{"id":401564,"date":"2022-01-31T08:51:11","date_gmt":"2022-01-31T05:51:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/wonderland-co-founder-throws-in-the-towel-on-beleaguered-defi-project\/"},"modified":"2022-01-31T08:51:11","modified_gmt":"2022-01-31T05:51:11","slug":"wonderland-co-founder-throws-in-the-towel-on-beleaguered-defi-project","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/wonderland-co-founder-throws-in-the-towel-on-beleaguered-defi-project\/","title":{"rendered":"# Wonderland co-founder throws in the towel on beleaguered DeFi project"},"content":{"rendered":"<p>&#8220;<strong># Wonderland co-founder throws in the towel on beleaguered DeFi project <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvNDNlODg4NTItZTlhNi00NGVlLWE5ODUtOTMyYTA2MmVjNGNhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>The co-founder of the embattled Wonderland decentralized finance project is preparing to pull the plug following a deeply divided community vote.<\/p>\n<p>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 \u201cmeans that we failed.\u201d<\/p>\n<p>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 \u20180xSifu\u2019) to step down late last week.<\/p>\n<p>Patryn, who has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-03-19\/from-fraud-to-fintech-quadriga-co-founder-s-past-crimes-emerge?sref=323RPL5z\">changed his name<\/a> on a number of occasions, was sensationally revealed on Jan. 27 to be the co-founder of the defunct Canadian crypto exchange QuadrigaCX. He has also been previously convicted of credit card fraud and pleaded guilty to several related offenses in the early 2000s. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/<br \/>Wonderland experiment is coming to an end. It is clear from the vote that the community is divided. The core and heart of Wonderland is still the community. If we cannot find agreement on wether to continue or not, it means that we failed.<\/p>\n<p>\u2014 Daniele never asks to DM (@danielesesta) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/danielesesta\/status\/1487826195978899457?ref_src=twsrc%5Etfw\">January 30, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThere were several active votes on the Wonderland governance forum, however, the<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/snapshot.org\/#\/bestfork.eth\/proposal\/0xf24f389b80f1e056c8f308802767d77060cbeecf17afd8d379ea71b3ded6ebb5\"> vote<\/a> to wind down the project and return the treasury back to its holders had 55% voting to save it and 45% in favor of disbanding at the time of writing. Sestagalli said that the division has resulted in a single path forward:<\/p>\n<blockquote><p>\u201cThe duty of the Team is to enact the will of the token holders. As the vote is so close to 50\/50 there is only one path forward, it is to reimburse\/unwind.\u201d<\/p><\/blockquote>\n<p>He added that he is working with the team on a new proposal. However, it was pointed out by those in favor of keeping the project going that the community was not split. They suggested that the token allocation was split, which raised other concerns among the community.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I am ready to listen to what you have in mind, so please do not take this as FUD or hate, I just want to correct a point here <\/p>\n<p>The community is not split 50-50. The token allocation is. The community as individuals voted overwhelmengly No and against all odds, we eeked out a win <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/nBS3cCRe39\">pic.twitter.com\/nBS3cCRe39<\/a><\/p>\n<p>\u2014 0x von Bismarck (@0xVonBismarck) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/0xVonBismarck\/status\/1487851885184831490?ref_src=twsrc%5Etfw\">January 30, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A number of alternative proposals have been put forward to save the project from going under. These include another ongoing<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wonderlandforum.xyz\/t\/wip-3-a-united-front-abracadabra-wonderland-merge\/7499\"> discussion<\/a> on a potential merger with Wonderland and Abracadabra, a DeFi lending protocol and yield strategy generator.<\/p>\n<p>Additionally, on Jan. 31, a lengthy<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/@Wonderland2.0\/wonderland-2-0-bf6522fc334f\"> proposal<\/a> for Wonderland 2.0 was published by members of the community known as \u201cFrogs\u201d suggesting a transition of the existing protocol and treasury to a new DAO structure with a more transparent governance system. <\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Daniele Sestagalli discusses Wonderland\u2019s future after QuadrigaCX co-founder dox<\/em><\/strong><\/p>\n<p>The DeFi imbroglio has had ripple effects throughout the ecosystem with other networks such as Terra also feeling the impacts. The close ties between Wonderland and Abracadabra\u2019s MIM (Magic Internet Money) token have also impacted Terra\u2019s ecosystem since MIM is used for yield farming with the Terra stablecoin, UST.<\/p>\n<p>The stablecoin has dipped below its peg recently on Wonderland concerns, and this has had a knock-on effect on LUNA which is used for its price-stabilization mechanism.<\/p>\n<p>LUNA prices are currently down 13% over the past 24 hours as investors have been liquidating. Meanwhile, Wonderland\u2019s native TIME token has crashed nearly 60% since the debacle began last week and is now languishing 96% down from its Nov. 7 all-time high of just over $10K. <\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/wonderland-co-founder-throws-in-the-towel-on-beleaguered-defi-project\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Wonderland co-founder throws in the towel on beleaguered DeFi project &#8221; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":401565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvNDNlODg4NTItZTlhNi00NGVlLWE5ODUtOTMyYTA2MmVjNGNhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74868,78821,122378],"class_list":["post-401564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-defi","tag-quadrigacx","tag-terra"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/401564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=401564"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/401564\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/401565"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=401564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=401564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=401564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}