What Is Ardana (DANA)?
Ardana is a DeFi (decentralized finance) hub built on the Cardano blockchain. The hub's mission is to provide Cardano users with tested and tried decentralized finance (DeFi) primitives that aim to catalyze and help sustain the financial ecosystem of the Ardana hub. According to the whitepaper of the asset, in order to achieve this mission, Ardana has developed two particular products for the ecosystem. They are the following:
StablecoinPlatform:This platform aims to enable users to leverage Cardano's native assets by generating stablecoins against them.
Danaswap: A decentralized exchange (DEX) that seeks to enable high-efficiency swaps between stable asset sets while facilitating a venue for liquidity providers to earn DANA rewards and trading fees for their liquidity provisioning. The term DANA reflects the native token of the Ardana ecosystem.
These two products have allowed the Ardana ecosystem to function independently beside, operating symbiotically with decentralized finance protocol on Cardano. The term symbiotically represents an interdependent relationship between two commodities, utility, etc. Further to support this overall structure of the ecosystem, Ardana hub launched its cryptocurrency Ardana token represented by its ticker DANA.
The Ardana token is the governance and native utility token of the Ardana ecosystem. The token aims to provide stakers on the hub with access to a share of the fees from Ardana. Further, the token seeks to provide token holders with voting power to add changes to the project's parameters. In order to exercise this utility and governance of DANA, token holders have to time-lock their DANA in the Ardana Reward Enhancement Module (AREM), where, in exchange, they will receive exDANA. The term exDANA represents the secondary token of the Ardana ecosystem. AREM is responsible for rewarding token holders with a portion of the platform fees of Danaswap and Stablecoins. Thus, reflecting the vital role DANA plays in the ecosystem of Ardana.
History of Ardana (DANA)
Ardana hub was founded by Ryan Matovu in the 1st quarter of 2021. The hub is headed by Isaac Shapira, chief technology officer (CTO), and Derek Evans, chief operating officer (COO). The token of the Ardana ecosystem has a maximum total supply of 125,000,000 DANA coins.