Discover more from Token Dispatch
DeFi Project Wonderland to Cease Operations
According to co-founder Daniele Sestagalli, the staking and lending platform, Wonderland will be closing its doors following a disunited community vote.
The Wonderland (TIME) token's price has dropped by 10.43 % within last 24 hours. It has now fallen more than 97% from its all-time high.
Throughout the past couple of days, Wonderland has been under a lot of controversies.
Earlier this week, it was revealed that 0xSifu, the protocol's pseudonymous co-founder, is Michael Patryn, the convicted felon behind the now-defunct QuadrigaCX cryptocurrency exchange. He was sentenced to 18 months in prison in the United States after assisting in the operation of an identity theft ring known as Shadowcrew in the 2000s.
QuadrigaCX was later forced to close due to the death of his partner, and about $200 million in investor funds were never recovered.
The poll was opened on Jan. 29 to decide whether or not the project should shut down and give the treasury back to the community.
On the Wonderland governance forum, there were numerous active votes. At the time of writing, the vote to wind down the project and return the treasury to its holders had 55 per cent of the vote, while the vote to disband it had 45 per cent of the vote.
Despite the fact that the poll appeared to be almost evenly split, some Twitter users concluded that the poll showed a lot more votes in favour of keeping the project alive based only on community votes rather than token allocation.
According to Sestagalli, the division has resulted in a single path forward. "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." He said.
However, members of the "frogs" community were not ready to give up on Wonderland and are already looking for ways to develop a 2.0 version of the DeFi project.
The community wishes to migrate Wonderland to another decentralised autonomous organisation (DAO) or merge it with Daniele Sestagalli's Abracadabra DeFi staking project.
Stay informed in just 5 minutes
Get a daily email that makes reading crypto news informative. Have fun keeping up and getting smarter.
The dispatch is sent in time zones at 8:30 am. Choose your preferenceEastern Time Zone (UTC-05:00)USTISTGMTSST