Ardana – a stablecoin ecosystem developed upon the Cardano (ADA) blockchain – has successfully secured $10 million via seed capital, from a group of investors led by Three Arrows Capital and Ascensive Assets.

Specifically, the ecosystem reportedly offers supporting features for sending, receiving, storing, borrowing and lending the stablecoin – generally referred to as “dUSD” – freely across the network.

The stablecoin will be pegged on a 1:1 ratio with the United States dollar, and will be completely collateralized with cryptocurrencies, nominally Cardano (ADA).

“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 offer a decentralized financial solution that works for everyone, and soon we’ll even be facilitating foreign exchange on-chain.” Ryan Matovu, co-founder and current Head of Ardana, further remarked. 

Ardana reportedly has plans down its pipeline to organize a public sale of its secondary token – which is the DANA – for protocol governance as detailed in its roadmap.

The engineers working on the initiative aimed for the sale to take place in the latter of 2021, with 35.625 million out of 125 million tokens available for obtaining at the price of $0.30 to $0.60 individually.

The team also looks to roll out a decentralized exchange (DEX) dubbed Danaswap by Q2 2022. Ardana disclosed that Danaswap will come with low slippage and yield farming opportunities for liquidity providers.

The Cardano network is having lower transaction fees compared to different Ether-based networks at the moment, which may offer some edges for stablecoin adoption.