Tokens related to Wonderland developer plunged:
In the past 24 hours, Popsicle Finance’s ICE fell as much as 22%, Wonderland’s TIME fell 15%, and Abracadabra’s SPELL dropped 15%. These are tokens created by Daniele Sestagalli, who gained a cult following in recent months thanks to his community-centric approach toward crypto projects. His protocols were worth billions of dollars at their peak, but those fortunes have since faded away, CoinDesk's Shaurya Malwa reported.
On Wednesday, CoinDesk's Lyllah Ledesma wrote about the SundaeSwap debacle that left CardStarter users with steep losses. The conflict is between CardStarter, which describes itself as a "decentralized accelerator" for startup projects focused on Cardano, and SundaeSwap, a decentralized exchange built on the Cardano platform.
And then, there's potential contagion risk in Terra's UST stablecoin:
LUNA, Terra’s native token, was down as much as 10% during the past 24 hours due to yet another scandal. LUNA is on Abracadabra, a DeFi lending platform run by Sestagalli. LUNA was partly created for issuing stablecoins. The reserves of Terra-based lending and borrowing protocol Anchor, which offers a supposedly industry-beating benchmark deposit rate of around 20%, are also sliding fast as a result of the crypto market crash. Read more here.
Terra’s UST stablecoin was thrown into flux because the tokens used to leverage some stablecoins related to Sestagalli are in a mess. Some observers following the asset peg saga are worried UST and MIM could serve as a “contagion” that destabilizes other pools on Curve, CoinDesk's Andrew Thurman reported.
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