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WAGMI Tokens: Avalanche Developer's Return to Making Millionaires

Sep 20, 2023 at 12:08 pm

In 2021, Sestagalli gained a dedicated following in the crypto community due to his earlier projects in the Avalanche ecosystem, often referred to as the "frog nation."

Daniele Sestagalli, a prominent figure in the crypto space in 2021, particularly within the Avalanche community, has launched a new project named WAGMI. This initiative is promoted as a suite of diverse DeFi applications available across nine different blockchains.

Notably, Popsicle Finance's ICE tokens can now be exchanged for the newly introduced WAGMI tokens. Within the past 24 hours, ICE tokens have experienced a notable surge of 70%, while WAGMI currently holds a market capitalization of $2 million as of Wednesday morning.

Sestagalli's return with the WAGMI project has sparked optimism among crypto traders, especially considering the relatively stable market conditions.

The term "WAGMI" stands for "we are gonna make it," signifying a financial success mantra. This project appears to be a rebranding of Sestagalli's previous venture, Popsicle Finance, which was centered around ICE tokens.

As of Wednesday, ICE holders have the option to swap their tokens for WAGMI utilizing a blockchain-based mechanism. Sestagalli took to Twitter to announce that WAGMI has already garnered a $2 million market capitalization, while ICE tokens have witnessed an impressive 70% surge in value within the last 24 hours.

The re-launch of WAGMI, initially revealed in July, aims to operate on multiple blockchains, offering an array of decentralized finance (DeFi) tools and services to users. As of Wednesday, detailed technical documents outlining the specifics of the project have not been made publicly available.

Sestagalli expressed his confidence in the token economics and the overall WAGMI project in a recent tweet, asserting its potential for growth and expansion in the market.

Sestagalli's earlier projects in the Avalanche ecosystem, including Wonderland and Abracadabra, gained immense popularity. Associated tokens like SPELL, TIME, and MIM achieved a combined market capitalization of over $6 billion at their peak, solidifying Sestagalli's status as a highly influential developer within the crypto community.

Popsicle Finance's ICE token, designed for users to earn yields by providing liquidity to trading pairs, reached a peak capitalization of $660 million. However, the project experienced a significant setback when it was hacked for $25 million in mid-2021, and it has struggled to fully recover since.

Since then, these tokens have seen a decline of over 95%, largely attributed to factors such as limited development progress, a generally bearish market sentiment, and diminished interest in alternative cryptocurrencies.

Read more: Major Crypto Investor Places $150 Million Bet on Ether, According to Trading Data

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