Controversial Entrepreneur Forex Lending Project from Aave
Few DeFi players are as irrepressible as Sifu.
Unfazed by his January exposure as the co-founder of QuadrigaCX, the notorious cryptocurrency exchange that lost $190 million in customer deposits in 2019, launched a Sifu token last February.
Currently, Sevo Introduced a new money market protocol called UwU Lend. The project, which went live on September 21, has split off from lending giant Aave, and has attracted $55.5 million in total closed value (TVL) in the two days since its launch, according to DeFi Llama.
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Sifu sees UwU as different from other lending protocols. “We have changed the structure of the tokens and rewards, added long-tail collateral and will implement vaults as collateral soon,” he told The Defiant.
In fact, UwU accepts collateral that is not available in other lending protocols such as Aave and Compound – users can borrow against tokens such as SIFU’s SIFU, and MIM with overloaded collateral.
Borrowing against yield-bearing treasuries such as those offered by Yearn Finance, may allow users to “double the decline”. They will be able to borrow assets to earn a return using assets that are already generating a return.
Exclusive: Sifu Speaks!
OxSifu raised $3 million for his new venture seven weeks after his dramatic exit from Wonderland.
Sifu also highlighted UwU’s one-click redundancy feature, which returns a position by depositing borrowed assets back into the protocol to be loaned back, as a protocol differentiator.
The publication presenting the protocol is unambiguous about the type of organization UwU. It reads “UwU Lend is not a DAO and is therefore not subject to governance friction or slow results.”
UwU also has a staking mechanism whereby users who provide liquidity to the project’s native UwU token paired with ETH earn 80% of the revenue generated by the protocol. In order to receive this revenue, liquidity providers (LPs) must share their UwU-ETH LP tokens for eight weeks at a time.
UwU tokens are also awarded to both lenders and borrowers to incentivize usage
Sevo certainly has his fair share of detractors. It has been Call “Bad actor” by DeFi influencer Ted for his alleged involvement in the Cover and Ruler protocols that led to the protocols being shut down in 2021.
Big names in DeFi like 0xMaki have it too come out against Developer and trader controversial for his involvement in QuadrigaCX.
However, a trader and developer could have gone into the sunset with a generic portfolio that topped $100 million earlier this year. Instead, keep working in DeFi.