An altcoin named Wonderland and co-founder of decentralized finance project (DeFi) is preparing to take action after a community vote. As Kriptokoin.com, we convey the details…
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 comes 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.
I am ready to listen to what you have in mind, so please do not take this as FUD or hate, I just want to correct a point here
The community is not split 50-50. The token allocation is. The community as individuals voted overwhelmengly No and against all odds, we eeked out a win pic.twitter.com/nBS3cCRe39
— 0x von Bismarck (@0xVonBismarck) January 30, 2022
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, and since the voting is pretty close to 50/50 percent, the only step forward is to issue a refund. 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”, proposing to migrate the existing protocol and treasury to a new DAO structure with a more transparent governance system. The Terra ecosystem in which 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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