Wonderland co-founder throws in the towel on beleaguered DeFi project
The DeFi debacle has caused ripples across the ecosystem as the project head looks to wind things up. The co-founder of the embattled Wonderland decentralized finance project is preparing to pull the plug following a deeply divided community vote.On Jan. 30, Wonderland co-founder Daniele Sestagalli tweeted that the Avalanche-based reserve currency experiment is coming to an end. He added that the divided community “means that we failed.”The vote to save or wind down the project came after Sestagalli asked former partner and Wonderland treasury head Michael Patryn (who goes by the pseudonym....
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Recently surfaced allegations suggest the founder of DeFi protocol Wonderland was the co-founder of the now-defunct exchange QuadrigaCX. In a series of twitter posts published Jan. 27, decentralized finance (DeFi) investigator zachxbt seemingly unveiled the true identity of previously anonymous QuadrigaCX co-founder Michael Patryn, doxxing him to be that of @0xSifu, the founder of DeFi protocol Wonderland.1/ This needs to be shared @0xSifu is the Co-founder of QuadrigaCX, Michael Patryn. If you are unfamiliar that is the Canadian exchange that collapsed in 2019 after the founder Gerald....
Wonderland endured a turbulent week of revelations and risks closure, Wormhole was hacked for the second-highest ever DeFi sum, and the Ethereum hash rate hits a new high — all coming to you in this week’s Finance Redefined. Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter.It’s been a tumultuous week of doxxing, hacks, bailouts and new highs in the decentralized finance space. Read on to recap the most impactful stories of the last seven days. This article represents a conspectus of the full email newsletter. For the full edition, sign up via the box....
"Some people said Wonderland should just be wound down and funds be given back to token holders. I believe this is the easy way out," says Sestagalli. On Friday, Daniele Sestagalli, co-founder of decentralized finance, or DeFi, protocol Wonderland and stablecoin protocol Abracadabra, issued a statement on the path forward after the doxing of his colleague Michael Patryn:“Do we wind down or continue to fight for the aspect of an investment DAO [decentralized autonomous organization] being a revolutionary new organization? For the option that I am for, which is to fight and bring someone new....
While the exponential growth of decentralized finance is evident from the increased awareness and utility, the industry still remains complex to navigate for new users. However, with the growing progress and growth, a new concept of decentralized finance has evolved as DeFi 3.0. DeFi 3.0 is a modular approach to decentralized finance in harmony with Web 3.0 with an aim to improve user participation using simplification. DeFi 3.0 is an initiative taken by several projects to promote a community-centric approach where the investors and traders benefit the most. With the right approach and....
The controversy around Wonderland DAO has brought back focus on the “not-so” decentralized nature of some DAO projects. The Wonderland protocol became the talk of the decentralized finance (DeFi) world after the platform was found at the center of a brewing controversy. On Jan. 27, DeFi analyst zachxbt revealed that one of the anonymous co-founders of Wonderland happened to be QuadrigaCX co-founder Michael Patryn, who has been operating under the name of Sifu.QuadrigaCX is a defunct crypto exchange from Canada which closed when Gerald Cotten, the exchange founder and sole person with....