Daniele Sestagalli, the notorious inventor of Avalanche, has returned with a project whose name seems to inspire hopes among cryptocurrency traders about riches in an essentially flat market.An apparent rebranding of Sestagalli’s Popsicle Finance is the new product, which goes by the initials WAGMI, which stands for “we are gonna make it,” or another expression that indicates to prosper financially.Sestagalli’s most recent effort is focused on Popsicle’s ICE tokens.Starting on Wednesday, owners of ICE tokens can use a blockchain-based platform to exchange their tokens for WAGMI.Sestagalli stated that WAGMI currently has a $2 million market valuation while ICE tokens have increased by 70% over the last 24 hours.
In July, it was revealed that WAGMI will be restarted as a platform that would operate across different blockchains and provide users with a range of decentralized financial (DeFi) tools and services.As of Wednesday, the details of the project were not disclosed in any technical documents that were open to the public.
“I’m pretty confident to say that the token economics and the $WAGMI project is my best project ever,” Sestagalli said in a recent tweet. “Not going to lie but damn I’m happy about it whatever the market is made to grow and snowball.”
The “frog nation” moniker Sestagalli used for his earlier Avalanche initiatives helped it develop a cult-like following during the 2021 bull run.Without a presale to venture investors, the majority of these ventures went live and made early backers several times their initial investment. The treasury-backed currency protocol Wonderland and the platform Abracadabra, which offers collateral based on users’ deposits of yield-bearing assets, are both former top Avalanche projects led by Sestagalli.According to data from CoinGecko, the three tokens linked to the two projects – SPELL, TIME, and MIM – had a combined market worth of more than $6 billion at their peak, making Sestagalli one of the most significant innovators in the cryptocurrency ecosystem at the time.
The top capitalization of Popsicle Finance’s ICE, which allows users to profit from delivering liquidity to trading pairs, was $660 million.The project, however, hasn’t recovered fully since mid-2021 when it was hacked for $25 million.Due to a lack of advancement, a generally negative market climate, and a lack of interest in alternative currencies, these tokens have fallen more than 95% since then.