Ardana IDO raise $1.5m for Cardano stablecoin and ADA collaterisation

Ardana – a Cardano-based decentralised stablecoin solution – has successfully raised $1.5m in the first rounds of its public IDOs.

The Cardano protocol enables a secure decentralised vault for the minting of dUSD stablecoins using collateralised assets (not limited to ADA).

dUSD will be readily tradable in Danaswap – Ardana’s capital efficient stableswap DEX.

The project aims to solve the gap between decentralisation and safety of centralised stablecoins through a collateralised soft-pegged stablecoins.

The first network native DANA token IDO round was pre-listed and took place back in October raised $1m despite individual user allocations being capped at $500 per wallet.

However, the public IDO (the second round) took place on the OccamRazer platform, with DANA completely selling out the $500,000 liquidity pool on November 4.

What does the Occam launch mean for Ardana?

OccamRazer is a promising choice of launchpad, as Occam has contributed significantly as a leader of growth in the Cardano ecosystem.

Speaking exclusively to Coin Rivet, Elliot Hill – Occam‘s Head of Communications, explained just how exciting the launch of Ardana is for the entire DeFi ecosystem.

“Ardana is perhaps the most promising stablecoin protocol to emerge not just for Cardano but for the DeFi ecosystem as a whole,” he explained.

“Their focus on foreign exchange, coupled with Cardano’s low TX costs and focus on robust engineering practices, could transform the current FOREX markets as we know them, creating a new paradigm for how we trade currencies worldwide.

“ADA can be collateralised, but so can a whole host of other assets and tokens – ADA collateralisation will probably prove more popular as Cardano’s DeFi space expands, and I see this happening over the next six months”.

When asked about the success of the IDO, Mr Hill was keen to highlight the demand for DANA at launch.

“It was a pleasure to work with the Ardana team during their IDO, they were our largest IDO to date, with the highest number of participants and registrants, over 2,000 in total,” he added.

“We look forward to exploring development synergies together, especially with our upcoming OccamX Cardano DEX”.

Read more: Elliot Hill discusses new Cardano stablecoin.