Does it look sort of like a giant green frog? Well, that's exactly right.
The discovery was made possible by use of facilities in the ancient undersea world of Celestia, but it still raises a number of new questions. Some of the wizard researchers speculate that the enormous frog might be a powerful minion of Morganthe, while others are certain the frog's appearance is simply a prank by a wizard with more time than common sense. Whatever the case, Wizard101 has helped provide us with the answer to a great scientific mystery, and for that we can all rest a little easier.