Wonderland co-founder throws in the towel on beleaguered DeFi project
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 ‘0xSifu’) to step down late last week.
Patryn, who has changed his name 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.
1/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.
There were several active votes on the Wonderland governance forum, however, the vote 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:
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.
I am ready to listen to what you have in mind, so please do not take this as FUD or hate, I just want
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