There has been FUD around @Wonderland_fi treasury manager @0xSifu
Sifu is being accused of taking $8.4m worth of $time from the Wonderland treasury.
And then using it to PREVENT his own liquidation of $time.
I did some digging...
Here's what I found
🧵👇
Sifu is being accused of taking $8.4m worth of $time from the Wonderland treasury.
And then using it to PREVENT his own liquidation of $time.
I did some digging...
Here's what I found
🧵👇
/1 What Happened?
• 4.25k Time ($8.4m) was transferred from the Wonderland treasury to Sifu's private wallet on 1/15
• He then added it to his collateral on @mim_spell on 1/16 to prevent liquidation
Sifu still ended up getting liquidated despite this.
This is all on-chain.
• 4.25k Time ($8.4m) was transferred from the Wonderland treasury to Sifu's private wallet on 1/15
• He then added it to his collateral on @mim_spell on 1/16 to prevent liquidation
Sifu still ended up getting liquidated despite this.
This is all on-chain.
/2 Was Sifu Allowed to take out 4,250 Time?
• The treasury is secured by a MULTISIG
• They would NOT approve $time taken out to provide his personal funds.
So why was he allowed to take out that much money?
The FUDSTERS are accusing him of acting maliciously.
• The treasury is secured by a MULTISIG
• They would NOT approve $time taken out to provide his personal funds.
So why was he allowed to take out that much money?
The FUDSTERS are accusing him of acting maliciously.
/3 Because it's $time that the team OWNS
From @0xSifu
"There is a difference between "taking time from the treasury to avoid liquidation" and "staking team token allocation disbursement well before the crash".
From @0xSifu
"There is a difference between "taking time from the treasury to avoid liquidation" and "staking team token allocation disbursement well before the crash".
"I was not at risk of liquidation when I added those tokens to the Abra position which I have been building since we launched the CDP.
As I receive no cash salary, I sell tiny pieces here and there.
I have expenses and cover many company costs."
As I receive no cash salary, I sell tiny pieces here and there.
I have expenses and cover many company costs."
/4 Every Crypto project has a % of tokens set aside for the team.
• The Wonderland team receives $0 salary.
• This allocation covers compensation for their hard work.
• It also covers company expenses.
This is all in the official documents btw if you want to check
• The Wonderland team receives $0 salary.
• This allocation covers compensation for their hard work.
• It also covers company expenses.
This is all in the official documents btw if you want to check
/5 How Much Allocation Does the Team Get?
5% of the Circulation Supply
The Circulating Supply is 889,667.
5% is 44,483 TIME Tokens.
That's worth around $52 million.
5% of the Circulation Supply
The Circulating Supply is 889,667.
5% is 44,483 TIME Tokens.
That's worth around $52 million.
/6 Is 5% a LOT for the team?
Let’s look at the tokenomics of other projects.
Most DeFi projects take around 10-20%.
It looks like we're getting the deal of the century with 5%.
Let’s look at the tokenomics of other projects.
Most DeFi projects take around 10-20%.
It looks like we're getting the deal of the century with 5%.
/7 Most of his $time is still in the treasury
Taking it all out at once would dilute the APY %.
So they take it out in small pieces.
Prevent liquidation?
He could've taken it out to pay for a for a cocaine-fueled orgy.
It's none of our business.
Taking it all out at once would dilute the APY %.
So they take it out in small pieces.
Prevent liquidation?
He could've taken it out to pay for a for a cocaine-fueled orgy.
It's none of our business.
/8 What does Mr. @danielesesta think?
”Whoever fud about payments you think we're so stupid to send ourselves the money on-chain”
"They're all fucking police inspectors uncovering a BIG SCAM"
Btw.
Daniele has made an invitation for the FUDSTERS to inspect his fucking balls.
”Whoever fud about payments you think we're so stupid to send ourselves the money on-chain”
"They're all fucking police inspectors uncovering a BIG SCAM"
Btw.
Daniele has made an invitation for the FUDSTERS to inspect his fucking balls.
/9 Do the FUDSTERS have an agenda against Frog Nation?
Maybe.
I noticed that the FUDSTERS are hardcore Trader Joe fans.
Could they be salty that Wonderland moved all their liquidity over to @sushiswap?
Maybe.
I noticed that the FUDSTERS are hardcore Trader Joe fans.
Could they be salty that Wonderland moved all their liquidity over to @sushiswap?
/10 Constructive criticism of a project is FINE.
But spreading lies and misinformation is NOT.
I'm supposed to be taking a break, but I can't sit back and see FROG NATION attacked with bullshit.
Did you enjoy this? Give me a follow @thedefiedge
🐸✊🏻
But spreading lies and misinformation is NOT.
I'm supposed to be taking a break, but I can't sit back and see FROG NATION attacked with bullshit.
Did you enjoy this? Give me a follow @thedefiedge
🐸✊🏻
thanks @pwrflprsnts for the meme
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