Cardano's promising projects that failed; Ardana, FlickTo
The bear market has caused casualties within the Cardano ecosystem. First it was FlickTo, then Ardana. Both of these projects were once promising.
On November 24th, Ardana Labs announced that they would be halting development of their much anticipated stablecoin, dUSD. Via twitter, the project cited funding difficulties and timeline uncertainities.
Remaining funds will be held by Ardana Labs until they find competent developers.
Remaining funds and treasury balances etc will be held by Ardana Labs until another competent dev team in the community comes forward to continue our work. ~ Ardana Labs Twitter
Leading upto this announcement, there were rumours in mid November that the project was not in a good condition to deliver. However, these predictions were dismissed as FUD. At the time, Pete, one of Cardano's ambassadors, to the health state of Ardana's Github activity.
Ardana's failure has left many among its investors feeling liked they just got rugpulled. Others feel it's a simple case of financial mismanagement (miscalculation) which is a recipe during this bear market.
Flickto was a Cardano dApp that had a goal of decentralizing media production. On the 16th of March 2022, it went into hibernation due to funding difficulties. Its ISPOs staking pools were retired after epoch 341. There are no plans to revive the project as it was originally intended.
FLICK tokens have no value since it seems that the project is for all intents and purposes 'dead'. Archives of its whitepaper are available on Github. FlickTo twitter account was recently deleted.
The FlickTO team envisioned the need for recognizing potential media companies while putting the creator in charge of patents and revenue. After all, high investment barriers have kept followers, fans, and consumers in the dark about the process of media creation.
Flickto's long-term had an ambition of giving a voice to marginalized groups and minority creators includes mission-driven and purpose-driven projects. Prior to FlickTo's collapse, the team had appeared to meet deadlines in a timely fashion and communicated with the community on a regular basis across all platforms. It's a shame that in the end, it appears to have been poorly managed.