There has been a recent development in the decentralized finance (DeFi) space about earning active returns and market-making platform Popsicle Finance (ICE). With the development of the night, the altcoin project of the protocol, ICE, experienced a splash. It showed an increase of more than 300 percent in the 24-hour period. Here are the details…
Altcoin is up 300 percent
The native token of Popsicle Finance, a DeFi protocol, has risen as a result of a controversial development. Controversial yet prolific Blockchain developer Daniele Sestagalli has announced that he is returning to the project. This, in turn, triggered the price increase in the coin. According to the data, the ICE token price of Popsicle has increased by about 323 percent in the last 24 hours. The token is currently trading at 53 cents, just two days after hitting an all-time low of 9 cents. The coin managed to climb from $0.12 to $0.59 in the last 24 hours.
sestagalli, cryptocoin.com As we reported, even a protocol managed the connection with the crisis-ridden FTX. Notably, Popsicle was part of the group of DeFi projects known as “Frog Nation” led by Sestagalli in January, including Abracadabra.
The spike came as Sestagalli tweeted Wednesday that he is “currently focused on rebuilding Popsicle Finance.” Thus, Sestagalli broke his four-month silence on Twitter. Sestagalli, also known as Dani Sesta in the crypto space, has gathered a “sect” in crypto for his community-based approach to building projects.
Sestagalli’s projects took a hit
But earlier this year, famous crypto personality ZachXBT revealed some facts about Sestagalli’s projects. The project’s reputation took a hit at Wonderland when it revealed it was working with an executive of the failed QuadrigaCX exchange, which allegedly defrauded investors for $190 million. Following the Wonderland debacle, Sestagalli sprang up this summer around Abracadabra and its Magic Internet Money (MIM) stablecoin.
Traders welcomed Sestagalli’s return to Popsicle. Users expressed their intention to revive the protocol, which was experiencing a decline. Popsicle Finance had a lousy 2022. Popsicle’s total unlocked value (TVL) fell from $120 million in November 2021 to $1 million, according to DefiLlama. TVL is a widely used DeFi metric to measure the effectiveness and usage of any protocol. Despite its recent rise, the price of the ICE token is still down 98 percent over the course of a year. You can see the coin’s one-year chart as follows:
Specifically, Popsicle Finance recently entered test mode on the Avalanche Blockchain. It has deployed a yield optimizer service among its blockchains called Limone.
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