The project went live on Sep. 21 and has already secured $57.5 million in total value locked (TVL), according to DefiLlama.
Users can borrow against an algorithmic stablecoin named Magic Internet Money (MIM). Decentralized finance is a form of lending that uses smart contracts, removing the need for an intermediary.
Sifu’s reappearance comes after a turbulent few years following the collapse of QuadrigaCX. Sifu, whose real name is Michael Patryn, transferred millions of dollars worth of ether (ETH) to now-sanctioned coin mixing site Tornado Cash after his stint as Wonderland’s treasurer.
Patryn received a barrage of backlash from Wonderland community members after his identity was revealed, with a public vote to oust him from his role as treasurer securing 87.56% votes.
Wonderland’s TIME token is currently trading at $11.29, a far cry from last November when it surged to $9,700 before Patryn’s involvement was revealed.