According to DeFi Llama, UwU Lend, a decentralized finance, or DeFi, protocol that acts as a money market on the Ethereum blockchain, has surpassed $50 million in total value locked (TVL). The non-custodial protocol was created by Michael Patryn, known by the pseudonym “Sifu,” who was the co-founder of the defunct QuadrigaCX cryptocurrency exchange.
UwU Lend allows users to earn interest on deposits and pay interest to borrow funds on its platform. Outstanding loans in UwU lend are overcollateralized, with more collateral than the debt. A small amount of the fees from each transaction goes to the UwU treasury. Borrowers do not have a repayment schedule and there is no limit on the length of the loan.
The protocol also has its native token, UwU. The tokens can be used to participate in staking revenue sharing in the pool of liquidity providers. UwU’s maximum bid is 16 million. Of which 50% are for community issues, 25% for investors and 25% for the team.
Michael Patryn was previously known as Omar Dhanani before two name changes in 2003 and 2008. He has been convicted of various financial crimes in the US. After founding QuadrigaCX with co-founder Gerald Cotten in 2013, Patryn left the firm in 2016, citing a disagreement with its listing processes.. Cotten passed away in 2018 from Crohn’s disease, taking the firm’s cryptocurrency private keys with him to his grave, causing the permanent loss of more than $145 million in client funds.
Earlier this year, DeFi sleuth zachxbt discovered that Patryn was running the DeFi Wonderland protocol as its co-founder and under the pseudonym Sifu. After strong community backlash in the wake of the dox, the troubled DeFi project shut down its operations. The price of Wonderland tokens plummeted as a result.
https://t.co/Rkin96Ccdbhttps://t.co/A9UQ22X2gH pic.twitter.com/hnvOPeLO16
— 0xsifu (@0xSifu) September 21, 2022
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