Share this article
Co-Founder of Failed Crypto Exchange QuadrigaCX Starts DeFi Protocol UwU Lend
The new platform released by Michael Patryn has already secured $57.5 million in total value locked.
Updated May 11, 2023, 5:53 p.m. Published Sep 26, 2022, 12:15 p.m.
Michael Patryn the co-founder of failed Canadian crypto exchange QuadrigaCX who goes by the moniker "Sifu," has started UwU Lend, a decentralized-finance (DeFi) platform that is a fork of the Aave blockchain.
The project went live on Sep. 21 and has already secured $57.5 million in total value locked, according to DefiLlama.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Users can borrow against an algorithmic stablecoin named . Decentralized finance refers to a practice of using computer programs called "smart contracts" to carry out various financial activities like lending and borrowing instead of an intermediary like a bank.
Sifu's reappearance comes after a turbulent few years following the collapse of QuadrigaCX. Sifu transferred millions of dollars' worth of ether to now-sanctioned coin mixing site Tornado Cash after his stint as treasurer of the Wonderland DAO, a crypto project that once held over $1 billion in its treasury.
Patryn received a barrage of backlash from Wonderland community members after his identity was revealed, with a public vote to oust him from his role as treasurer securing 87.56% votes.
Wonderland's TIME token was recently trading at $11.29, a far cry from last November when it surged to $9,700 before Patryn's involvement was revealed.
UPDATE (Sept. 26, 12:45 UTC): Removes statement about users being able to borrow against UWU. Updates timeline on Tornado Cash transactions in fourth paragraph.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Cascade Unveils 24/7 Neo-Brokerage Offering Perpetuals on Cryptos, U.S. Stocks
The platform will let retail traders use one margin account to trade round-the-clock perpetual markets.
What to know:
- Cascade has introduced a 24/7 brokerage-style app for perpetual markets spanning crypto, U.S. equities and private-asset exposure.
- The firm is pitching a single, unified margin account with direct-to-bank U.S. dollar capability for deposits and withdrawals.
- The company has raised $15 million from investors including Polychain Capital, Variant and Coinbase Ventures.
Top Stories
