Due to security risks surrounding the multichain that lead to over 3,000 unbacked wMEMO in
circulation Wonderland migrated to a new token called Volta. This was explained in their
announcements and several Discord comments over months now. The team has taken
precautions to mitigate the risk by offering a time limited automatic migration of 69 days that
ended on the 6th of November. Since that window closed the migrations are being done
manually in a seemingly time consuming process that the team plans to keep open indefinitely. I
propose to limit these manual migrations to the 01st of January 2024.
Provide Low Level Details:
Wonderland or now Volta had a lot of changes. At times it was hard to keep up with them. A
long time holder I appreciate the new system that leads to a lot less votes and announcements
about things I do not care about. The treasury is managed and my investment grows. The team
solid and available. I want to move on. We holders had to take a lot of hits because of unclear
management under Daniele, unclear management under permanent DAO votes and are ready
to move on from that. Anybody that wants to keep supporting is migrating to Volta and anybody
who doesn’t is only keeping the focus of the team in the past. Active participating holders should
not be stuck because of people that gave up a long time ago. How many people do we want to
pay to enable safe migration for somebody that never bothers to follow? Other protocols like
ICE (also Daniele) or Lybra do not offer that. Why should we? The active investor base has had
ample time to migrate. Continuing to allocate resources for inattentive investors detracts from
those actively participating.
I propose a clear cut of manual migration time until the new year with the cut off date set on
01.01.2024 and then we should move on from the past. I propose to close migration and move
on with an active supportive community and grow from here. Cut the cord and walk again not be
stuck in the past.
Multichain recently started to be active again and funds were moved from wallets. There are a
lot of suggestions to exclude the wallet and keep the contracts open but to circumvent that
would be easy by transferring simply into a new wallet, or sell on market, flooding our wMEMO
and due to unlimited migration also Volta with thousands of unbacked tokens. It would also cost
a lot of money to keep this situation under permanent surveillance to be able to react when
needed. This is a huge risk for us faithful holders. Any manual migration involves lots of tasks to
be performed as it is easy to observe in chats. It’s wasted time that these people can spend
working to bring us holders and our investments forward, not stay stuck in the past.
Not migrated wMEMO is currently out of circulation and is positive for all Volta holders. Let us
move forwards and solve the security risks that are affecting us as long as any form of migration
is offered. The positive effects for all us Volta holders is obvious and I find it very sad that we are
risking funds and stalling progress for people that do not check or abandon their investment for
years.
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The necessary sponsorship for this proposal has been successfully secured.
Why was the automatic migrations cancelled in the first place in favor of manual?
Is there some kind of risk involved with the automatic migration process?
Is it only because of arbitrages? If yes, cant the contract be adjusted to only allow wMEMO owners of longer > XYZ days?
In general, it does not seem fair to people who do not live with crypto and our not active to cut them off their investment they did year ago. I think it puts wrong light on the project.
Because the platform that we used previously for bridging tokens, Multichain, got hacked and their founder arrested. How that bridge worked was when you bridge your wMEMO, it holds the original wMEMO and mints wMEMO on the destination chain. When you bridged back, that token gets burned and the original wMEMO released.
Ever since they got hacked and key figures arrested, custody of the Multichain wallet is uncertain. This was the catalyst for our new token and rebranding, as the wMEMO that is being held by Multichain is now unbacked.
If we had left the automatic migration contract open for too long, there is a chance that these unbacked wMEMO get moved from the Multichain wallet and get migrated, which will screw up the whole tokenomics. Hence, we could only open it for a set period of time, whilst we monitor the Multichain wallet to make sure wMEMO doesn’t get moved. Obviously, we can’t be doing this forever, so we had no choice but to close the automatic migrations and do everything manually, including checking every single wallet manually.
Totally support this. I think it is high time we let the team focus on future work and not worry about the manual migrations. I do not think people realize the level of effort which goes behind these manual migrations. The team has done excellent job communicating the migration to Volta.
I disagree with the proposal. I am so tired of this ‘meta’ in crypto where a migration happens and original investor money stolen.
I understand the benefit of having an ‘active’ community but I don’t agree that anyone inactive should simply lose their money. To compare to trad-fi, if I purchase a stock I don’t need to actively follow the company for that investment to remain.
As I understand, a snapshot was taken to ensure no further purchases of wmemo can sneak in, so I’m not sure I understand the concern of holding the snapshot into the future. You know which wallets legit hold what amounts. Automatic has been turned off.
As stated by others how much time and ‘pay’ is being used to simply hold this info and process migrations as they come.
The vote has passed with 97.28% of voting power in favor. 88.62% of voters voted in support of [CMP #1]!
The deadline for manual migrations is now 01/01/2024 .
Requests to migrate wMEMO to Volta after this date will be denied. All requests for a manual migration from our team must be submitted before this date via ticket on our Discord to be eligible. If you have not yet migrated your wMEMO and still need to do so, please join our Discord #create-a-ticket for assistance!
