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Cardano projects Ardana and Orbis call it quits, community cries foul play

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Cardano projects Ardana and Orbis call it quits, community cries foul play

Cardano projects Ardana and Orbis call it quits, community cries foul play Samuel Wan · 4 hours ago · 2 min read

The Cardano community is left wondering what happened as Ardana and Orbis end project development.

2 min read

Updated: November 24, 2022 at 12:11 pm

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Cover art/illustration via CryptoSlate

Social media chatter is rife with speculation on Cardano projects Ardana and Orbis, which both announced ending development on the same day.

Ardana calls it a day

Ardana pitched itself as the “first all-in-one stablecoin ecosystem built on Cardano.” The ecosystem consisted of the dUSD stablecoin, an AMM DEX called Danaswap, and the DANA governance token.

In November 2021, the project raised $10 million in a strategic funding round led by Three Arrows Capital, CFund, and Ascensive Assets. At the time, CEO and co-founder Ryan Matovu said:

“Along with the investors’ expertise, this funding will allow us to establish Ardana as one of the premier defi gateways on the Cardano blockchain. The future is bright.”

Fast forward to now, a post from the company’s Twitter announced the end of development due to “recent developments” and “funding and project timeline uncertainty.”

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Hello Ardana community,

Unfortunately due to recent developments with regards to funding and project timeline uncertainty, the Ardana project has had to come to a halt. Our code will remain open source for builders to continue our work going forward as they wish.

— Ardana – DeFi Hub of Cardano (@ArdanaProject) November 24, 2022

The DANA token sunk 77.8% following the announcement, recording a new all-time low of $0.01158415 in the process. DANA launched on Nov. 22, 2021, and achieved an all-time high of $11.27 three days following its launch.

The tweet thread continued by saying development “has been difficult” with the funding going towards “tooling, infrastructure, and security.” In conjunction with “uncertainty around development completion,” it was decided the best course of action would be to halt development.

Ardana appealed to other developers to take over the project, with the remaining funds held in reserve to finance the move. Details on what funds remain were not disclosed in the tweet thread.

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Orbis follows suit

In quick succession, Orbis also notified the Cardano community that it too was ending development citing “constrained funding and uncertain conditions.”

Hey all of

Unfortunately due to constrained funding and uncertain conditions, Orbis Labs is unable to continue building and the project as come to a halt. This is unfortunate given the amazoing research and work that has been produced.

— Orbis (@orbisproject) November 24, 2022

Orbis is a layer 2 solution utilizing zkSNARK roll-up technology to aid scaling and higher throughput.

Orbis applied for 1 million ADA funding during the Catalyst Fund 8 round, which concluded in May.

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According to Reddit user u/demesisx, concerns were raised over the lack of a working demo while requesting all the funding be paid upfront. The concerns resulted in the community turning down Orbis’s funding application.

The Orbis Project CEO is Ryan Matovu, who also founded Ardano.

Cardano community speculates

In response to the news, @cardano_whale alleged that both projects were a rug pull. Similarly, @biscoin_io posted a screengrab from Orbis, dated Nov. 23, that spoke of “halting the public NFT sale,” captioned with “you were warned early.”

Failed RUG

you were warned early 😉$DANA #ORBIS pic.twitter.com/XgXkey7WbF

— Bison Coin (@bisoncoin_io) November 23, 2022

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Cardano users have reported losing funds, with @CardanoPolice claiming to be down CAD$25,000 ($18,700). Several commenters echoed losing funds as well while expressing regret over ignoring the red flags.

Analysis

Huobi predicts crypto market bottom in early 2023

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Huobi predicts crypto market bottom in early 2023

Huobi predicts crypto market bottom in early 2023 Christian Nwobodo · 15 mins ago · 2 min read

According to Huobi Research, Bitcoin may reach the bottom of $15000 around March 2023, which will signal the next crypto market rebound.

2 min read

Updated: December 8, 2022 at 8:46 pm

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Cover art/illustration via CryptoSlate

Leading crypto exchange Huobi Global in its 2022-2023 annual report, has predicted that the current bear cycle may soon be over, as it expects the crypto market to reach its bottom in early 2023.

On Jan. 1, 2022, the global crypto market had a total market capitalization of approximately $2.2 trillion. However, the heat of the bear market has flushed out almost $2 trillion of its value, dropping to a low of $847.6 billion as of press time.

The 2022 bear market was worsened by macroeconomic distortions resulting from interest rate hikes and surging inflation. In addition, the Terra-Luna, Three Arrows Capital, and FTX collapses led to widespread contagions that have forced many crypto companies into bankruptcy and put investors at a considerable loss.

According to Huobi’s report, the decentralized finance (DeFi) ecosystem was worse hit as the total value locked (TVL) across chains declined by over 70%. According to DefiLlama data, the TVL of DeFi protocols fell from $171 billion in January to roughly $55 billion at the end of October.

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The Non-fungible token (NFT) bubble seemed to have busted as its number of active users fell by 88.9% and the total market cap declined by 42% from a high of $35 billion to $21 billion.

Layer-2 scaling solutions witnessed more growth than other ecosystems over the year. As a result, the total value locked in Layer-2 protocols reached a peak of $7.5 billion and bottomed at $ 3.7 billion. However, since the July crash, it has gradually surged to $5.32 billion.

The light ahead for crypto

The crypto market has evolved significantly over the year, with new fields like GameFi, NFTfi, and Metaverse gaining mainstream attention. For example, the GameFi industry reportedly raised about $2.9 billion over the period.

The much-anticipated Ethereum merge was completed on Sept. 15 and introduced a new era of staking-as-a-service to the industry. As of October 2022, about 15 million ETH has been staked on the PoS chain, representing  12.56% of the total ETH supply.

In concluding the market performance segment of the report, Huobi considered the 200-Week SMA indicator, Fed’s interest rate hikes, and deleveraging of risky financial institutions to predict that the crypto market may likely find its bottom by the end of March 2023.

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Considering Bitcoin’s price action, the current $16,945 falls below the 200-Week SMA Indicator. A trend pattern is observed by juxtaposing the 2022 price cycle with 2014, 2015, 2019, and 2020 cycles. If historical data is anything to go by, Huobi predicts that Bitcoin may see a rebound soon and will lead other crypto assets out of the current bear market.

On the macroeconomic front, after four consecutive interest rate hikes of 75bp, the U.S. Federal Reserve is expected to lower rates starting from Dec 2022, likely lowering inflation significantly around March 2023. With the monetary policy reaching its bottom in early 2023, the crypto market may as well find its bottom.

The recent FTX implosion saw many overleveraged financial institutions wiped out. The overall effect of the collapse is expected to last until the first quarter of 2023.

If Huobi’s parameters play as predicted, the crypto market is expected to reach its bottom when BTC and ETH prices trade at $1,500 and $1,000, respectively.

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Bear Market

Polygon co-founder addresses criticisms the project is just as bad as Solana

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Polygon co-founder addresses criticisms the project is just as bad as Solana

Polygon co-founder addresses criticisms the project is just as bad as Solana Samuel Wan · 4 hours ago · 2 min read

Sandeep Nailwal defends Polygon against claims it is a VC influenced, centralized project worse than Solana.

2 min read

Updated: December 7, 2022 at 5:20 pm

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Cover art/illustration via CryptoSlate

Polygon co-founder Sandeep Nailwal went on the defense against “ecosystems who are feeling defeated & jealous.”

The comment was motivated by a tweet from Mert Mumtaz, the co-founder, and CEO of Helius Labs, who pointed out Polygon had received more VC money than Solana and had used the funding to “pay people to use the chain and acquire companies.”

Polygon has received over 130M more in funding than Solana

Polygon uses the money to pay people to use the chain and acquire companies

Solana uses it to improve the tech and build the community and has *thousands* of more nodes

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do with this information what you will pic.twitter.com/ZOG6vs63hR

— mert | Helius (🧱, ⚡) (@0xMert_) December 6, 2022

Helius creates application programming interfaces (APIs) to simplify on-chain data for Solana developers. The idea behind this is to make Solana project development quicker and more efficient.

Polygon is worse than Solana, claims Mumtaz

Since the FTX collapse, the narrative around Solana has taken a big hit.

Former FTX CEO Sam Bankman-Fried (SBF) had backed Solana to usurp Ethereum. This extended to SBF developing the SOL-based Serum DEX to bolster the chain’s reach and appeal.

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Bankruptcy filings show the exchange held $982 million worth of SOL on its balance sheet. However, the recently appointed CEO John Ray III, who was brought in to “clean up” the company, said the complete failure of corporate controls he inherited meant he lacked confidence in the accuracy of the financial statements.

Mumtaz thought it relevant to point out Polygon had received $50 million from FTX’s sister company Alameda, yet does not suffer the same put-downs as Solana.

What’s more, on the primary criticisms leveled at Solana, including its conflict of interest via VCs and centralization issues, the situation is much worse when the same arguments are applied to Polygon, said Mumtaz.

it’s absurd that somehow Solana gets painted as the centralized VC chain while Polygon literally has 1) 10x the VC involvement 2) has thousands of less validators 3) can literally be stopped by the core team at any time 4) still has much less TPS while being 100x more centralized

— mert | Helius (🧱, ⚡) (@0xMert_) December 6, 2022

Nailwal disagrees

In response to Mumtaz, Nailwal said “Polygon won” not because of wielding VC money to buy favor; instead, it “won” because of the “power & pull of Ethereum.”

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He said that entities want to build on Ethereum, “not on half-baked L1s.” Put simply, Polygon’s attraction boils down to it providing access to the Ethereum chain.

Addressing the matter of VC influence, Mailwal said investments were made at a time when Polygon was valued at $8 billion. This meant VCs controlled around just 5% of the MATIC token supply.

The thread ended with Nailwal conceding that no ecosystem is perfect. But he prefers to focus on improving and encouraging others, rather than bad-mouthing the competition.

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Bankruptcy

Alameda’s capital portfolio reveals highest investments in Polygon, Hole, and Port Finance

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Alameda’s capital portfolio reveals highest investments in Polygon, Hole, and Port Finance

Alameda’s capital portfolio reveals highest investments in Polygon, Hole, and Port Finance Soumen Datta · 3 seconds ago · 2 min read

According to FTX/Alameda’s spreadsheet, the portfolio of FTX/Alameda contains nearly 500 illiquid investments spread across 10 holding companies.

2 min read

Updated: December 6, 2022 at 7:50 pm

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Cover art/illustration via CryptoSlate

The capital portfolio of the fallen quantitative cryptocurrency trading firm Alameda Capital was recently released by Financial Times, revealing some interesting investments.

According to the spreadsheet, there are nearly 500 illiquid investments spread across ten holding companies in the portfolio of FTX/Alameda worth $5.4 billion. 

Source: Financial Times

Two of the most significant investments were cryptocurrency mining firm Genesis Digital’s $1.15 billion investment and Open AI founded Anthropic’s $500 million investment. Crypto influencer Wu Blockchain thinks the investments were “ridiculous. “

The two largest investments, the $1.15 billion investment in Genesis Digital, a cryptocurrency mining company, and the $500 million investment in Anthropic, founded by OpenAI employees, are ridiculous.

— Wu Blockchain (@WuBlockchain) December 6, 2022

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Investments in Sequoia and Skybridge

A  $200 million investment in Sequoia, the venture capital firm that wrote down its FTX stake to zero earlier, is also included among the fallen trading firm’s holdings.

Further, the Alameda document lists an investment of $45 million in Anthony Scaramucci’s SkyBridge Capital. Per the spreadsheet, FTX transferred 30% of its stake in SkyBridge to Alameda to protect investors’ assets. Later, its founder Anthony Scaramucci revealed that SkyBridge had lost money on its holdings of FTX’s FTT tokens.

Additionally, the portfolio revealed the largest token investments in the form of HOLE – $67.5 million, Polygon – $50 million, NEAR (FTX) – $50 million, Port Finance – $33.5 million, and NEAR (Alameda) – $30 million.

Last month, FTX announced filing for Chapter 11 bankruptcy along with its sister entity Alameda Research and approximately 130 other companies related to FTX.

However, an analysis by Arkham Intelligence on Nov. 25 revealed that Alameda Research withdrew over $200 million from FTX.US before the company declared bankruptcy. In addition, Arkham disclosed in a Twitter thread that Alameda Research, FTX’s sister company, had collected $204 million from FTX US in the final days before the collapse of various crypto assets.

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