Based on 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 trade 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 should not have a reimbursement schedule and there’s no restrict on mortgage period.
The protocol additionally options its native token, UwU. The tokens can be utilized to take part in income share by staking within the liquidity supplier pool. The max provide of UwU is 16 million, of which 50% are for neighborhood emissions, 25% are for traders and 25% for the staff.
Michael Patryn was beforehand referred to as Omar Dhanani earlier than two title modifications in 2003 and 2008. He has been convicted of varied monetary crimes in the USA. After founding QuadrigaCX with co-founder Gerald Cotten in 2013, Patryn left the agency in 2016, citing a disagreement with its itemizing processes. Cotten died in 2018 of Crohn’s illness and took the non-public keys to the agency’s crypto to his grave — resulting in the everlasting lack of over $145 million of shoppers’ funds.
Earlier this 12 months, DeFi detective zachxbt uncovered that Patryn was working DeFi protocol Wonderland as its co-founder and below the pseudonym Sifu. After heavy neighborhood backlash ensuing from the dox, the beleaguered DeFi venture wound down operations. The worth of Wonderland tokens collapsed because of this.
— 0xsifu (@0xSifu) September 21, 2022