What’s Sifu Up To? Eponymous Token May Foreshadow New Project
Sifu has launched a $SIFU token.
By: Owen FernauByte
After the pseudonymous Sifu was revealed to be QuadrigaCX co-founder Michael Patryn last month, it would be easy to expect him to leave DeFi behind.
That’s not the case though, as the former CFO of Frog Nation, a Daniele Sesta-led network of DeFi projects, has now launched a token. The ticker? $SIFU.
The former CFO deployed liquidity for his token just over a day ago to a Uniswap V3 pool. The token currently has five holders outside of the Uniswap pool, according to Etherscan and is trading for $96.19.
There are five holders of SIFU outside of the Uniswap V3 pool. One user has already made a major purchase of 4,835 SIFU tokens, worth over $490,000 and good for 0.48% of the total supply.
Details about the token’s function are still unknown.
Sifu deployed 1M SIFU tokens into a Uniswap V3 pool paired with ETH. Except he didn’t deposit any ETH, so effectively people are just trading their ETH for SIFU at a set rate of roughly 30 SIFU per ETH.
Uniswap V3 allows users to deploy liquidity in a certain range, which Sifu is doing.
Sifu actually deployed the token over a year ago, and they sat in his wallet until he moved them into a Uniswap V3 pool yesterday.
The former CFO is a verifiable whale, with crypto dashboard Zerion pegging his public wallet balance at over $146M, easily enough to retire and never work again. So, Sifu deploying a token opens up the possibility that his actions are motivated by something other than money.
Or maybe he’s simply trying to add a zero to his portfolio.
Sifu recently announced that he wouldn’t return to Wonderland, though there was a proposal to bring him back. It’s possible that the resolution to move on from Wonderland has allowed the project’s former CFO the time to pursue his new venture.