Difference between revisions of "Wonderland"
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It was eventually revealed on January 25th that the liquidation cascades causing the price decline were somewhat due to Daniele and Sifu's wallets.<ref>https://liquidated.fyi/address/0x8A7f7C5b556B1298a74c0e89df46Eba117A2F6c1</ref> A mere 2 days later, [[zachxbt]] revealed Telegram direct messages from Daniele that alleged the CFO of Wonderland, [[Sifu]], was Michael Patryn.<ref name=":2" /> This bombshell shocked crypto twitter and ended up producing many memes, such as "Funds are Sifu." [[Sifugate]], as this event is commonly referred to as, also caused damage to Daniele's other projects. | It was eventually revealed on January 25th that the liquidation cascades causing the price decline were somewhat due to Daniele and Sifu's wallets.<ref>https://liquidated.fyi/address/0x8A7f7C5b556B1298a74c0e89df46Eba117A2F6c1</ref> A mere 2 days later, [[zachxbt]] revealed Telegram direct messages from Daniele that alleged the CFO of Wonderland, [[Sifu]], was Michael Patryn.<ref name=":2" /> This bombshell shocked crypto twitter and ended up producing many memes, such as "Funds are Sifu." [[Sifugate]], as this event is commonly referred to as, also caused damage to Daniele's other projects. | ||
== References == | |||
Revision as of 04:44, 28 April 2022
Wonderland is an Avalanche-based Olympus DAO fork that was founded in September 2021 by Daniele Sesta.[1] Wonderland is noted as the most popular Olympus fork. Proponents of $TIME (and the greater Dani-verse of DeFi) refer to themselves as Frog Nation. At the peak of Wonderland, it reached over $2b market cap[2] and total value locked (TVL).[3] In a January crypto twitter thread, zachxbt revealed Telegram direct messages from Daniele that alleged the CFO of Wonderland, Sifu, was Michael Patryn.[4] Patryn is a co-founder of Quadriga, Canada's largest cryptocurrency exchange that ceased operations in 2019 after the founder Gerald Cotten died. Wonderland immediately voted to remove Sifu although this incident caused a major rift in the protocol's community that ultimately led to a rage quit option being voted on and passed by the community.[5]
History
In late August, Daniele began hinting on his Twitter account that he was building something.[6] It was announced that "Tomorrow is the $TIME" on September 1st.
It was around this time Daniele infamously tweeted that the protocol would share 33% of profits with Olympus DAO,[7][8] which ultimately did not happen.[9]
The $TIME token released on September 2nd.[10] [11] By September 20th, the protocol reached over $100m market cap[2] and $100m TVL.[3]
Wonderland went live on Fantom October 15th, 2021.[12] Daniele announced a Launchpad by Wonderland in the same month, launch to be determined.[13] According to Defi Llama,[3] the protocol first reached $1b TVL on October 26th.
The protocol reached a peak TVL of $2.78b on December 1st, although the peak market cap of $2.08b was a couple weeks prior on November 20th.[3][2]
Wonderland's first snapshot vote went live on December 17th and passed by 99.33%.[14] The vote was regarding Sifu's treasury management position.
To kick-off 2022, the protocol was able to secure an early investment in the decentralized crypto betting platform betswap.gg.[15] Wonderland eventually airdropped this to holders which in dollar terms ended up being $17.64.[16][17] Days later, the treasury balance reached the $1b milestone.[18]
On January 17th, Sifu tweeted that Wonderland would buy back at the backing price unlike most others.[19] While the token did rally the day after this tweet, in the next 10 days the token price fell more than 70%.[2]
It was eventually revealed on January 25th that the liquidation cascades causing the price decline were somewhat due to Daniele and Sifu's wallets.[20] A mere 2 days later, zachxbt revealed Telegram direct messages from Daniele that alleged the CFO of Wonderland, Sifu, was Michael Patryn.[4] This bombshell shocked crypto twitter and ended up producing many memes, such as "Funds are Sifu." Sifugate, as this event is commonly referred to as, also caused damage to Daniele's other projects.
References
- ↑ https://twitter.com/danielesesta/status/1433597864781955074
- ↑ 2.0 2.1 2.2 2.3 https://www.coingecko.com/en/coins/wonderland
- ↑ 3.0 3.1 3.2 3.3 https://defillama.com/protocol/wonderland/all/USD
- ↑ 4.0 4.1 https://twitter.com/zachxbt/status/1486591682728673282?s=20
- ↑ https://www.wonderlandforum.xyz/t/wip-5-offer-a-rage-quit-option-to-wmemo-holders/15176/2
- ↑ https://twitter.com/danielesesta/status/1431934236915912706
- ↑ https://twitter.com/danielesesta/status/1433597869764849666
- ↑ https://twitter.com/danielesesta/status/1433793684055764993
- ↑ https://twitter.com/WagmiLabsInk/status/1440804132927926288?lang=ar
- ↑ https://snowtrace.io/tx/0xe4d2a173207068e0a1e002e5872fdb4e96a547965bc7414455633da4c2e2c736
- ↑ https://twitter.com/danielesesta/status/1433597864781955074
- ↑ https://twitter.com/Wonderland_fi/status/1448989318341664770
- ↑ https://twitter.com/danielesesta/status/1451633910979473408
- ↑ https://snapshot.org/#/bestfork.eth/proposal/0x04346eacc76a0423bd62659e636739f86e2d42b71bf5b4737ed5b3ef0143037f
- ↑ https://medium.com/the-defi-wonderland/planting-seeds-wonderland-dao-8bb4d395f3f6
- ↑ https://twitter.com/sury_fi/status/1492542222847418371
- ↑ https://bowtiedisland.com/trouble-in-wonderland-bsgg-airdrop-falls-flat-amid-growing-concerns/
- ↑ https://twitter.com/Wonderland_fi/status/1480880342181494785
- ↑ https://twitter.com/0xSifu/status/1483245303750873090
- ↑ https://liquidated.fyi/address/0x8A7f7C5b556B1298a74c0e89df46Eba117A2F6c1