[DAO Discussion] End of Manual Migrations

[DAO Discussion] End of Manual Migrations


This proposal aims to end the manual migration process for wMEMO

Community Interest:

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

High Level Details:

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

To move this proposal to snapshot I am asking for a sponsor or group to reach out to me or
comment here to fulfill the requested 1% governance minimum.

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

Moved to CMP