Great initiative man. Really good play to post on Medium as well to get attention from a wider audience.
On point 1 - Buybacks. I’ve been on the fence from the get-go about the benefits of buybacks as there’s been tons of mixed opinions on the topic since WL launched. We had a chance to test them, they worked for a while, until they didn’t. At the time, the “what’s in it for me” was simply to keep the price of your holdings at backing. removed this section thanks to a post from another user clarifying what I had misread. I’d be happy to see buybacks happening anyway just to demonstrate some signs of life.
On point 2, I don’t feel qualified to comment. All I would add here is that the future TM should set the investment strategy once selected. I’m aligned with the idea that we need an interim strategy to begin producing with the remaining 500M treasury we have. Whether that is this or some other creative ideas Dani has are TBD.
On point 3, I agree and think the time has come to scrap the rebasing. In doing this, we need to revisit how we launch a vote. My understanding is that you need 100 Time today to launch a snapshot vote, and rebasing helps you get there. Without rebasing, it’s purely a $ figure game to be able to launch a vote, which means unless you continuously invest, you’re never getting to that point. Ideally, we should have a plan for this before removing rebases altogether. From your list, this is the lowest priority IMO.
On point 4, I would love for us to get some insight from Dani on how this is progressing and what his process for considering candidacy is. Is he still taking suggestions from the community at this stage? If it turns out that he wants the community to handle this task and we need to figure this one out ourselves, here’s how I would break down this process to progress in a structured manner:
Select a WL rebuild team
The purpose is to empower a group willing participants within the community with the authority to contribute at a more direct level to rebuilding Wonderland, which would primarily be to help find a new TM. The rebuild team can remain in place for other subjects if the community wants it to and the rebuild team wants to continue, but the objective is not to become the new operational structure of Wonderland.
- Create the requirements list for anyone looking to join the WL rebuild team.
- Open up an proposal taking inventory of applicants for WL rebuild team.
- Get WL Core team to signoff on the Rebuild team’s authority to assist in the TM discovery process.
Define Job Description and scope for Treasury Manager.
This first step is essentially building consensus in the WL community on what we expect from our future TM.
- Align on scope of the TM with the core team and rebuild team. (What can the TM do. What can’t the TM do.)
- Write an exhaustive draft of the proposed functions of the treasury manager.
- Present a draft job description of the TM role to the core team and the WL rebuild team.
- Once fully aligned. Submit to community for visibility and open it up for comments and feedback.
- Collect feedback. Any strongly supported changes from the community should be debated between core team and rebuild team.
- Revise draft - share decisions made on popular changes suggested from the community in replies on the WL forums.
- Finalize the job desc. (proofreading, translation if we want to go international).
Determine if any special requirements should be included in the process for the hiring of the new TM
I decided to separate special requirements from the initial alignment, as many of these are quick questions that should be answered by the community. Simple popular vote through polling would set us on the right path for many of these points.
- Ask the community via the Forums to share any special requirements we should include in our official consideration for new TM applicants. Core team and rebuild team should pass their ideas through the forums as well. Key examples:
- Should TM be doxxed?
- Should TM be comfortable participating in video interviews with WL media?
- Should TM be expected to be active in Discord on a daily basis? (within reason obviously)
- Should TM have ultimate authority on all treasury decisions?
- Should there be limits to the budget the TM can allocate to projects before a DAO vote needs to be launched?
- Should there be discretionary spending for TM?
- Review commentary from community. Present cliff notes to Core Team and Rebuild Team.
- Rebuild team to reply to the most popular suggestions (50+ likes or some other metric, TBD) with the results of the decision making.
- Launch short vote (3 days) so the Community can provide their consensus on the points listed as a package.
- Ideally this passes, otherwise we need a strategy to figure out which will need to be removed.
- Implement any required changes into the job description and in the upcoming Medium article.
- Update our documentation with the full expectations of the TM role, attributes, and special requirements.
- Optional - RACI chart for treasury management operations built.
Define Compensation structure for Treasury Manager
This one is fairly self-explanatory, but here’s the process I would follow:
- Align between Core Team and Rebuild team on a fair compensation structure for new TM.
- Total amount.
- Redemption timeline.
- Bonus tied to performance metrics. I.e. If TM can ensure Revenue share hits 2k/wmemo/month in their first 6 months - they get a one-time bonus.
- Align with Dev resources on proposed compensation structure to ensure that any selected specifics are possible from their position)
- Present to the results to the community on the forums. If there is strong opposition, revisit this with core team.
- Update Job Description docs with the details about compensation.
Select a new Treasury Manager
- Launch a short DAO vote for consensus on all the requirements of any future treasury managers. If the vote passes. (Everything we settled on above would be part of this vote). Proceed to next steps. If the vote fails, collect feedback via WL forums and launch another vote. (We can align quickly with founders on how many fails can transpire prior to an executive decision being taken as to not further delay this process).
- Align on acceptable timeline for submissions for new treasury manager.
- Define where applications should be submitted and what criteria they should include in their submission. i.e. Should it be posted on WL Forums? Should they follow a basic template? Should a voice AMA be done with any shortlisted candidates?
- Post on all social media channels that Wonderland is accepting applications for treasury manager.
- Community is given a chance to review all applicants. Top 5 most popular from community will be considered.
- Founders will have an opportunity to review the Top 5 most popular and voice any objections and veto a maximum of 2/5 candidates. Objections and vetoes will be done transparently to the community and reasons will be shared.
- A pre-defined timeframe is established for the top candidates to introduce themselves to the community publicly. They should be open to scrutiny, challenge, questions in some format.
- Ideally, each candidate should come prepared with their own 30-60-90 day plan (or some variety applicable to a TM role).
- Once the timeframe is up, the DAO vote will launch.
- DAO vote is concluded. Winner is selected and granted access to the multi-sign.
- Documentation to be updated. (Wonderland Docs mainly, but anywhere else we have info needs to also be updated with latest decision).
- Communication across social media platforms performed.
Sorry for the long post. I actually had most of this written up already in another space. Anyway, this is only really useful if the community needs to handle this task. There’s still a lot involvement I predict would be necessary from the core team, but if the rebuild team can have scheduled access to the core team, this is all very doable.
Depending on the needs, maybe the rebuild team could remain in place to focus on other important topics to address for WL. But this obviously depends on the community sentiment, the operational structure Dani has in mind and the level of authority people are comfortable with empowering this group of individuals with.