Following a deeply divided community vote set off by the Michael Patryn controversy, the Wonderland DeFi project could be headed for its demise.
The End Of Wonderland
One of the cofounders of the Wonderland project, Daniele Sestagalli has tweeted out the news that the Avalanche-based reserve currency experiment is coming to an end due to a fractured community vote. The controversy surrounding the project has also deeply affected the protocol’s native token TIME, which dropped nearly 60% since last week. The token, which was at its all-time high at just over $10K on November 7th has dropped 96% since then to a meager value of $370 at the time of writing.
‘Sifu’ Unveiled And Fired
It all started when news broke across social media that the other Wonderland co-founder and its CFO, known pseudonymously as Sifu, was actually Michael Patryn, who had disappeared with millions of dollars in the Canadian QuadrigaCX exchange controversy. Back in early 2000s, Patryn had also been embroiled in several credit card frauds and had pleaded guilty to several offenses. Sestagalli had to ask Patryn to step down from his position and also asked the community to vote to save or wind down the project.
Sestagalli Wants To Start Afresh
The response on the voting was highly divided, with an almost 50/50 result. This led to Sestagalli concluding that the obviously divided community indicates that the project has been unsuccessful and therefore needs to be terminated.
He tweeted,
“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 who does not feel be part of Wonderland and find a new home for who feels attached & inline with the Frog Nation Vision.”
He also noted that many people who voted against continuing the project believed that Sestagalli was in support of the actions taken by ‘Sifu.’ Sestagalli refuted that notion, declaring that he was going to be ending the Wonderland project and start something completely fresh with the support of the community.
Supporters Still Demand Project
Notably, the actual voting results had shown 45% in favor of disbanding and 55% in favor of saving it. This encouraged many supporters of the Wonderland project to request Sestagalli to reconsider his decision. Some of them have pointed out that it was not the community that was split, but instead the token allocation. If taken individually, the community has voted overwhelmingly in favor of saving the project.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
