The co-founder of an altcoin and decentralized finance project (DeFi) called Wonderland is preparing to take action after a community vote. cryptocoin.com We convey the details as…
The co-founder of the altcoin project took action: The price dropped
On January 30, Wonderland co-founder Daniele Sestagalli tweeted that the Avalanche-based reserve currency experiment is over. He also added that the divided community “means we have failed.” The vote to save or end the project came after Sestagalli asked his former partner and Wonderland treasury head, Michael Patryn (nicknamed ‘0xSifu’) to step down last weekend. It has been sensationalized that Patryn, who has changed her name several times, is the co-founder of the shut down Canadian crypto exchange QuadrigaCX. He was also previously convicted of credit card fraud and convicted of several related crimes in the early 2000s.
There were several active votes on the Wonderland management forum, but 55 percent of the vote to end the project and return the treasure to its owners was to save it and 45 percent in favor of disbandment. Sestagalli said the split resulted in only one way forward. He stated that the task of the team is to show the will of the token holders, that the only step forward is to issue a refund, as the vote is pretty close to 50/50 percent. He added that he is working on a new proposal with the team.
A number of alternative proposals have been put forward to save the project from bankruptcy. These included discussions such as the merger of Wonderland and DeFi protocol Abracadabra. Additionally, on January 31st, a lengthy proposal for Wonderland 2.0 was released by community members known as “Frogs”, recommending the current protocol and treasury transition to a new DAO structure with a more transparent governance system. The Terra ecosystem where the project takes place and Wonderland’s TIME token were affected by this situation. TIME fell 60 percent, while LUNA fell 10 percent. TIME seems to have recovered slightly at the time of writing.
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