Difference between revisions of "Wonderland"

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[[File:Wonderland-decentralized-wonderland.jpg|thumb|598x598px|The Wonderland website landing page in September 2021.]]
[[File:Wonderland-decentralized-wonderland.jpg|thumb|598x598px|The Wonderland website landing page in September 2021.]]
Wonderland is an Avalanche-based Olympus DAO fork that was founded in September 2021 by [[Daniele Sesta]].<ref>https://twitter.com/danielesesta/status/1433597864781955074</ref> Wonderland is noted as the most popular [[Olympus DAO|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<ref name=":0">https://www.coingecko.com/en/coins/wonderland</ref> and total value locked (TVL).<ref name=":1">https://defillama.com/protocol/wonderland/all/USD</ref> In a January [[crypto twitter]] thread, [[zachxbt]] revealed Telegram direct messages from Daniele that alleged the CFO of Wonderland, [[Sifu]], was Michael Patryn.<ref name=":2">https://twitter.com/zachxbt/status/1486591682728673282?s=20</ref> 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.<ref>https://www.wonderlandforum.xyz/t/wip-5-offer-a-rage-quit-option-to-wmemo-holders/15176/2</ref>
Wonderland is an [[Avalanche]]-based [[Olympus DAO]] fork that was founded in September 2021 by [[Daniele Sesta]].<ref>https://twitter.com/danielesesta/status/1433597864781955074</ref> Wonderland is noted as the most popular [[Olympus DAO|Olympus fork]]. Proponents of Wonderland (and the greater Dani-verse of DeFi) refer to themselves as [[Frog Nation]]. At the peak of Wonderland, it surpassed $2b market cap<ref name=":0">https://www.coingecko.com/en/coins/wonderland</ref> and total value locked (TVL).<ref name=":1">https://defillama.com/protocol/wonderland/all/USD</ref> In a January 2022 [[crypto twitter]] thread, [[zachxbt]] revealed Telegram direct messages from Daniele that alleged the CFO of Wonderland, [[Sifu]], was Michael Patryn.<ref name=":2">https://twitter.com/zachxbt/status/1486591682728673282?s=20</ref> 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.<ref>https://www.wonderlandforum.xyz/t/wip-5-offer-a-rage-quit-option-to-wmemo-holders/15176/2</ref>


== History ==
== History ==

Revision as of 05:06, 28 April 2022

The Wonderland website landing page in September 2021.

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 Wonderland (and the greater Dani-verse of DeFi) refer to themselves as Frog Nation. At the peak of Wonderland, it surpassed $2b market cap[2] and total value locked (TVL).[3] In a January 2022 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

  1. ↑ https://twitter.com/danielesesta/status/1433597864781955074
  2. ↑ 2.0 2.1 2.2 2.3 https://www.coingecko.com/en/coins/wonderland
  3. ↑ 3.0 3.1 3.2 3.3 https://defillama.com/protocol/wonderland/all/USD
  4. ↑ 4.0 4.1 https://twitter.com/zachxbt/status/1486591682728673282?s=20
  5. ↑ https://www.wonderlandforum.xyz/t/wip-5-offer-a-rage-quit-option-to-wmemo-holders/15176/2
  6. ↑ https://twitter.com/danielesesta/status/1431934236915912706
  7. ↑ https://twitter.com/danielesesta/status/1433597869764849666
  8. ↑ https://twitter.com/danielesesta/status/1433793684055764993
  9. ↑ https://twitter.com/WagmiLabsInk/status/1440804132927926288?lang=ar
  10. ↑ https://snowtrace.io/tx/0xe4d2a173207068e0a1e002e5872fdb4e96a547965bc7414455633da4c2e2c736
  11. ↑ https://twitter.com/danielesesta/status/1433597864781955074
  12. ↑ https://twitter.com/Wonderland_fi/status/1448989318341664770
  13. ↑ https://twitter.com/danielesesta/status/1451633910979473408
  14. ↑ https://snapshot.org/#/bestfork.eth/proposal/0x04346eacc76a0423bd62659e636739f86e2d42b71bf5b4737ed5b3ef0143037f
  15. ↑ https://medium.com/the-defi-wonderland/planting-seeds-wonderland-dao-8bb4d395f3f6
  16. ↑ https://twitter.com/sury_fi/status/1492542222847418371
  17. ↑ https://bowtiedisland.com/trouble-in-wonderland-bsgg-airdrop-falls-flat-amid-growing-concerns/
  18. ↑ https://twitter.com/Wonderland_fi/status/1480880342181494785
  19. ↑ https://twitter.com/0xSifu/status/1483245303750873090
  20. ↑ https://liquidated.fyi/address/0x8A7f7C5b556B1298a74c0e89df46Eba117A2F6c1
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