund is a venture capital founded by Input Output HK – one of three core Cardano organizations. As a result, Ardana has sufficient funds worth $3.7 million after 2 rounds of fundraising and supportive investors to leverage their works.
Since Cardano is a newly emerging ecosystem, there are risks ranging from smart contract failure/bug/exploit, and loss of deposited value in the liquidity pool. The team promises to do due diligence before listing any crypto asset to pools. In addition, their platform will be audited by security companies. However, for any new project, users should be aware of those risks for their own stake.
And as usual, whether it is worth investing or not, Do Your Own Research before buying and be responsible for your investment.
In general, Ardana is going to build a trading and lending platform like a DeFi station that has multiple DeFi functionalities. Ardana has opponents in the DEX section and the lending sections.
Decentralized Exchanges are leading the DeFi wave in the Cardano ecosystem. Ardana along with over 10 projects are competing in the DEX race. They all have the potential to dominate the race.
Lending projects on Cardano are actively running incentive programs and marketing strategies. MELD is a strong opponent of Ardana since the MELD team is running the ISPO program with over 600M ADA staked in their staking pools.
PancakeSwap is a role model for the DeFi station since it successfully began with an AMM DEX then expanded to other DeFi products such as Staking, NFT, and Lottery, etc.
Ardana is aiming at the DEX and lending market which is big in the crypto world. The team reveals its probably ultimate goal to facilitate decentralized foreign exchange.
That is all you need to know about Ardana and its DANA token. I hope you’ve gained helpful insights to understand the potential behind Ardana.
If you want to know further about Ardana, please leave a comment below for further discussions about Crypto.
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