Lets do some quick math.
Total supply: 18237.46
Wallet #1: 13617.689
Rest: 4 619.771
Wallet 2, 3, 4 & 5 combined: 3946.065
Rest: 673.706.
Now, if you do another quick math, you’ll realize that the other 29995 wallets to reach the one you mention can’t all have 0.478 because that would mean a minimum of 14337.61 wMEMO left when we already established there was only 673.703 left for all the other holders.
Not hard to see the numbers don’t add up.
I think you have misunderstood given your response:
It was not stated that all the remaining wallets hold “0.478” – just that the wallet ‘ranked’ 30,000 by holding ratio had 0.478 wMEMO.
How are they ranked ?
Also:
If you want a proper discussion, I’ve left an earlier comment expressing my opinion on why the team has acted in accordance with [WIP #32]. Regarding my ‘childish remarks,’ when you scream and accuse the team of lying constantly, how do you expect a discussion to take place?
At the end of the day, YOU are attempting to make a point that the team hasn’t done their job and shouldn’t be in charge. It isn’t very helpful to anyone, and personally, what I understand is that you are assuming the team acted with malice, which isn’t anything that I’ve seen during the migration period, before, or currently.
I am sorry that you lost money, but being in the second stage of grief - anger doesn’t help. I would suggest calming down and collecting your evidence of what the team did wrong and presenting it all in one post so it’s not spread out through 30 posts. Additionally, it won’t come across as someone who is mad because they lost money. Perhaps, have that lawyer make a proper response.
Also, answer me this: If you have been looking at CoinMarketCap and you saw WMEMO lose 90% of its value, why didn’t you do anything? And don’t answer, ‘I don’t have to do anything since it is your investment at the end of the day.’ You could have spent 2 minutes to find out there was a migration and dedicated 20 minutes of your day to complete the process.
Okay, let’s assume the team is 100% at fault here. Then what? Do we fire them? Who takes charge? Given that this is a vote of no confidence, the only thing I lack confidence in is that this discussion will accomplish anything.
Regardless of who is at fault – this decision is easily reversible. Why were manual migrations shut down in the first place? The CMP to end migrations mainly gives nebulous reasons like “not [being] stuck in the past” and “stalling progress.” How is progress being stalled by allowing other legitimate wMEMO holders to convert to VOLTA? The cut off deadline was arbitrarily set for seemingly no other reason than greed
With regards to this query?
It’s pretty clear from the ‘snippet’ to see they are ranked (in descending order) by “Quantity” (amount) of wMEMO held.
That seems to be the case indeed. Which means all 29999 wallets before that would have at least that amount hence the quick 14k wMEMO math.
Hi Alice,
Thank you for your post. To be honest it doesn’t clarify much against the points I made. I have obviously looked through all posts made across platforms and what I pointed out was that on Twitter no reference was made that “Wonderland was now Volta”. I also point out that only 2 posts were made about the migration deadline being in place, 1 in November and 1 in December. I also pointed out that no post was made on the old Discord about the deadline being in place despite only 20% of members on the old Discord transferring across.
At the end of the day the only window that matters is the one month window where millions of dollars were transferred from one group to another and in that period communication was poor and fragmented. I don’t think any extra effort went in from the actual team once that vote passed to get in old holders. You say you don’t want to become a “nuisance” posting on Twitter when unfortunately to get more eyes you just need to do that.
“Certainly I wish the viewership was even wider! I wish the community was more engaged and tuned in to the information we have been giving. We can only put out the information; it is up to the holders whether or not they pay attention, read and act accordingly.”
So what’s been done to fulfil this wish of yours? Everything seems to be just contradictory, we would love more engagement but we don’t want to hype or be a nuisance. The results are in, and that approach has just left “the overwhelming majority” behind.
Can the team also maybe look at communicating to people what Wonderland/Volta actually is? The notion that holders have invested in a fund is sometimes not accepted by team members and members of the community - “it’s a token, this is DeFi, the treasury is not your money”.
I’m not so sure I would agree with a Wonderland/Volta multi-sig member here, there are other ways to not manage $100 million other people’s money correctly:
And Alice, yet another example of the fragmented approach to communications, how come the new CMP #2 Snapshot is now shown on the old Wonderland DAO snapshot page (name change in the last few days only)? CMP#1 was not shown here, even before that was taken down.
I would have to agree with everything @wMEMOholder outlined in the original post. Everything about the way that the manual migration deadline was handled demonstrates incompetence at best, and maliciousness/theft at worst.
I would like to believe that the team was not malicious and did not orchestrate the migration deadline simply to lock out the majority of tokenholders and effectively transfer wealth to themselves. So if it is purely a matter of poor decision-making, the right thing to do would be reverse the decision or at least put the matter up for a vote.
Think about it this way - if a public company had chosen to lock out more than half of it’s shareholders and devalue their stock to 0, there would be a massive media outcry and a major SEC investigation.
A new snapshot page had to be created.
It was made as a sub space of the main one, hence why it shows now. The original CMP snapshot page was not a sub space, so it did not show. Unsure why the original one was not a sub space (maybe it wasn’t an option? ), but it had been created way before CMP #1.
While you can argue it was a “fragmented” approach, that page had been announced when CMPs were launched and the announcements around CMP #1 redirected there. So it’s only really fragmented if your only source of information was snapshot itself.
Fortunately, that’s no longer the case.
What do you mean not accepted by team members? We have been telling people that Volta Club is similar to a managed fund. I’ve even written a long post that have been copy pasted multiple times explaining what Volta Club is and how the buyback system works.
Regarding the post by dafacto, do you know the context of which he was replying to?
CMP#1 was not initiated by the team. It was done by a community member and the team has no say with what was written in it. Our current system allows a Snapshot vote to be posted directly if a proposal manages to find a holder with at least 1% of circulating supply to sponsor it.
We do not KYC our token holders and have no direct way to communicate with them. We can’t call, email, or send letters to our token holders. In such cases, and in many cases for crypto, the onus is up to the token holder to keep themselves updated about announcements. It is easy to simply follow and check social media or our Discord announcements, the latter would have given a notification by default to all members of the Discord server.
yes hes wrong, numbers dont add up, but it is still a shit ton more people that did not migrate, looks like 60-70% of fund did not.
i saw you mentioned 3000 wallets or so that did not migrate, i looked at avalanche explorer today and wallet 15,000 that holds memo has over $400 worth at converted price on dec 31.
So its substantially more, than 3k you estimated. Plus you have thousands of wallets on other chains, and you have 30k+ wallets that hold TIME token.
The numbers a close to what i see others posting 10% migrated and 90% did not no matter how you look at it. So i side with others here. The fact that no team member can provide same numbers baffles me as well, shows that it was never a real consideration or a concern.
Its a Shame what short short sightedness and greed of few can lead to.
Well, thanks for your comments, but I did not mention 3000 wallets. We also already established that there was something wrong with the explorer’s numbers. You acknowledged that yourself, so I’m not sure what to make of the rest of your comment.
Most of the numbers provided were around the supply of wMEMO that migrated and not wallets. That being said, I encourage you to comment on the other discussions around re-opening the migration if you have not already done so.
sorry i tagged the wrong person, there were too many comments here,0xDjinn was the one.
“We also already established that there was something wrong with the explorer’s numbers. You acknowledged that yourself, so I’m not sure what to make of the rest of your comment.” i am not sure what you referring, but i never said that.
I was commenting that finding that stase… posting were off, based on what i saw, but checking it myself i found to be closer to the truth, vs 3,000 unmigrated wallets that @0xDjinn posted in earlier comments, as those with over $15.
As mentions wallets 15k, based on avax chain has $400+ of value and that is a fact i verified myself earlier. Looks like this person has swapped out his holding same day
that was wallet 15k i looked at.
Really good discussion, @wMEMOholder. I’m posting a link to another discussion about how to solve post-migration issues, for anyone who made it this far: [DAO Discussion] Post Deadline Migration Fund
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