Based on DeFi Llama, UwU Lend, a decentralized finance, or DeFi, protocol that functions like a money market around the Ethereum blockchain, has surpassed $50 million as a whole value locked (TVL). The non-custodial protocol was produced by Michael Patryn, known through the pseudonym “Sifu,” who had been the co-founding father of defunct cryptocurrency exchange QuadrigaCX.
UwU Lend enables users to earn interest on deposits and pay interest to gain access to funds on its platform. Outstanding loans on UwU lend are overcollateralized, with increased collateral backing them than debt. A tiny bit of charges from each transaction adopts the UwU treasury. Borrowers don’t have a repayment schedule and there’s no-limit on loan duration.
The protocol also features its native token, UwU. The tokens may be used to take part in revenue share by staking within the liquidity provider pool. The max way to obtain UwU is 16 million, which 50% are suitable for community emissions, 25% are suitable for investors and 25% for that team.
Michael Patryn was formerly referred to as Omar Dhanani before two name alterations in 2003 and 2008. He’s been charged of numerous financial crimes within the U . s . States. After founding QuadrigaCX with co-founder Gerald Cotten in 2013, Patryn left the firm in 2016, citing a quarrel using its listing processes. Cotten died in 2018 of Crohn’s disease and required the non-public secrets of the firm’s crypto to his grave — resulting in the permanent lack of over $145 million of customers’ funds.
Captured, DeFi detective zachxbt uncovered that Patryn was running DeFi protocol Wonderland since it’s co-founder and underneath the pseudonym Sifu. After heavy community backlash caused by the dox, the unhappy DeFi project wound lower operations. The cost of Wonderland tokens collapsed consequently.
https://t.co/Rkin96Ccdbhttps://t.co/A9UQ22X2gH pic.twitter.com/hnvOPeLO16
— 0xsifu (@0xSifu) September 21, 2022
