This article represents a conspectus of the full email newsletter. For the full edition, sign up via the box below.Following the revelatory identification of previously anonymous QuadrigaCX co-founder Michael Patryn as the founder of DeFi protocol Wonderland — known on social media as @0xSifu — a subsequent community vote decided upon the permanent closure of Wonderland for outstanding security concerns.
Having been made aware of Sifu’s real identity one month prior to this week’s announcement, Daniele Sestagalli, co-founder of Wonderland and stablecoin protocol Abracadabra,to the community members: “Do we wind down or continue to fight for the aspect of an investment DAO being a revolutionary new organization?” Sestagalli stated his personal preference to be the latter, to fight.
From a technical perspective on Jan. 15, Wonderland recorded a near all-time high of $776.64 million in total value locked, or TVL. However, as a consequence of themarking an 89.9% demise.In true Web3 style, the decision to “Wind down Wonderland and give the treasury back to its holders” was put to a community snapshot vote. The two-day governance participation resulted in a split decision, an inconclusive majority with 116,000 TIME tokens allocated to the decision of no, and 95,000 to yes.
In response to this, co-founder Sestagalli assessed that “the 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,”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.
tomfarrencrypto PoorQuack When people realise the unbelievable, untapped potential of this project they are going to FOMO hard. Like Kiba and cheems Just check out the Elite memetools PoorQuack already have $POOR PoorQuackArmy BSC BSCgem NFT web3