I personally believe the decisions taken by the Wonderland leadership have cost the project and it’s investors dearly, but that their intentions have been correct. I am all but convinced there is nothing sinister going on within the team, as I’ve seen nothing that conclusively indicates the occurrence of fraud or deception. For this reason, and given the resources still owned by the DAO, I believe the only sensible option is to keep Wonderland going, albeit with considerable changes. Even if intentional wrongdoing within the team was revealed, this would only give cause to address the position and responsibilities of those members. The decision to dissolve the treasury should be based on economics and return to investors, and doesn’t need to concern the history or reputation of its management. I see no reason why the fund can not continue to perform, providing a number of issues can be addressed, as follows.
I might be wrong, but it appears to me there has been massive manipulation of TIME and wMEMO, leading to mass liquidations, caused in part by poor communication concerning the buyback process. The promise of treasury buyback is essentially a massive buy wall, and a price target below which is guaranteed profit. Was an attack not foreseeable then? Why was the buyback procedure not in place when the second round of liquidations occurred? This is the only question of concern that I have regarding the Wonderland team as there’s no way to know if internal collusion was involved. The possibility of internal collusion preventing buybacks coordinated with an externally triggered sell-off and liquidation cascade is too serious to ignore. I consider an investigation and a clear statement from the team on this matter to be crucial to maintaining the fund. If this can not be conclusively settled by the Wonderland team, the DAO should seek out a third-party investigation, whether that involves some kind of legal action or what have you.
A decision on whether to remove Sifu as treasury manager will soon be reached through a vote by the DAO. This is already conclusive and Sifu will be removed. A new treasury management structure will need to be adopted and positions filled.
Likewise the management or corporate structure has been inadequate. The crypto market is 24/7 and therefore so the fund’s management team must be also. Liquidations could have been avoided had there been someone on watch (this in fact is an additional internal failure, at best simply bad timing, that contributed to the last round of liquidations, adding weight to the need for transparent communication and a conclusive understanding by the DAO of what happened).
There must be adequate safeguards put in place or otherwise adaptations to the structure of the fund to ensure that attacks or attempts to manipulate the price of TIME/wMEMO can not have the same effect seen lately.
The decision of whether or not to dissolve the fund should be based on promise of return to investors. An estimate of the current value of the fund to investors should be presented along with a prediction or forecast of performance and returns going forward.
In summary, I feel the following items are necessary to achieve support for the continued functioning of Wonderland:
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a clear and transparent report from Wonderland management describing in full the events contributing to the liquidations occuring on 26th Jan, addressing in detail the issue of why the buyback safeguard was not in place, what caused the price of TIME/wMEMO to crash when it did, why this type of attack was not anticipated, and what steps are required to ensure it can not happen again.
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a decision on the structure of treasury management and how this role will be filled e.g in consultation with the DAO or by appointment, etc
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an updated corporate management structure and plans to fill any additional or unoccupied positions if required and an updated statement regarding the conditions of remuneration for each member.
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a statement containing an estimate of the current value of the fund to investors, and a prediction or forecast of the performance of the fund and what return this will provide to investors going forward.
In conclusion, I have concerns which I would want addressed before I casted my vote against treasury dissolution. That said, I have a great deal of confidence in the leadership team behind Wonderland and fully support their statements of intent. I would much rather contribute to the development of the Wonderland DAO and continue to be part of the movement, than cut and run and wonder what might have been.
