I dare to write this proposal as I am one of many investors affected during the coordinated attack that led to a liquidation cascad on January 25-26, 2022. I am (for lack of a better term) supplicating the WL community to embrace the “FROGS HELP FROGS” spirit to make an exception in the way our money from the WL treasury should be used and help some of us get back on the right path.
The situation is this: We all believed in WL when we invested last year and still believe in the potential that it has. We also believe in Daniele Sesta and his deep knowledge of DeFi; but, more importantly, we believe that he is an honest person that knows how to keep his word. And, despite all the drama, we all have testified how involved and helpful Sifu has been and continues to be.
The complication:
Even though Daniele has told the community, multiple times, that he is willing to help reimburse those affected, we understand that it will be on his own terms and timeframe. However, for some of us that invested heavily in WL (6 figures), every day counts and getting a helping hand sooner rather than later makes a world of difference.
Sifu has already agreed and actioned money from his own funds to reimburse those liquidated under him; but, again, the time for those funds to be actioned is unknown.
The proposal is very straightforward:
With the help of the WL mods, a list of all the liquidated frogs gets generated and published, so that each one of us has time to review and confirm — I have read that this step might already be done (snapshot); but it needs to be confirmed.
Once the total number of liquidated frogs/wallets gets audited, a total amount will result from that exercise. Here, it can be determined how much will be covered by Daniele and how much by Sifu.
The total amount gets withdrawn from WL’s treasury and distributed accordingly.
Daniele and Sifu determine and communicate to the community a timeline to deposit their funds back into WL’s treasury.
Funds from Daniele and Sifu get deposited in WL’s treasury and transactions get published to the community, for the sake of transparency.
I know and understand that this proposal will be unacceptable for some members of the community; whether alluding to the misuse of leverage and risk involved with investing, or because the WL treasury was built to fulfil other uses. Both, and many other arguments are valid; that is exactly why this proposal calls for: a) An exception to how the treasury should be used, and b) Support from the WL community to help frogs like you and me to get their investment, that was maliciously liquidated, back.
All comments are welcomed, undoubtedly. But comments that are constructive will build up a stronger community.
I don’t agree with this. Seems like a misuse of funds. People that didn’t leverage suffer for those that did. We will miss out on potential returns until the money is reimbursed and there is no guarantees as to when or if it will be reimbursed.
As an FYI, we’ve been down this road before and it didn’t move to the next step. As far as I know, this is the only proposal that was officially shut down at the DAO Discussion level.
The situation is different, but I believe similar issues, like voting power, still apply. Especially now that the treasury is a fraction of what it used to be.
One of the -many- flaws of the system… People with current voting powers (holders) will never vote for people with no voting power (liquidated) proposals to recover money as long as it impacts treasury funds.
Having said that, I think just the first part of this proposal, around providing clarity and doing the audit, is very good and would already shine a light on how feasible it will ever be for Sifu/Daniel to actually keep their promise (or not).
As of today, no one knows for a fact the amount of affected wallets and the total money lost. I think people would vote yes if it was just an audit exercise.
Thank you for your comments… I agree that getting a timeline and a proper audit to clarify the amount and number of affected wallets, will be a win. Let’s see if we can get some traction!
Yeah, this doesn’t really make sense to me. I get it was painful when WL went under, we all lost money and it left a bad taste that we’re still swallowing today. But why shoot ourselves in the foot by giving handouts from an already depleted Treasury, when that Treasury could be better implemented in a forward direction to start moving on together and building our monies back up.
I watched this debate on Discord and never really saw the evidence suggested that Dani promised to pay people back.
I did see the multiple multiple comments from Sifu saying we had a soft floor to this project.
I hate to say it, (as I said, we all lost money and I feel you here) but maybe it’s just something to learn from in the future, and part of the risk of investing in crypto?
Onwards and upwards I say.
(That said, Dani, if you’re reading this, I’d definitely take a handout if you’re feeling Christmassy )
Ludicrous. We are all adults and invest in what we believe will make us money. If that backfires we have nobody else to blame but ourselves. We are not a charity so suck it up and move on.
In case there is still any doubt that is a NO from me
NO !
Just because you leveraged and got stung doesnt mean that those of us that werent as greedy should pay,
Simples
Unlucky but tough.
Pick yourself up and move on. Ive lost money too but I`m not crying about it. I knew the risks so did you…
Reimbursement those who got liquidated under Dani/Sifu is a promise made by Dani thus it has nothing to do with the DAO’s treasury, it’s Dani personal endeavor and to keep to his words, he did say it will be many months (at least 6+) so I doubt that many holders will agree with you on this, I for one do not agree with this proposal.
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