Risky DAOs: 83,000% Staking APY!?

Given that Wonderland DAO’s cryptocurrency $TIME has gone down a lot recently with the latest news, I wanted to talk about the sustainability for projects like these offering 83,000% APY.

This is my 502nd episode/article. I put a great deal of work into this content if you find it valuable, please do like, share, comment and subscribe!

First off, it’s pretty clear that these are Ponzi schemes, scams, or whatever you want to call them. Regardless, we need to go through these because so many people fell for them and got swept up in the grandiose expectations and promises. It’s not only Wonderland either, but there are also other projects with ridiculous staking APYs.

Listed below are some sources and examples of what I’m talking about. These are the bad projects, but that doesn’t mean the space is bad. There is just a lot of media attention and common misunderstanding of what DAOs actually are. Very soon I will also do an episode covering what are DAOs. This is a list of all the DAOs currently: https://coinmarketcap.com/view/dao/

Wonderland.money was found out that their co-founder was also the co-founder of QuadrigaCX and that sent this project spiraling towards 0. Realistically it has always been going to 0 with an APY as of writing this set at 83,000%.

https://www.coindesk.com/markets/2022/01/27/wonderland-rattled-after-cofounder-tied-to-alleged-quadrigacx-190m-exit-scam/

https://www.wonderland.money/ — 83,000%+ APY?

Olympus DAO is another example of something similar to Wonderland with nearly 2000% APY. Previously when I checked it was over 5000%.

https://www.olympusdao.finance/ — 2000% APY?

The first DAO created was hacked — https://www.wired.com/2016/06/50-million-hack-just-showed-dao-human/

https://www.coinopsy.com/dead-coins/the-dao/

The ConsitutionDAO was a complete flop and people lost most of their funds due to fees.

ConstitutionDAO — https://gizmodo.com/is-the-crypto-fueled-plan-to-buy-the-u-s-constitution-1848077239

https://www.vice.com/en/article/qjb8av/constitutiondao-aftermath-everyone-very-mad-confused-losing-lots-of-money-fighting-crying-etc

https://www.investor.gov/protect-your-investments/fraud/types-fraud/high-yield-investment-programs

As the SEC points out, anything over 30–40% is likely fraud and I agree.

Have you invested in any DAOs? What are your thoughts on DAOs? Did you invest in Olympus or Wonderland? Let me know what you think about this in the comments below and don’t forget to subscribe!

*Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated*

👥 Support Me & Follow Me Elsewhere 👥

👉 http://www.scottcbusiness.com

Ask questions in my Telegram: https://t.me/cryptoandthings

You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness

You can find all of my referral links here: https://linktr.ee/scottcbusiness

--

--

--

I am a social blockchain enthusiast that blogs and vlogs on what I believe to be the next level of social communication. https://www.scottcbusiness.com/

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

A Need for Centralization To Decentralization

₿itcoin brands spending big on ⚾ sports marketing

How to change the profile picture with NFT on Bitkub NEXT

Use the Blockchain and token-economics to fix privatizations

Litecoin Drops 87% Trading Volume In Q1 2022

Want to earn passive income with crypto? Join Binance to make your dream come true!

10 Recommendations to anyone joining crypto

Osasion Weekly Report #23 (May 3rd— May 9th)

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Scott Cunningham

Scott Cunningham

I am a social blockchain enthusiast that blogs and vlogs on what I believe to be the next level of social communication. https://www.scottcbusiness.com/

More from Medium

Part 2 Top Staking Coins

Turning up the Volume and Tax-free Trading

Considerations for Investing in Digital Finance (DRAFT)

Buying crypto made simple with Swap Farming