Image default

DeFi Project Popsicle’s ICE Token Triples as Controversial Wonderland Founder Returns

Facebook iconLinkedin iconTwitter iconPopsicle unsplash

(Unsplash, modified by CoinDesk)

Consensus 2023 LogoJoin the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Secure Your SeatFacebook iconLinkedin iconTwitter iconConsensus 2023 LogoJoin the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Secure Your Seat

The native token of Popsicle Finance, a decentralized finance (DeFi) market-making and yield-earning protocol, is surging as the controversial yet prolific blockchain developer Daniele Sestagalli said he was returning to the project.

Popsicle’s ICE token’s price jumped some 220% in the last 24 hours, according to cryptocurrency price tracker CoinGecko. The token currently is trading at 36 U.S. cents, only two days after hitting an all-time low of 9 cents.

CoinDesk - Unknown

Popsicle Finance’s native token ICE has quadrupled in price after hitting an all-time low of 9 cents two days before. (CoinGecko)

Popsicle was part of a loose conglomerate of DeFi projects known as “Frog Nation” that were helmed by Sestagalli as recently as January, including, whose stablecoin was partly collateralized by the collapsed FTX exchange’s FTT token, and the since-failed Wonderland, a fork of OlympusDAO.

The sudden surge came after Sestagalli tweeted Wednesday that he was “focusing right now on rebuilding the OG Popsicle Finance,” breaking a four-month-long silence on Twitter.

Sestagalli, also known as Dani Sesta in crypto circles, garnered a cult following in crypto due to his community-based approach to building projects, CoinDesk wrote in January.

But his reputation took a hit earlier this year when influential crypto vigilante ZachXBT revealed that Sestagalli was working at Wonderland with an executive of the failed QuadrigaCX exchange, which allegedly defrauded investors of at least $190 million.

Read more: How Did a Former Quadriga Exec End Up Running a DeFi Protocol? Wonderland Founder Explains

After the Wonderland fiasco, Sestagalli appeared around Abracadabra and its magic internet money (MIM) stablecoin this summer.

Traders appeared to welcome Sestagalli’s return to focusing on Popsicle, and users expressed enthusiasm about shaking up the maligned protocol from its downward trajectory.

Popsicle Finance has had an atrocious 2022. Popsicle’s total value locked – a widely used DeFi metric to gauge activity and usage of any protocol – deflated to $1 million from $120 million in November 2021, according to DefiLlama. The ICE token’s price is still down some 98% in a year despite the recent appreciation.

Notably, Popsicle Finance recently deployed a yield optimizer service between blockchains called Limone in test mode on the Avalanche blockchain.


Trending1(Credit: Shutterstock)MarketsFirst Mover Asia: Bitcoin, Ether Hold On as U.S. Stocks FallDec 23, 20222Bail Hearing Held For FTX Founder Sam Bankman-FriedBusinessFTX Asks Judge for Help in Fight Over Robinhood Shares Worth About $450MDec 22, 20223(Clint Patterson/Unsplash)Consensus MagazineRansomware Payouts Declined in 2022: Crystal BlockchainDec 22, 20224Avatar in Decentraland (Decentraland)Web3The Final Word on Decentraland’s NumbersDec 22, 2022


Related posts

Arbitrum IOU, Futures Markets Heat Up Ahead of ARB Token Airdrop

Blake Goodwin

Pepecoin Short Sellers Lose Millions as PEPE Nears $1B Valuation

Blake Goodwin

Bitcoin y ether caen ligeramente mientras surgen dudas macroeconómicas en el mercado

Blake Goodwin

Leave a Comment