Originally published on Mar 08, 2022 (updated February 11, 2023)
Solidly has been rug pulled on Fantom. As a result, Fantom ($FTM) has dropped 25% in the last three days.
On February 23, 2022, Andre Cronje and Dani Sesta launched solidly, a new yield farm and exchange on Fantom. Within 3 days, there was 2.2 billion dollars locked in smart contracts on the exchange.
But in less than 2 weeks after Solidly was launched, Andre announced that he is doing a public rug pull on Solidly and closing it down. The solid price dropped $3.30 to $1.25 in two days. The Fantom price dropped 25%.
On Saturday, March 5, 2022, Andre Cronji announced that he was leaving defi. If you don’t know, Andre is the founder of yearn finance and keep3r.
Dani Sesta Association
I believe that Andre saw the writing on the wall, and he didn’t want to be associated with Dani Sesta. Dani was his partner in solidly, and now, solidly is no more.
Things haven’t been going well for Dani Sesta. A couple of months ago, Dani was the Golden boy of DeFi. In fact, he talked about taking over sushi swap. But things went south for Dani when his partner Sifu (or 0xSifu), the CFO of wonderland, was exposed as being a convicted felon (real name, Michael Patryn, formerly Omar Dhanani). Moreover, the CTO was involved in a failed Canadian crypto exchange, where the users of that exchange lost $169 million. And Dani revealed that he knew about the CFO’s criminal past, and chose to keep it a secret.
With this revelation, wonderland was in trouble. But, wonderland was always in trouble. Since wonderland at its core has always been a Ponzi scheme, Dani was constantly making excuses for the time token, and later the memo token. But in the end it was harder and harder to keep wonderland afloat.
About 2 months ago, Dani was asked if wonderland was a Ponzi scheme. And he replied, “sure, everybody loves a good Ponzi.” At the time people thought he was joking, but in the end Dani was the only one laughing.
Despite the fact that the TIME and MEMO token holders wanted Wonderland to continue, Dani decided to cut his losses and close it down. This was in essence a public rug pull on Wonderland.
Can Fantom Survive?
So now, there’s been a public rug pull not only on Wonderland but also on Solidly. Can the Fantom Blockchain survive all of this drama? I think it can. But with so much fear, uncertainty and doubt surrounding the fantom blockchain, FTM is selling at $1.35.
Originally written on Mar 08, 2022. Updated Feb. 3, 2023.
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