[DAO Discussion] Streamlining Tokenomics & suggesting improvements

[kyle]

Preface:

Wonderland started as an Olympus fork on Avalanche. Allowing people to access something similar to what Olympus was doing but with lower gas fees. We have diverted from being an Olympus fork, with the ending of minting dynamic. Wonderland is now a Decentralized hedge fund - but with 3 tokens; Time, Memo & wMEMO. 2 of these tokens are depreciated & serve no function anymore but confuse people by thinking a rebases is rewarding them. Also wMEMO confusing people not knowing that their memo is rebasing inside or not knowing they can stake it into the revenue share(as im writing this only 1/3 of circulating wMEMO is staked). I will suggest multiple phases to transition to a simpler model.

Phase one - The ending of the rebase.

Currently the rebasing mechanic serves no purpose and is essentially a stock split. Everyone staked is getting the same amount of MEMO every rebases. You’re not earning anything. When the minting mechanic was enabled rebasing allowed you not to get diluted out by minters. This is no longer the case - and only confuses & misleads them Thinking they are earning from staying staked - this is evident with the daily rebase questions in the discord.

If this proposal is successful to end rebasing while we transtion to a new token (coming phases) -

simply need to on the distributor contract (0xea61f76c3ee66b4E66822Fc1d408a13Eb30011EC)

use the - addRecipiet function, with these 2 arguments -

_recipient(address) = (0x4456B87Af11e87E329AB7d7C7A246ed1aC2168B9) this is the time staking contract.

_rewardRate (uinit256) = 0

This should stop rebases if I understand it all correctly. if developers know better then they can do it their way. for the interim while we transition.

work on phase two will start immediately after the rebasing has stopped - targeting a week for the entire transition to begin.

Phase two - a Wonderful new token

Currently, our tokens are confusing for many. Simply I suggest we move to a single new ERC20 token. I suggest the name $WONDER.

The new token will be a 1:1 transition with wMEMO.

I suggest the new token be native to ETH (to future proof, the merge will likely bring low gas fees’ to ETH therefore be more accessible for smaller frogs) - currently, wMEMO is on multiple chains. To allow everyone to redeem wMEMO for WONDER - batches of WONDER would be bridged to each chain to allow all wMEMO to be redeemed for WONDER.

The new token will NOT have a supply cap. However the WONDER should never be sold by the treasury if it will dilute backing.

The RQ contract could be reused to transition to the new token on avax/ftm. (likely not needed - A V3 Pool with wMEMO/WONDER liquidity could be used on ETH for that transition.)

EDIT: THEN SUBSEQUENT IDEAS ARE GENERAL IMPROVEMENTS I DONT THINK NEED TO GOT TO A VOTE. AND CAN BE DONE REGARDLESS OF NEW TOKEN & REBASING

Deep targeted liquidity & Maintaining Backing price

implement a V3 pool on ETH with Deep liquidity close to the backing price. This will allow large buys with reduced slippage. should allow arbitrage between all chains to maintain backing price. More efficient use of capital not needing to provide liquidity to infinity.

I don’t think we should trade over the backing. The premium should be captured by the treasury, and raise all WONDER’s backing - this is up to the TM or could have a separate vote.

With deep liquidity, this should allow for relatively safe borrowing against.

Somehow convince uniswap to release V3 on Avalanche faster.

CEX listing’s.

Get us a CEX listing (hopefully with a new token that does not have any rebasing PTSD).

Auto compounding revenue share.

Provide auto-compounding revenue share - for people who want to accumulate , skipping the hassle of handling their own rewards.

Phases one &two are what will need a vote.
EDIT: CLEARED UP THE POLLING

• End rebases & move to new token
• Keep it how it is

[Diazalon]

Surely we want to be focussing on bringing everyone on to the same page with WL, getting the rest of the wMEMO staked and rev sharing to bring that APY down, rather than confusing people even MORE and starting up with a whole new token? It kind of feels, from my side, that WL is finally coming back to life, slowly slowly. I dunno, I confess to not knowing the full ins and outs of the tech or economics side but this seems to me like a step backwards.

Edit: …and while I know that with every day that passes, the TIME token and rebases become more and more obsolete, but I dunno. Somewhere, deep down in me, there’s the little kid that originally invested in Wonderland with so much hope and promise in his heart, that the fact that inside my wMEMO there’s a magical pile of MEMO stacking up. I dunno, it brings that kid some comfort in these dark times.

TL:DR

This seems like adding to the confusion, instead of simplifying.

Better to move forward together and educate to all get behind what’s happening now in WL (WRAP YO’ MEMO, FOOLS)

Rebases, while apparently useless, make my inner-child happy.

[acrypto]

Please no. Why in the world would we want to go pay ETH fees? It makes no sense when we can accomplish the same on avax…

[kyle]

While I do agree a new token may be confusing I believe that it will only in the short term, however long term with rebasing and wMEMO there will always be people confused and misled. I believe the benefits of a transition like i have outlined outweigh the negatives.

[kyle]

The token would just be native to ETH, you will be able to redeem on any chain that you have your wMEMO on. The reason I suggest it be native to ETH is with the ETH merge that will eventually happen it is likely this will reduce gas fees and make it much more accessible to smaller people. YOU WILL NOT HAVE TO BE ON ETH IF YOU DONT WANT TOO.

[Diazalon]

Yes, you make a fair point. I can imagine in the long-term people would readjust to a new token, new system etc etc, but I think the problem is engagement from people, not so much the system. Anyone that has scrolled the forum for even an hour would come across (as you rightly pointed out) one of the many, many, frequent, rebase question posts.

My feedback: why so complicated refurb-ing the whole system when we could also just have one good post on the forum detailing the whole rebase thing now, honestly, transparently, and then link every question about rebases to it in the future. The ol’ copy paste.

[kyle]

Personally think the whole rebasing is very misleading, and kind-of pointless. Hence this proposal. I wouldn’t call this a refurb - its a simple new token can be made in a less than a hour, and just abandoning the old Olympus tech that serves us no purpose. Easier to educate people on (no lengthy literature or documentation to read) then subsequently onboard.

[Diazalon]

Ja sure, what I meant by ‘refurb’ would then be I imagine more the complication of all the shizniz of wrapping and staking and farming etc etc etc all those contracts, all those systems already built up have to be torn down (or would just crumble themselves) and then getting the WHOLE community behind a new token and have to build it all up again to the point of rev sharing where we’re at now?

Like, in principle I agree with you, I just think there must be a simpler solution.

[Andygray1963]

I agree, why would this need to move to ETH network, the fees there are massive, I have paid before far more than my gains, $30 for a $120 unstake. not the way to go i believe

[NalX]

So a few things on this… I’ve been debating myself about what should we do with the tokenomics.

My main options were:

1. No change.
2. Remove rebase keep the rest.
3. Full revamp.

Overall, I’m not against ending rebase. Unless we plan to reopen minting (and even then), not sure why we’d want to keep them. I don’t know if it’s as simple as putting the APY to 0, but if so, I’m all for it.

Removing the rebases would help with the focus shift to wMEMO. Forget about the TIME staking and MEMO wrapping. 1 token, wMEMO. That said, what ever period of transition, there will be FUD/confusion that follows. More or less what we have already I guess lol

In case of a full revamp, I have my own idea, but unsure how feasible or desirable it would be. That being said, if we were going on a full revamp trajectory, I think we should have a call to action to see what the community can come up with. The WL2.0 folks had a TOMB-like tokenomic idea that could be interesting too.

This brings me to the scope of your proposal. I see where you are going and make sense, but given that those two phase are such a big deal on their own, they should probably have their own proposal. However, nothing wrong with starting the discussion. Rebase are a hot topic in general, so hopefully we can see some more engagement

Edit: Forgot to mention, unsure a “native switch” to ETH is necessary, but would definitely wait to see how that merge goes before doing that switch.

[fcazelato]

I’ll be holding wmemo for 6 months, as far as I know from the 6th month onwards the team gains start to be massive, isn’t that it?? I’d rather pay to see how much Time I’ll accumulate in 1 year!

[fcazelato]

I also think the rebases will make us happy, I’ll hold off at least a year to see what happens with the rebases!

[Diazalon]

Yeah, right! Even now when I think of the rebases I get a tickle feeling in my lower places.

Value of TIME as of now (29.04/22, 11:50 GMT) is $103. Sell 100 MEMO and it’s still a pretty penny

EDIT: Also please someone correct me if TIME/MEMO rebase is already totally dead, finished, value = 0. As far as I can see I’ve found no such big announcement and TIME token is still trading.

p.s; the irony of me now adding YET ANOTHER rebasing question shout out to this forum is not lost on me.

[Urubin]

If one token is the goal we could simply go back to Time. Why reinvent the wheel?

Rebases I would like to keep for all the reasons mentioned above.

As it is it is not so confusing: Buy time stake time get memo. Wrap memo to be able to farm

It is not rocket science.

Switching to Eth would be a mistake I think. To much going on with Eth that makes the outcome of such a move uncertain.

My 2 cents for what it is worth.

[HairyMonkee]

uwu

[spee]

I’m not keen on going to ERC-20 but could be swayed. The part that I really object to is anything that requires us to take action to swap to the new token. It should be automatically airdropped/switched in our wallets. If that can’t be done, then rethink the whole thing. I am so fucking sick of missing out on protocol changes because I don’t obsessively follow the discord every day. I’ve had two other projects screw me over because I missed the 4 day window to make the swap or whitelist or redeem or bridge or whatever. Do not do that. A lot of people invested and only check in occasionally.