The DeFi lending protocol, created by a former QuadrigaCX co-founder, has surpassed $50M in TVL.

Like DeFi Llama, UwU Lend, decentralized finance, or DeFi, a protocol that serves as a money market on the Ethereum blockchain, has exceeded $50 million in total value locked (TVL). The non-custodial protocol was created by Michael Patrin, co-founder of the defunct cryptocurrency exchange QuadrigaCX, known by the pseudonym “Sifu”.

UwU Lend allows users to borrow money on the platform to earn interest on deposits and pay interest. Unsecured loans on UwU loans are over-debt and over-guaranteed. A small amount of fees from each transaction goes into the UwU treasury. Borrowers do not have a repayment schedule and there is no limit on the duration of the loan.

The protocol also shows its native UwU. The tokens can be used to participate in revenue sharing by including them in a liquid provider pool. The maximum UwU offering is 16 million, of which 50% is for community releases, 25% for investors and 25% for the group.

In the year Before two name changes in 2003 and 2008, Michael Patrin was known as Omar Danani. He has been convicted of various financial crimes in the United States. In the year Cotton He died of Crohn’s disease in 2018 and took the company’s crypto private keys to his grave – resulting in the permanent loss of more than $145 million in customer funds.

Earlier this year, DeFi researcher zachxbt Patryn revealed that he was running the DeFi protocol Wonderland as a co-founder and under Sifu’s name. After heavy community opposition caused by docs, the troubled Diffie project Affected activities. As a result, the value of Wonderland tokens plummeted.