Wonderland founder Danielle Sestagari says he is launching a new leveraged stable coin yield farming DeFi project for less wealthy cryptocurrencies.
Faced with criticism of trusting former prisoner Michael Patrin in Wonderland’s finances, Sestagari said on Twitter that the new pool, the cauldron, will allow retail defit traders to earn high yields from Stablecoin. ..
“The new focus of my development is the core value that has led me here: a strong direction for finance that is available to everyone.” Said Sestagalli, an exaggerated tweet on April 9th.
With up to 40 times the leverage, he promised a “new era” of stablecoin-yielding agriculture. Leverage allows users to occupy a much larger position in a particular cryptocurrency without paying the full amount.
Sestagalli stated that the first such cauldron will use the Ethereum-based protocol Yearn Finance. He revealed that users can earn over 80% interest (APY) on DAI Stablecoin deposits without elaborating on the source of the yield.
Software developers have also blamed wealthy crypto investors, often referred to as “whales,” to keep small investors out of high-value protocols.
“The key factor is to allow less available capital to be earned like a much larger one. A brand new cauldron with an upper limit on capacity per address and a huge leverage of over 40 times. Introduces the best yields for small frogs, “he added.
Sesta aims to regain investor trust
Sestagalli leads a community of decentralized finance (DeFi) projects he found. The community, including Wonderland (TIME), Abracadabra (SPELL) and Popsicle Finance (ICE), is known as the “Frog Nation” and participants call themselves “frogs”.
In the spirit of frogs, Sestagalli, also known as Dani Sesta, is about to return to DeFi after suffering severe reputational damage from the Michael Patryn (0xSifu) scandal in February.
The founders of DeFi learned of Patrin’s past checks, but remained silent for a month, allowing former prisoners to continue their role as Wonderland Finance Manager. Sesta confessed only after this issue was revealed by the pseudonym cryptocurrency Zachxbt.
When the news came to market, Wonderland’s TIME token crashed along with all the other tokens linked to the developer.Many people have been liquidated and Sester promised To refund. He never did.
Dmitry Mikhailov, CTO of Game Metaverse Farcana, told Be In Crypto that it could be difficult to regain the goodwill Sestagalli had built up throughout 2021.
“he [Sestagalli] In order to be successful in his latest venture, we must expect him to have a desire for the kind of “degen” activity that has once again taken the lead, “said Mikhailov.
“It’s hard to see his new projects gaining momentum like Wonderland and Abra Kadabra until the market is in full force.”
New DeFi project to stabilize MIM pegs
Dani Sesta stabilizes the US dollar peg of Abra Cadabra-based Stablecoin Magic Internet Money (MIM) with his new Stablecoin Yield Agricultural Project bringing what he calls “a significant new change with dynamic interest rates.” I hope it helps to make you.
He also hopes that the project will “raise far more for the protocol towards sustainable growth, powerful pegs, and a global accessibility scaling solution that anyone in the world can use.” I am.
Continuing, Sesta said: “This new cauldron will be launched with an initial cost of 0% and an interest rate of 0%. Prepare your stables, you are about to experience a harvest from this planet.”
Curve Finance, a DeFi protocol known for cheap stablecoin transactions, Responded In a sense, Sesta’s tweet using “OMG” summarizes the main reactions of both shock and distrust to the developer’s new proposal.
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