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Avalanche developer Daniele Sestagalli, one of the most influential crypto names in 2021, has relaunched a project called WAGMI, touted as a suite of various DeFi applications offered on nine blockchains.
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Popsicle Finance’s ICE token can now be exchanged for WAGMI token.
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ICE tokens are up 70% in the last 24 hours and WAGMI has a capitalization of $2 million as of Wednesday morning.
Notorious Avalanche developer Daniele Sestagalli is back with a project whose name seems to be raising hopes among crypto traders for fortunes in an almost flat market.
The new offering called WAGMI, a popular abbreviation of ‘we’re going to make it’, or a phrase meaning financial success, is a clear rebranding of Sestagalli’s Popsicle Finance.
Popsicle’s ICE tokens are at the center of Sestagalli’s latest project. Starting Wednesday, ICE holders can exchange their tokens for WAGMI using a blockchain-based tool. WAGMI has a market cap of $2 million to date, Sestagalli tweetedwhile ICE tokens are up 70% in the last 24 hours.
The relaunch of WAGMI was announced in July as a platform that would run on multiple blockchains and offer various decentralized finance (DeFi). tools and services for users.
Publicly available technical documents did not reveal details of the project Wednesday.
“I’m pretty confident in saying that the token economy and the $WAGMI project are my best project ever,” Sestagalli said in a recent tweet. “I’m not going to lie, but damn, I’m happy with it regardless of the market that’s built to grow and snowball.”
Sestagalli’s previous Avalanche projects created a cult-like following during the 2021 bull run under the name “frog nation.” Most of these projects went live without pre-sales to venture capitalists, allowing early followers to earn several multiples of their capital.
Sestagalli is behind former major Avalanche projects such as Wonderland, a treasury-backed currency protocol, and Abracadabra, a platform that provides collateral based on yield-bearing assets deposited by users. SPELL, TIME and MIM – three tokens related to the two projects – had a combined market cap of more than $6 billion at their peak, CoinGecko data shows, making Sestagalli one of the most influential developers in the crypto ecosystem at the time used to be.
Popsicle Finance’s ICE, which allows users to earn returns by providing liquidity to trading pairs, reached a capitalization of $660 million at its peak. However, the project was hacked for $25 million in mid-2021 and has not fully recovered since.
However, these tokens have since fallen by more than 95% due to a lack of development, a generally bearish market environment, and a lack of interest in alternative currencies.