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Just to give some context, Wonderland is not a blockchain or consensus layer. It's not even a legitimate DeFi app with a specific purpose (like Uniswap as an ex

Just to give some context, Wonderland is not a blockchain or consensus layer. It's not even a legitimate DeFi app with a specific purpose (like Uniswap as an exchange or AAVE for lending). It's literally nothing more than an on-chain ponzi, with no other ostensible purpose than gathering a bunch of assets in its treasury and inflating its token price at some multiple to those assets. It's a form of OlympusDAO (the original flavor of this ponzi), that's designed to be even more leveraged and bubbly. All of the users of Wonderland literally called it a ponzi. 99% of users were consenting adults who knew exactly how the game worked, and chose to play anyway because they thought it was fun. They call themselves "the frog nation". Not one person in 1000 thought this was a legitimate or sustainable scheme. Some are acting like this is the crypto equivalent of finding out the CEO of a Wall Street bank is a convicted felon. It'd be more like finding out the CEO of an Atlantic City casino is.

beambot 5y ago
No horse in this race, but I do find the abstract idea of a purely on-chain digital reserve currency with community governance (i.e. Olympus DAO & offshoots) to be a fascinating idea. It's easy to point to early price fluctuations caused by speculation and yell "ponzi", but it's actually not dissimilar to the mechanisms & motivations that resulted in the first central banks (e.g. Bank of England) -- except that this time the benefactors are early adopters instead of the crown. Time will tell how this plays out. Keep in mind: The Central Bank of England was established in the late 1600s, but it wasn't until 1921(!) that the last bank stopped printing their own bank notes -- and some Irish & Scottish banks still today retain that authority given their charter.
lilsoso 5y ago
That's not quite accurate. Wonderland (TIME/MEMO) began as the first OHM-fork, however it was shifting into an actively managed investment fund. For example, there was a proposal for Dani to use Wonderland to takeover operational control of SushiSwap -- which recently had its own drama. Wonderland was shifting to a VC fund model, where Dani and Sifu would get early access to newly launching tokens and buy up seed rounds. Wonderland was just one of Dani's projects that all played into each other, including Popsicle Finance, Abracadabra, and the stablecoin project MIM. Dani is a charismatic, semi-anonymous founder who moves fast. Furthermore, the issue isn't so black and white. At its peak, Wonderland had a market cap of $2 billion. And it appears that Sifu was rather skilled at managing the funds. Apparently without him, there's no one else to manage the funds so the project will likely be wound down.

beambot 5y ago

No horse in this race, but I do find the abstract idea of a purely on-chain digital reserve currency with community governance (i.e. Olympus DAO & offshoots) to be a fascinating idea. It's easy to point to early price fluctuations caused by speculation and yell "ponzi", but it's actually not dissimilar to the mechanisms & motivations that resulted in the first central banks (e.g. Bank of England) -- except that this time the benefactors are early adopters instead of the crown. Time will tell how this plays out. Keep in mind: The Central Bank of England was established in the late 1600s, but it wasn't until 1921(!) that the last bank stopped printing their own bank notes -- and some Irish & Scottish banks still today retain that authority given their charter.

lilsoso 5y ago

That's not quite accurate. Wonderland (TIME/MEMO) began as the first OHM-fork, however it was shifting into an actively managed investment fund. For example, there was a proposal for Dani to use Wonderland to takeover operational control of SushiSwap -- which recently had its own drama. Wonderland was shifting to a VC fund model, where Dani and Sifu would get early access to newly launching tokens and buy up seed rounds. Wonderland was just one of Dani's projects that all played into each other, including Popsicle Finance, Abracadabra, and the stablecoin project MIM. Dani is a charismatic, semi-anonymous founder who moves fast. Furthermore, the issue isn't so black and white. At its peak, Wonderland had a market cap of $2 billion. And it appears that Sifu was rather skilled at managing the funds. Apparently without him, there's no one else to manage the funds so the project will likely be wound down.