What if there was a no interest “loan” to repay those who got liquidated below the backing price but they were not allowed to sell their tokens until that money is repaid. If we really are going to get 70,000%+ APY then they should be able to pay back the treasury in the near future with a portion of the APY. This would seem like a reasonable compromise. It’s their fault they took out leverage. Everyone knows the danger of leverage but it sounds like it may have been inferred that the treasury would step in to prevent the price from going below the backing price. (I have only been in this token for a few weeks so I’m not informed enough to know what was previously said or inferred)
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I think that is a reasonable way of dealing with the issue if the community decides they want to get reimbursed after the cascade. I think there is a main thread on this here: Repay all liquidations under backing price! - #3 by 0xWinstop
This doesn’t work, you would have found the way to print money out of thin air.
Nobody is going to get 70K% APY in dollars. That’s what many didn’t understand of wonderland. That APY is just a way to distributed tokens and the price of TIME is expected to go down at a similar pace of the APY
“APY is just a way to distributed tokens” Not sure what this comment means.
There is no support from the community or the developer to sort this issue. Those liquidated are at a loss. The problem with that is that Wonderland no longer has an edge over other DAOs and investors that lost money trusting a fallacy of a treasury backing will sell on profits. It will take STIME for this to come back ATH.
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Rebase tokens with huge APY are not really going to give you 70.000% on your investment. Some fall into the trap but, as explained multiple times in AMAs, it’s a good way to distribute tokens because everyone that holds keeps their share of market cap while people that sell/trade/etc get diluted (in most cases).
It’s like a very long ICO.
However many don’t understand it and thinks we can print money and get a lambo with 100$ in one year.
WMEMO solves this and that’s why Dani wants to start moving into that… rebase token create hype and get in lot of people not understanding what they are doing, however this causes backslash sooner or later as people watch the price falling and panic because they thought an hyperinflated token would keep its price up.
TL;DR:
- You should not invest in WMEMO if you want to gain 70k% in $
- You should invest in WMEMO if you believe the DAO can do good investments with the treasury which would increase the intrinsic value of WMEMO (not by 70K% !)
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Well I expect to get my 70,000% + APY as advertised and get 320 Lambos worth of $.
Totally Agreed
- Project like this have their fundamental based on people trust. With what happens today that trust is trembling.
- Those people that was liquidated below backing price, was me most strong hand and loyal frogs ever exist. because they believed in Sifu word, Danielle and TIME project for a long time. Time price hit 870, far way below backing price that Sifu said they gona hold.
- Inclusive there is a lot of people that tried to repay or deleverage into this cascade liquidation, but they couldn’t because network congestion or the swap tolerance.
- Another possibility may have been to stop liquidation from the abra contract itself. I always heard Danielle saying that he work for the people no for on project or another, if the contract have this feature probably may have been stop this massacre.
I lost 6.4 wMEMO, almost everything i got. I really believe in Danielle and his team and Wonderland as VC project. I was holder for like 3 months because I trust. I just want to ask for a partial refund to try to start again with something.
Maybe can be wMEMO that you can claim every month or something like that to avoid massive sell’s again.
Probable the people that said no to this proposal are these who don’t believe, they sell before, wait to the massacre and then buy again. I really think these are no the loyal frogs that this project are looking for.
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I am truly sorry for what happened to you I really am. But it was clear that this could happen, its also in the documentation. You cant expect to be bailed out of every time you make a mistake. The real world doesn’t work like that.
There is an ongoing discussion about repaying liquidations, please continue the discussion there:
https://dao.wonderland.money/t/repay-all-liquidations-under-backing-price/5311/2