[DAO Discussion] Active Community Member Migration

[DAO Discussion] Active Community Member Migration


Allow people that have demonstrated a high level of community engagement to migrate their tokens.

Community Interest:

  • I would like to see a formal proposal
  • I am not interested in seeing more
0 voters

High Level Details:

The community has already decided that opening general migrations is not of interest. I think there are still some benefits to migrating people on a case by case basis.

If someone demonstrates that they truly care about this DAO and want to become an active member, through helping on Discord, writing proposals, and voting regularly, it may benefit the DAO to migrate their tokens. It is especially important now as the DAO is reinventing itself in many ways. The more active people are the better.

As someone who missed the migration, I take full responsibility, but would also like to remain an active member and help to see this DAO thrive even more.

This migration also allows the DAO to point to specific ways people can migrate their tokens. Instead of the constant bickering with old wMEMO holders, the DAO can place the burden back on them: “the general migrations have ended but if you become an active community member, your tokens will be migrated”. By placing the burden back on other people it will show how much they care about the DAO vs just getting tokens and dumping. It will also help them build a deeper connection to the DAO before receiving their Volta and incentive them to stick around and see what a great community this is.

Low Level Details:

The choice of when someone has met the criteria of “active” will be determined by a “team member” or a “Bartender” (discord moderators). Only one of these individuals needs to nominate a community member for them to be added for migration.

After a community member is put up for migration, the community member will be manually migrated following the previous manual migration setup within five days. This is in order to keep things organized.

Team members and bartenders have an incentive to protect the DAO and can be trusted to use discretion to make sure the DAO is not being taken advantage of. Also, if the DAO feels too many tokens or people are being migrated, this can all be shutdown very quickly.

Each team member or bartender can only nominate one individual per quarter (but may choose no one).

Migration Caps

There is also a total cap of 1,500 Volta to be migrated. This is 0.15% of the original tokens allocated for migration. This should help reveal how people act post migration and provide insight into if this approach is effective for bringing in new money or participants.

In addition to a total cap, a formula will be used to calculate how what the wMEMO / Volta conversion rate should be for each person.

The first thing will be taking the minimum between the Backing Price (currently $320) and the current HWM (currently $195). This is the max dollars per Volta that will be converted. We will then take the previous minimum ($195) and divide it by the price of Volta three days before nomination* (currently $130). This is the percentage of the original ratio to use. In no situation should this exceed the original ratio though (1:330).

This ratio will then be multiplied with their wMEMO to identify how much total Volta they will receive.

*This is in order to prevent gaming the token price, like someone dumping the token to quickly drop the price. This will be determined by that day’s (three days before the person was nominated) highest valuation of Volta between the avalanch and ethereum blockchains on uwulend.


ratio = min(100%, min(HWM, backingPrice) / currentPrice)
totalVolta = wMEMO * 330 * ratio

Two examples:
persons total wMEMO 0.1
HWM $195
backing price $330
current price $130

max dollars per volta $195
division 150%, but this cannot exceed 100%, so it will be capped at that
total volta 33

persons total wMEMO 0.1
HWM $195
backing price $330
current price $600

max dollars per volta $195
division 32.5%
total volta 10.725

There is no defined number or frequency to find active members, but team members and bartenders should make an honest effort to identify these people.

Treasury Volta
Due to CMP3, Volta is used for performance incentives. If the team has any concern that a migration will interfere with a future performance incentive payout then migrations will be paused until this is addressed. Since there is already a large excess of treasury Volta and there will be treasury buybacks, this is probably unlikely to happen, but should be clear that performance fees take priority.

In order to prevent this from being a never ending project for the team to process migrations, this program will only be active for 2024 and will expire at midnight on December 31st 2024 (using the last timezone in the world still in 2024). All nominations will stop at this point, but manual migrations may continue until all outstanding ones are processed.

If this proposal is found to be helpful to the DAO, it may be amended to increase the time duration or amount of Volta.

Since a DAO Discussion is meant to introduce a proposal, not all information may be available at this stage. The discussion should be used to measure the community’s interest in what is being proposed. If the minimum requirements are met, it can be submitted as a Request for Comments.

1 Like

This is an interesting perspective and I like the angle of incentivising people to are actively helping the protocol and community. This is what took Wonderland out of the crisis and what it was built on.

However, with CMP3 in place whereby performance fees are paid with out-of-circulation VOLTA, I think there may be an issue somewhere down the line of not having enough VOLTA for either (depending on how lenient the team is with determining who to nominate). I think that in order for this to work smoothly, there first needs to be an amendment for CMP3 to address this.

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@hypermassiv that makes sense. i do suspect that this portion of volta usage would be very insignificant compared to the payouts for performance fees. it will also become very apparent soon how much volta is bought at the end of the quarter for buybacks.

I updated the post to account for this though. performance fees > migrations.

It is an interesting proposal, but since the migrations have concluded, I have only seen two members, you and Coffee, who can be considered active and engaged in meaningful discussions. A question arises: is it worthwhile to proceed, considering the small number of people willing to participate? However, at the same time, if the participant pool remains small, the amount of Volta tokens distributed would be negligible, thus having no adverse impact on any token holder.

At the same time, we have to take a look at what this proposal is - paying for activity. In that regard, if someone is going to spend a lot of time to be eligible, it might just be worth it to buy into Volta. They would be able to express their opinion in future votes and reap the benefits of the protocol. If enough people buy Volta, they can even make a more beneficial proposal to pass regarding reopening migrations.

Nevertheless, I support migration that doesn’t hurt me financially, so you have my vote.

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I agree, Luda and Coffee are the only 2 that seemed to have clearly met the bar. and i’d happily bring them back in. do i want every single johnny-come-"late"ly being able to wake up and migrate? nope. but, for those that give a shit and put in an honest effort like Luda and Coffee, definitely. and maybe Luda narrows this to assuage a few more people. such as the team members and bartenders get one nom each per quarter. and maybe cap the amount migrated to no more than XX Volta per migrator and a hard cap of YY Volta total across all new migrations.


i added some nomination protections (1 per quarter, like you suggested). i am hesitant to add caps in the initial proposal since i feel the dao can just vote to end this all quickly and the team can always just stop nominating people if they feel it is getting out of hand (the dao can always override the team if they disagree with it too).

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Migrating people on a case-by-case basis have my support. Luda and coffee have my vote :heart:

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Looks like the cap made it afterall. Tbh, the cap can calm people bc it guarantees there isn’t an unmanageable flood (e.g. a huge whale), and like you said, if this is successful, it can always be adjusted upward later.
You chose 1.500 volta as a cap. Fwiw, i would even support 2.500 (or approx 1% of circ supply). So max dilution as it is written now is 0,6%. Seems reasonable to me. Keep that math in mind (only 0,6% max dilution) to counter some of the naysayers.
I still support this and hope you and coffee are the first two welcomed immediately. Nice work so far. Keep it up and don’t give up. And forgive me when I troll the a-holes fudding and unproductively whining on dc.

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Proposal has been sponsored: