- Cardano-based projects Orbis and Ardana halt operations.
- Charles Hoskinson shares the project never disclosed problems regarding the shortage of funds.
- He claims that the failure of the projects is due to leadership issues.
Cardano founder Charles Hoskinson posted a video on Twitter on November 25 to discuss failed projects Ardana and Orbis, which were being built on the Cardano blockchain. Hoskinson mentioned that he was an investor in the projects through the cFund and was shocked to receive the news of discontinuation.
Rugs and Failed Projects https://t.co/8tZbmU4tsk— Charles Hoskinson (@IOHK_Charles) November 25, 2022
The layer-2 solution utilizing zkSNARK roll-up tech, Orbis, tweeted on November 24 that it has decided to contain building the project due to funding constraints and uncertain conditions.
Cardano-based first all-in-one stablecoin ecosystem, Ardana followed with a similar announcement soon after. Blaming funding and project timeline uncertainty, Ardana broke the news of the halt to its community members.
However, both the projects held Cardano responsible for a lot of the uncertainty they face, in regard to the development of the blockchain with a majority of the funding going towards tooling, infrastructure and security.
However, Hoskinson was not of the same opinion as them and expressed his objection very confidently. He claimed that the projects fail due to leadership issues, and the funding shortage these projects hide behind is never disclosed to Cardano’s venture fund, cFund. He adds,
“This was not a funding issue. This was not a platform issue [it] looks like it was a leadership issue. Things happen, people sometimes don’t execute, people make mistakes, and usually, there’s something left behind for people to salvage from these situations,”
He mentioned that Cardano also received the news of operations halting via Twitter at the same time as the audience, and Hoskinson found this to be “utterly distasteful.” Moreover, he shared that he anticipates crypto media to now dominate the project failure and frame Cardano as “dead or failing or succumbing to the same forces that killed FTX.”
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