Thursday, December 1, 2022

DeFi lending protocol created by ex-QuadrigaCX co-founder surpassed $50M in TVL

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In keeping with DeFi Llama, UwU Lend, a decentralized finance, or DeFi, protocol that acts as a cash market on the Ethereum blockchain, has surpassed $50 million in complete worth locked (TVL). The non-custodial protocol was created by Michael Patryn, identified by the pseudonym “Sifu,” who was the co-founder of defunct cryptocurrency change QuadrigaCX.

UwU Lend permits customers to earn curiosity on deposits and pay curiosity to borrow funds on its platform. Excellent loans on UwU lend are overcollateralized, with extra collateral backing them than debt. A small quantity of charges from every transaction goes into the UwU treasury. Debtors wouldn’t have a compensation schedule and there’s no restrict on mortgage length.

The protocol additionally options its native token, UwU. The tokens can be utilized to take part in income share by staking in the liquidity supplier pool. The max provide of UwU is 16 million, of which 50% are for group emissions, 25% are for buyers and 25% for the staff.

Michael Patryn was beforehand referred to as Omar Dhanani earlier than two identify modifications in 2003 and 2008. He has been convicted of various financial crimes in the United States. After founding QuadrigaCX with co-founder Gerald Cotten in 2013, Patryn left the firm in 2016, citing a disagreement with its listing processes. Cotten died in 2018 of Crohn’s disease and took the private keys to the firm’s crypto to his grave — leading to the permanent loss of over $145 million of customers’ funds. 

Earlier this year, DeFi detective zachxbt uncovered that Patryn was running DeFi protocol Wonderland as its co-founder and under the pseudonym Sifu. After heavy community backlash resulting from the dox, the beleaguered DeFi project wound down operations. The value of Wonderland tokens collapsed in consequence.