On Thursday (24 November 2022), two Cardano-powered projects — Ardana and Orbis — unexpectedly came to a halt, but this doesn’t seem to have dented the enthusiasm, passion, and optimism of the Cardano community presumably due to the rich depth of the ecosystem.
The two announcements came or less at the same time.
First, at 1:24 a.m. UTC on 24 November 2022, Orbis Labs, which is behind Orbis — “a layer 2 zk-rollup scaling solution on Cardano built to support decentralized finance applications and a thriving blockchain ecosystem” — announced that it was “unable to continue building”:
It went on to say:
“The NFT has been halted until further notice when a continuation plan is set out for the core zk-rollup solution. We as a team will we will do what is necessary for investors and community members to be made whole going forward… This was an unexpected result due to committed investors very recently pulling out of the project and recent events in the crypto space which affected Orbis directly…
“We want to thank all of you involved and we are currently working out a plan going forward for the project long term. For now, the Orbis Labs Github organisation will remain open source and open to outside contribution… The community groups have been halted until further notice.“
Then, roughly 20 minutes later (i.e. at 1:44 a.m. UTC on 24 November 2022), the Ardano team, which was working on “the first all-in-one stablecoin ecosystem built on Cardano”, announced that “due to recent developments with regards to funding and project timeline uncertainty, the Ardana project has had to come to a halt”:
Here are a few reactions from the crypto community:
As you can see from these few examples, although the failure of these two projects seems to have disappointed and angered the Cardano community, there still seems to a lot of excitement and enthusiasm in the air especially since today’s bad news comes shortly after all the good news delivered in last week (first at IO ScotFest in Edinburgh, Scotland and then at Cardano Summit in Lausanne, Switzerland).
Over the next week or two, we hope to report on several of the interesting announcements that were made at these two events.