I agree with the Professor on main aspects however what I arguing is scrapping the Apy suddenly and why I’m against this I’ll will demonstrate with strong arguments please read.
Successful projects like Pancake swap mean Cake Defi and Cake token they started with a huge Apy too like crypto.com look at the initial rates that were given to the initial staking contracts on Pancake swap and even CRO.
Yes they start dropping eventually but Cake started from few cents and look were it is now at least around 10 USD breaking even 20. So look at the entire ROI OK same with CRO.
ZHAO never come saying oh this is bad let’s switch over swings around this is what produced this situation.
Removing the calculator was a mistake because
1.Most of investors being unexperienced they panicked they created FUD Youtubers start FUD too contribute to this situation
2.Switching to Wmemo without transition period or testing trials also contributed to more FUD. One Youtuber Anastasia if I remember said that Wonderland is a ponzi and getting so many likes exploiting the fear of unexperienced investors most like 1st on Crypto or 1st in Defi.
!!! Important you can’t make sudden change as this creates automatically FUD this is what kills every good project.
!!! Crucial Apy is sustainable in conditions which you have burning mechanisms, lock up contracts with minium 6 to 12 months including the period you begin to staking prior any changes.
Don’t scrap Time if you don’t ensure that the new created token will continue to be listed in same exchanges which Time was listed
Gate.io and Hotbit are good exchanges, respectable, legit and gave visibility and trust of Wonderland as project and Time as token.
Imagine making a new branded token but without being listed nowhere else than Sushi swap or Abracadabra etc would automatically became an internal token which isn’t good. Trading community wouldn’t react positively and remember Professor too. Market is punishing you!!!
I was thinking as well to a different unique token (see my past proposals) trouble is we need to make sure that this will keep the initial listing as would create chaos. Not everyone maybe is holding time on wonderland is time on exchanges too. This is what the Professor didn’t took in consideration. Crypto reality is bit different than business.
In crypto you need presence, stability and keep the Hype alive is what made crypto.
Big mistake gave up the calculator saying that wouldn’t attract serious investors well wrong because this is what give real life to the project new investors 1st time in Crypto those who missed Bitcoin, Doge. Keep the hype keep the investor flow.
I understand that more doxed people saying Apy is bad, rebase is bad but if you do a project only for doxed people well at the end you’ll be left with 10% of your initial investors.
People lose interest quick don’t forget this Professor!!!
So how do you justify keeping the Apy up and the rebase?
Simply taking risks take the market hit what’s going up is going down and what’s going down is turn again up!
Let the Apy incentive the rebate this is THE HOLLY GRAIL in crypto don’t ever fuckin touch it if you don’t understand it.
Implement burning mechanisms to keep the supply low not the Apy or rebates.
Crypto is made to be traded so let it be. Market is what makes you be in crypto. As we said take the market hit let the Apy run let the rebase, and burn.
Even the price drops dramatically or not depending by the incentive as if people buy low they resell later higher and other will buy to a different price selling again. This creates market traction and volume.
As long you keep this incentives. This is the difference between crypto and what the Professor said doesn’t apply to crypto this is more for stocks we need more growth to apply this but is not applicable to crypto
Example people bought at Time at 10k, 8k, 2k 1k they trade oh loss, people who bought at 200,300,400 would sell on profit were people that bought at 500-1000 would reduce the loses. When Time would back to upper values then more people would trade on profit than people on loses and this must be kept going.
This is more healthy way is Crypto way.
Yes we can implement partially Professor ideas but is a No! For Apy and rebase.
Definitely the best way to move forward!
made some upgrades and changes to propose.
#mini game
Frog Nation does not agree with Rage Quit option without more changes to prevent whales from stealing treasury. we already have enough vote to kill any proposal that does not add extra filters to prevent recent buyers who are in profit from using this option. DCFGOD is the latest example and there are a few others who account for most of this activity where they have bought millions as recently as yesterday just to exploit proposals they are pushing. Frogs are in discord actively working on additional addendums to filter out these whale buyers who have never been or care about wonderland to allow a true Rage Quit option that lets people who are actually down leave the project. Any new proposal without these changes will not pass and we will contact with the changes that frog nation wants put in. We will also share all wallets of whales including DCFGOD and others who have bought within the last days and never before held wmemo with one goal of stealing frogs money. The concensus is if these people are removed from rage quit we may have a path forward. Frog nation leader will publish a separate post exposing the recent buying activity of these whales, and also options to filter them out while not hurting actual frogs. Thank you and look forward to making this work while removing the scammers.
Sound like great ideas. I’m sure this has been brought up before but I think doxxing everyone including the Professor is a good idea.
No rage quit option people can already rage quit if they want at a loss
First sifu now the professor nobody here ever learns
I am 95% for the ideas brought by the Professor which should be taken in consideration by the new administration.
If the professor is willing to run with other the Wonderland new administration:for everyone in the management dept their criminal record must be public before having access to the Treasury for more transparency to avoid any sifugate.
Nope. I can understand why he doesn’t want to be. I’m not even sure he’s proposing that he’s involved beyond writing the roadmap .
Glad to see this was posted here. I am in favor of this moving forward to become a Wonderland Improvement Proposal. Or it may make sense to break it into a few separate WIPs
Agree with Professor’s proposal. This is what we need.
Agreed with the professor! Let’s move forward with his ideas.
Yes because that’s what made Wonderland now because most of the people here hurt them pusy and panicked like bitches and sold in 95% loss now hey Time is up, Wmemo is up so what’s up bitches still your pusy hurts ? I bet ya does still sore as whomever was smarty and bought at 200 hey is happy now.
So why do you want to kill rebases and Apy?
I tell you why? Because you like to take it from behind and you don’t like money.
If you have enough blood in your dick well you take the risk I’m here for making my Time in one year or two OK? Then trade my time and then make my buck.
Of course if you didn’t trade shit you’ll never understand how market goes you’ll cry and sustain the Professor and Wonderland 2shite and you forget that the team work their buts off that Danielle is nearly burnt its fuckin brain off and poor guy is a fuckin mess now. It will be OK but not because I’m fan of Danielle mistakes I say so but because you don’t see that whales still laughing at us making us believe that if we scrap the best of Wonderland well what we going to get instead? A big fuck all.
1.Do not screw with the Apy and rebases did Pancake swap said that they initial huge Apy was bad? Fuck no where are they now? On fuckin top
Did Cro said that the Apy is bad? Fuck ain’t yes you can reduce it when Price grows and supply gets down makes sense.
Burning mechanisms is all Wonderland needs nothing more.
Increase security on the app when enter app connect a yubico key, a 2fa and a password assure safe environment before connecting your wallet, hackers are there.
You need only adding 2 things and that’s it.
No the Professor plan isn’t ideal not at the point he wants to scrap Time and Wmemo not when Wmemo is down from ATH. Now recovered and Time as well Time does better.
The professor did not mention anything about the actual Time listings in Gate.io and Hotbit. It was a lot of work to bring Time on those exchanges and we need more listings and even Coinbase. Spell is already there what impede us thinking that Time wouldn’t be possible to be listed on Coinbase or Binance. Zhao criteria of listing is the use of token and community so how many people and how strong a community is and increased number of holders combined with trading volume performance make a Binance listing.
Listen Zhao not shady hedge fund hedgehog Professor.
I agree with the Audit should begin to propose an audit company that audited in the past well knows Companies.
Let the market sort things naturally. Yes we can have collaborations we can implement few changes from the Professor we could as well collaborate with Bastion trade but in conditions that no one takes over the treasury.
Keep the Apy and rebases as this gives incentive to invest, buy, trade etc.
Thus far no proposal convinced me at all or perhaps in few points of Professor and Bastion trade except that they want to take over a part of treasury or all treasury. Fuck ain’t that happening. From the beginning
1.Treasury is our propriety.
No one absolutely fuckin no one Professor, Bastion trade others ain’t taking over the treasury. This is our Property. Investors propriety company including treasury, assets, type of assets, brand, profits etc.
I agree to add profit shares on top of Apy and rebates as long you hold over 1 year.
Introducing Avax and phantom liquidity pools on Wonderland.
Burn Time and Wmemo against profit share.
Burn Time when you unstake before termen.
Burn all Time and Wmemo of all who wants out
Burn Time and Wmemo that’s in treasury and is not circulate put that liquidity on Avax and Phantom pools.
Do this instead.
No I don’t want to hire the professor not until
We know who is?
We verify its past and references
Demonstrate previous success in Crypto projects
He will make his proposals publicly on YouTube revealing his identity, name and verifying its identity
Then we can talk. However he don’t need to scrap the Apy and rebases we taking crypto not stocks.
Please read this feedback carefully.
Yes this makes more sense.
Sustainable Roi in business let the numbers speak before words.
If you want to remove Apy and rebases you need something better and sustainable proven.
If not don’t move it let it be as the market regulate this naturally.
What grows goes down
What’s down goes up.
That’s Apy for to give us crypto to trade with and from here you make your bucks OK
I had enough of this bitchy cry oh not the rebase, dilution and? Trade then. Whomever bought at under 200 Time now is got its investment X2.
So please consider this points as well before really moving forward.
Hi everyone, the discussion in Discord made me realize for the Professor’s Proposal to go anywhere that it needs to be outlined as steps to take. To that end, the below includes my understanding of The Professor’s article in step-by-step form. I’ve also shared this same explanation as part of my own post to try and steer this discussion towards an RFT post so that we can get this voted on! See here: The Professor's Article: Steps Forward
Scrap wMEMO and replace it with only one token
The benefits of rebranding the current tokenomics of WL into one token is twofold:
- We remove confusion surrounding the greater crypto-community’s understanding of TIME, MEMO, wMEMO, etc.
- The frogs are moving forward with a new vision for WL and a new token will wipe the slate clean and effectively remove our old, bad MEMOries. It may seem like a small thing, but I seriously propose that Dani come up with the name for this new token. He is the idea man and a huge proponent of the success of this project and the community, so having his creativity be part of this is important.
Scrap APY and institute a robust, well organized Revenue Share model –
I fell for the 80,000% APY gimmick when I first heard of Olympus and WL, and, putting all the considerations of the interplay between APY, market cap, and dilution aside for now, I think our next steps forward need to be about clarity and consistency in how WL, management, and the treasury is seen by the frogs and potential investors.
The crazy huge APY is an incredibly useful tool to bring in new investors, but I don’t believe it is needed anymore. WL has already proved itself as one of the most successful DAOs of all time with a massive treasury and supportive community. Moving towards a Revenue Share model will benefit current frogs and future investors, and with the right limitations and dedicated Revenue Share percentage from the treasury to token holders we can see profit from our investment in WL while simultaneously increasing price pressure due to a maximum supply of tokens.
The specific steps of this part of the proposal include:
- Bring APY to 0%.
- Dedicate only a portion of the monthly earnings to yield farming activities to token holders as revenue share on a monthly basis.
a. The Professor suggests 20% as the portion dedicated to revenue share, but I believe this amount should be decided by the DAO.
b. The Professor suggest the revenue share should be paid out in a stablecoin, and I believe that MIM is the perfect option that will also support circulating the supply within the WL and Abracadabra framework, whether or not the DAO decides to keep the two protocols separate (discussed below). - Invest the remaining portion of monthly earnings into growing the treasury and future VC investments.
- Have a Revenue Share qualification requirement where you must hold your tokens for at least 30 days to participate in the revenue share.
a. This reduces selling pressure and provides less opportunities for price manipulation. - As part of removing APY and rebases, have a maximum supply of tokens in circulation to build price pressure.
Management Structure
I would definitely read this portion of The Professor’s post to understand how sincerely he believes Dani to be the creative mind and driver behind WL, but the basic steps of this part include:
- Keep Dani on as the Chief Strategy Officer (CSO) so that he can focus on the big picture ideas and continue doing the things that helped build WL while not having to worry about the day-to-day management of the Treasury.
- Bring in a Chief Operating Officer (COO) to be the engine of the project who is responsible for the day-to-day operations, including managing the rest of the team, investor relations, PR, social channels, reviewing and updating SOPs, maintaining quality control and risk management, and vetting external contractors and developers.
a. The COO does not need to be doxed to the public because they would be handling treasury keys, and their identity only needs to be known to the core team. Though we all understand people’s hesitancy with the Sifu fiasco, we have to understand that this position is one that needs to maintain high levels of security, both for themselves and for the project so that outside forces cannot manipulate the treasury or take advantage of the project. - Bring in a Chief Financial Officer (CFO) to manage the treasury with an additional two (2) individuals to act as multi-sigs to execute transactions.
a. Create disaster relief protocols in the case of emergencies or sudden death.
b. The Professor suggests that these individuals be well known to the WL community and greater Defi community to re-instill trust in the project.
c. Have Dani act as interim manager of the treasury until these positions can be filled. - Bring in a full time Chief Technology Officer (CTO) to manage backend development and any external third party contractors.
- Bring in an Investment Director or experienced M&A consultant to handle and hunt down investments for the protocol.
a. Additionally - Build a portal for the WL community to submit investment proposals to leverage our community for scouting opportunities. - Bring in experienced yield farming consultants to help create innovative ideas for new profitable farms for the protocol to create.
a. Additionally – Build a portal for the WL community to contribute ideas to the team.
b. Note – The Professor includes the possibility of an algorithmic liquidation protecting yield optimizer, which would essentially help WL to leverage on any farm and reducing or completely eliminating the risk of liquidation. I would give that section a read as well. - Bring in an experienced Communications Director/Risk Manager to handle all Social Channels (Discord, Twitter, etc.) and public relations with the possibility of periodic AMAs with this director and Dani to keep up community engagement.
Allow a Rage Quit solution
This is the hot-button issue for a lot of people in the community right now, and we all understand the potential risks with allowing this option. However, putting emotions aside this option needs to be seriously considered and voted upon to help bring the community back together. Importantly, we need to provide this option without allowing for those who quit to simply rejoin and take advantage of the arbitrage at the detriment to those frogs who hodl. The steps here include:
- Shut down the LP and all trading of wMEMO/MIM for a set period of time (The Professor suggests 48 hours) to allow those people that want to exit to claim their party of the Treasury.
- Prior to opening the LP, burn all tokens from those who exercised the option to rage quit in addition to any DAO tokens to bring the market price up to a set percentage point above backing (The Professor suggests 20%).
- Create an automated bot/procedure to defend thet backing price at exactly the backing price, so that price manipulators cannot take advantage of manual rebuys that occur below backing.
- Phase out buybacks to help sustain the longevity of the protocol.
Reminder here, these steps included are simply recommendations. Some of the steps should be included together, but nothing is stopping the DAO from having individual votes on some of these steps to allow the community to decide
Monthly Audits, Treasury Dashboard and Backing Price
Again, this part of The Professor’s post that I highly recommend reading yourself, but the basic steps include:
- Incorporate periodic audits of the Treasury by an external blockchain auditor (The Professor suggest monthly, but recognizes this will be difficult considering WL is a DAO).
- Build a specialized dashboard to show the following Treasury balances and positions, as well as current profit/loss with the possibility of additional sections to the dashboard including:
a. Assets Held
b. LP Positions
c. Farming Strategies
d. VC investments
Backing Price
The current backing price and Treasury Balance in WL includes the value of the native token (TIME, wMEMO) held in the Treasury, and in the case of an actual bank run on the project where backing price would become essential to recoup our investments thee value of those tokens would be ZERO. So the recommendation is to remove all DAO owned native tokens from the calculation of the Treasury Balance as well as the circulating supply because those amounts are not meant to be sold and are kept for bonding events. The upside of making this change is that contracting in the circulating supply would have a greater effect on increasing price.
Removing Leverage
We all saw the devastating effect that liquidations had on WL the moment the crypomarket turned bearish and the ability to leverage creates particular weaknesses for rebase protocols like WL (again, suggest reading The Professor’s article here and doing your own research). However, if rebasing is taken out off the equation as proposed above, and there is a max supply of the tokens also proposed above, then leveraging would not be subject to the same levels of volatility and the ability to leverage could be reinstated by vote of the DAO anytime in the future.
Importantly, whether the events detailed by The Professor are evidence of an actual orchestrated attack on WL by directly taking advantage of leveraging and liquidation prices, The Professor’s explanation of what happened prior to the liquidation cascade points out the extreme weakeness of allowing a leveraging option as part of a rebase protocol. Without additional protections, a similar event could occur in the future.
Basic recommendation step for this part is: No more wMEMO leverage on Abracadabra.
No Bail Out for Liquidations
The Professor includes this in his suggestion to Remove Leveraging because the topics go hand-in-hand, but I believe its important enough to be addressed by the community separately. Risk is risk, and the people who leveraged their positions and got liquidated took that risk and suffered the consequences. Even some of the most capable cryptoinvestors did not see the recent crash coming, but that doesn’t excuse the fact that investing in anything with any level of risk that has clearly outlined consequence of liquidation is a personal choice made by the individual.
The purpose of the backing price is to secure that amount for people who actually own, currently, the wMEMO that is being backed, and when you get liquidated you unfortunately don’t own the wMEMO you leveraged. This point should be obvious, but as The Professor says, if you live by the sword, you die by the sword.
Halt the Merger w/ Abracadabra
This is another point I highly recommend reading for yourself, and that I believe should be voted on by the community:
- Keep the WL and Abracadabra protocols and brands separate while still giving those that want to merge the ability to so. WL will still be able to utilize the synergies with Abracadabra to gain a competitive advantage in the market.
Create an Education Platform
The recommendation here is relatively simple:
- Allocate a small portion of the Treasury to hire a professional team to create an education platform to educate the community and that can be updated on a regular basis.
a. This will help to bring in new investors in an efficient way.
b. We already have invested members of the community who could either help to explain what type of education (videos, guides, etc.) or actually do the work themselves. One such recommendation are individuals like Defi Magick who is himself a huge proponent of Dani and WL and has experience doing exactly this type of education on his youtube (which I highly suggest watching if you are starting out in crypto or would like updates on new projects).
I wrote this in another thread but will repeat here since this has more exposure.
I disgree with the rage quit proposal. Fundamentally letting a group of anonymous people take a fraction of the treasury is unfair and opportunistic. The biggest problem with rage quit is there is no guarantee that this will not happen in the future again. What if some group people want to rage quit again in the future then what? Allow some group of people that maybe attacking the system to raid the treasury again? I would even compare this to a bank robbery holding us up threatening us, and we are voting to allow this to happen… absurd in my opinion. The only time the treasury should be dismantled is if the DAO dissolves. People who want to rage quit can just sell their shares of Time, memo or wmemo. Just because you own a stock and you get mad at the management doesn’t mean you can take a portion of the company’s assets. You just sell your stock.
Alternatively, there are other options :
- Since the problem originates from the treasury not initiating a buyback when price fell below the backing price, initiate this immediately.
- Then to compensate for the late action, burn all wonderland tokens transacted from the point of inflection to the point of buyback.
I second this. I’m also against rage quit option.
If community feels strongly about having rage quit, then a snapshot of all holders before sifu gate or earlier should be used.
That way, the sharks circling waiting to loot Wonderland treasury will be excluded.
yes, get him in, and make the changes now.
keep apy, its a good marketing tool,
(or make it transparent to all holders, what their share of the treasury is, and what their expected gains will be every month, based on current treasury and investments)
Hello I hope @the_professor sees this why not do a single coin no rebases just stake and get a reward you can redeem “like farming” would be ideal so that way you can let it stack up and redeem all at once (offers tax shelter like Wmemo this way)
that way people still see a “ticker” as well for the psychological effect/ feel good