Kintsugi (金継ぎ) - Noun: To repair with gold; The art of repairing metal with gold and understanding that the piece is more beautiful for having been broken.
Dear Frog Nation,
First, we’d like to give our sincerest condolences to all of you. The last few days have been extremely tough for all investors, whether you’re a seasoned veteran of markets or new to the blockchain world. Beyond price action though, what’s worse is the horrible sinking feeling of a loss of trust. Just like all of you, we were deeply invested and positive about the future of projects like Wonderland, alongside the entire Frog Nation ecosystem. The recent revelations, subsequent decision making, and communication has left many of us bitter, angry, and upset.
What’s clear, however, is the need for life to go on. This doesn’t mean brushing things under the carpet, or not having a through demasking of the mysterious quagmire behind the scenes. What it means is that all of us must get on with the business of growing DeFi into the shining bastion on the hill that we all know it can be. Like it or not, Wonderland as the first treasury to reach $1bn has more eyes on it than any of us care to admit. From players within the space, and more importantly from those outsides. The eyes of governments and regulators are fixed on our community, and they would love nothing more than to use this as an example to try to destroy what we are all trying to build in DeFi. We cannot let this happen.
We completely sympathise with those that wish for this chapter to be dead and buried, for the treasury to be distributed among all remaining TIME and wMEMO holders. Doing so might provide temporary financial relief for some, but ultimately the bigger picture of DeFi will always have a massive black mark on it – “the project run by a former criminal that went bust.” Therefore, we do not believe this is the best overall option for the future of DeFi.
We, at Turing Research, believe that strong and capable new management should take over Wonderland Finance and work tirelessly on your behalf to build back what was lost, and build it back greater. Getting philosophical for a moment, we refer to the ancient Japanese art of Kintsugi, where a piece of pottery is broken into pieces, and then repaired with gold. The end result is a piece more beautiful because of, and not in spite of, the damage sustained to it. We aim to build back Wonderland Finance in the same way.
What is required?
In short, we propose with immediate effect to take over management of the Wonderland Treasury with the consent of the DAO. Our priorities are as follows:
- Our first priority is to conduct a full audit of the treasury and report to the DAO on any financial irregularities, or discovered elements of mismanagement
- Second, to institute a stable and productive quantitative management strategy in order to continue the healthy growth of the treasury funds. In current market conditions, this involves a mixture of stablecoin farming, matched and hedged options calls and puts to cover and ensure net profit (including usage of newer exotic products like the Atlantic options offerings from the Dopex team), and other standard quantitative & data-driven value investing.
- Third, to institute revenue sharing to holders of the wMEMO token with immediate effect.
- Fourth, to cease using treasury funds to buy back wMEMO off the open market – we believe that our management will easily allow positive price action of the token organically, without depletion of treasury reserves through needless buybacks which simply allow other whales to manipulate and profit at the expense of long term holders and smaller frogs.
- Fifth, to provide full financial auditing, transparency, and compliance on a regular basis to the community.
- Sixth, an immediate airdrop of all Betswapp GG tokens in possession of the treasury.
- Seventh, an immediate pause and review on all planned and in-process ICO and IDO investments to ensure no element of corruption, money laundering, insider trading, or other mismanagement.
Who we are
Turing Research is a team of academics and developers that have been in the crypto and DeFi space for several years. We have a strong core community, and planned to launch a product of our own in Q1 2022. We are doxx’ed to our partners, and would be happy to fully doxx ourselves should this proposal get the approval of the DAO. In the meantime, we can guarantee that all of us have absolutely spotless records with no criminal activity of any sort.
We seek the support of the DAO with relatively quick effect to push this proposal forward to formal commenting stages, and then subsequently to a vote.
Thank you for your time.