Ardana is a new DeFi protocol and stable coin marketplace built on the Cardano network has completed its Initial DEX Offering for its native governance token DANA. The public was allowed to participate in the sale that took place on November 4.
For the second public sale, $500,000 worth of DANA was set as the liquidity pool.
DANA token’s first sale happened on October 28 on Tokensoft, where tokens were sold at a minimum price of $0.60, and a maximum with the maximum allocation being capped at $500 per token address aiming at guaranteeing an inclusive sale and avoid hoarding, $1 million was raised in the sale.
Ardana’s native governance token is DANA, allowing its holders to make crucial decisions and vote on matters concerning the platform. In addition, investors can stake DANA tokens to obtain rewards.
The successful completion of DANA public sale marks a crucial milestone for the growth of Stablecoin hub, whose primary goal is to become a leading DeFi protocol on Cardano.
The project raised $10 million from other significant funds like DeFi Capital, Mechanism Capital, Three Arrows Capital, cFund, Ascentive Assets, Morningstar Ventures, Kronos Research, and MGNR.
Ardana promises to provide its users with a decentralized and secure vault system that will allow them to mint the dUSD stablecoin via trustless collateral assets like ADA.
Ardana will also provide Danaswap, which is a high capital-efficient stableswap DEX.
Ardana aims at filling in the gaps between the safety of centralized stablecoins and decentralization.
Ardana offers a proven design for a Cardano based stablecoin with a soft peg that is decentralized and collateralized for Cardano’s many users.
Having OccamRazer, an all-inclusive Cardano launchpad solidifies Ardana as a leader in the Cardano DeFi ecosystem. OccamRazer has been a major contributor in the expansion of the Cardano ecosystem and is regarded as a leader among its peers.
Ryan Matovu, Ardana’s CEO & founder,
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.”