Founder of Failed Crypto Exchange QuadrigaCX Starts DeFi Protocol UwU Lend
The project went live on Sep. 21 and has already secured $57.5 million in total value locked (TVL), according to DefiLlama.
Users can borrow against the platform's native token, UWU, as well as an algorithmic stablecoin named Magic Internet Money (MIM). Decentralized finance is a form of lending that uses smart contracts, removing the need for an intermediary.
Sifu's reappearance comes after a turbulent few years following the collapse of QuadrigaCX. Sifu, whose real name is Michael Patryn, transferred millions of dollars worth of ether (ETH) to now-sanctioned coin mixing site Tornado Cash during his role as Wonderland treasurer.
Patryn received a barrage of backlash from Wonderland community members after his identity was revealed, with a public vote to oust him from his role as treasurer securing 87.56% votes.
Wonderland's TIME token is currently trading at $11.29, a far cry from last November when it surged to $9,700 before Patryn's involvement was revealed.