Ardana Development Update

Ardana has had a busy and exciting year so far, and remain firmly on track to meeting all key milestones by the end of 2021. At the very beginning of 2021, the project was first born and it has been full steam ahead ever since. The end goal remains to launch the decentralised stablecoin hub in Q4 at the end of the year on the Cardano mainet.

This will be the first completely decentralised platform that provides both an asset-backed stablecoin plus a decentralised stablecoin exchange. The platform will allow ADA owners to put their assets to work in the ecosystem and reap the benefits, creating a mutually beneficial relationship between Ardana and its users. It will eventually facilitate the foundations for a decentralized foreign exchange system.

A Quick Recap of Milestones So Far

Ardana successfully closed a seed sale and released their whitepaper in Q2, with the private sale also recently being completed in Q3. The team of highly experienced and talented Haskell developers continue to build out the Plutus contracts and UI components. The developers have also been working hard on perfecting both Danaswap (development began in Q1) and the stablecoin (development began in Q2).

There are more exciting developments on the horizon for Q3. This includes the finalisation of the Plutus contract audits, AREM development and the opening of the Ardana Academy. We will be providing more updates as this rolls out.

Stablecoin Development

The Ardana stablecoin will bring all the benefits of cryptocurrency plus an added layer of protection, price stability. Stablecoins are faster, have low fees, dramatically reduce slippage and are borderless. Ardana will begin the stablecoin release with the Ardana dollar (dUSD) which is soft-pegged to the US dollar. Ardana is also planning to develop other fiat currency stablecoins (dEUR, dGBP, etc).

The development achievements so far are as follows:

• Initial setup
• CI tuning
• Initial roadmapping
• Begin draft spec for prototype
• Test framework setup
• Initial vault setup
• USD stable coin minting
• PAB emulator setup
• Complete spec for prototype, begin expanding spec to cover app
• First roundtrip demo
• First testnet deployment
• First draft spec completed

DEX Development

The stable pool decentralised exchange is first being set up to provide liquidity to US stablecoins, and soon after it will facilitate foreign exchange on Cardano. Danaswap ensures minimal slippage between the time a trade is logged and the execution of the trade.

Ardana developers are building a DEX with international users in mind where different currencies will be swapped and traded.

The development achievements so far are as follows:

• Phase I — Foundation
• Solve invariant equation
• Set up CI
• Planning and specification
• Non-parallel contract state machine
• Metrics APIs
• Phase II — Parallelism
• Parallelize contract endpoints
• Create services to manage parallelized contract instances
• Update metrics APIs to handle parallelized contract
• Phase III — Integration
• Deploy and test contract on testnet
• Create administrative API for parallelized contract instances
• Fine-tuning numerical analysis

Conclusion

Ardana has a busy quarter ahead as they remain determined to hit all milestones on the roadmap. There will be more developer updates, platform showcases and demos coming shortly. Join the Ardana community in the social media links below to be notified of upcoming announcements.

About Ardana

Ardana is an on-chain asset backed stablecoin protocol and decentralized exchange stable asset liquidity pool built on Cardano. The stablecoin is overcollateralized with on-chain Cardano native assets facilitating borrowing and the decentralized exchange allows for highly capital efficient trading between stablecoins and identical assets with low risk income from fees for liquidity providers.

Website | Telegram | Twitter | Whitepaper | Pitch Deck