Rebase Market Carnage: TIME Slips 61%, Wonderland Admin Allegedly Co-Founded Quadrigacx

While reserve-based crypto assets similar golden tokens and stablecoins person been capable to upwind the crypto marketplace carnage implicit the past 2 weeks, rebase tokens similar wonderland (TIME), and Olympus (OHM) person seen monolithic losses. Wonderland is down much than 96% since the crypto asset’s all-time precocious (ATH), and OHM is down implicit 95% since it’s ain ATH. Furthermore, the Wonderland task is surrounded by contention arsenic it’s been assumed that 1 of the founding members was a erstwhile Quadrigacx employee.

Rebase Token Economy Drops From $3.2 Billion to $1.74 Billion

The full worth locked (TVL) crossed each the decentralized concern (defi) protocols successful beingness contiguous is conscionable nether the $200 cardinal mark. While galore defi projects person managed to stave disconnected the caller crypto marketplace rout, others person seen their valuations descent during the past 2 weeks. Lots of funds person moved into reserve-based crypto assets similar stablecoins and gold-backed tokens successful bid to hedge against the terms fluctuations.

Stablecoins and golden tokens person been capable to clasp their pegs, specifically to the circumstantial plus the tokens are connected to, specified arsenic the U.S. dollar oregon 1 troy ounce of .999 good gold. On the different hand, reserve-based rebase tokens person seen monolithic losses implicit the past fewer months and adjacent much truthful during the past 2 weeks. The full database of much than 2 twelve rebase tokens listed by marketplace valuation is worthy $1.63 billion, arsenic it mislaid 11% implicit the past day. The crypto plus olympus (OHM) has dropped 39.3% this past week and is down 95.3% from the crypto asset’s $1,415 per portion ATH.

Top six rebase tokens by marketplace valuation connected January 27, 2022, astatine 9:30 a.m. (EST).

Wonderland, an Avalanche task based connected the Olympus protocol, has seen its 2 autochthonal crypto-assets wonderland (TIME) and wonderland (WMEMO) travel the aforesaid destiny arsenic OHM. TIME’s falter implicit the past 2 days has been worse than OHM’s drop, arsenic play metrics bespeak TIME’s terms is down 61.8%. Wonderland (TIME) has mislaid 96.4% of its worth since tapping a $10,063 ATH 3 months ago.

Wonderland Project Surrounded by Controversy

In summation to the large losses, Wonderland creators person been nether scrutiny successful caller times. According to a crypto protagonist connected Twitter, Wonderland squad subordinate @0xsifu oregon “Sifu” helped co-found the bankrupt Canadian crypto speech Quadrigacx with its laminitis Gerald Cotten. Quadrigacx collapsed successful 2019 and determination was a batch of contention surrounding Gerald Cotten’s decease and his associates. Sifu has been operating Wonderland’s treasury with the project’s founder, Daniele Sestagalli. In a blog post, Sestagalli confirmed the accusations concerning Sifu and further stressed that Sifu indispensable measurement down from his Wonderland role.

Sestagalli wrote:

Now having taken immoderate clip to reflect, I person decided that helium needs to measurement down till a ballot for his confirmation is successful place. Wonderland has the accidental to who manages its treasury not maine oregon the remainder of the Wonderland team.

Sestagalli besides discussed the community’s issues with Sifu connected Twitter. “I person nary bias astir @0xsifu helium has became a person and portion of my household and if my estimation of judgement volition beryllium deed by his dox, than beryllium it. All frogs for maine are equal,” Sestagalli said. “As I combat for him I volition combat for anyone other that has proven to maine to beryllium a bully histrion contempt the past,” helium added.

Wonderland (TIME) against the stablecoin MIM connected Trader Joe arsenic of January 27, 2022, astatine 9:30 a.m. (EST).

Hardcore Wonderland supporters are referred to arsenic “frogs” and too the contentious issues with Sifu, frogs are besides upset astir the falling price. Wonderland-based Twitter threads and the team’s Discord and Telegram channels are filled with aggravated frogs.

“We should not person to wage for your mistake successful judgment,” 1 idiosyncratic wrote connected Twitter. “Just connection [a] wide refund oregon close the ship. You accidental helium needs [a] 2nd chance. Wake up determination are dodgy doings successful the task arsenic well.”

The Wonderland protocol itself is besides connected to fashionable defi projects similar the stablecoin magic net wealth (MIM), Popsicle Finance, and Abracadabra.money. As OHM, TIME, and WMEMO person shed tremendous amounts of value, rebase token marketplace caps beneath them person besides shuddered significantly. Ampleforth (AMPL) shed 17.4% this past week and redacted cartel (BTRFLY) mislaid 69% successful 7 days. Klima dao (KLIMA) mislaid 34.2% implicit the past 7 days and temple dao (TEMPLE) has decreased successful worth by 31.2% this past week.

What bash you deliberation astir the rebase token marketplace rout and the contention surrounding the Wonderland project? Let america cognize what you deliberation astir this taxable successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Coingecko, Trader Joe

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