PROPOSAL - Framework for Governance, Tokenomics, and Treasury Management [NO ATTEMPT TO TAKEOVER OR MAKE WHOLE AT PURCHASE PRICE]
- Point 1. Consolidate and freeze all treasury transactions
- Point 2. Remove the 5 day requirement to replace management
- Point 3. Wonderland Leader
- Point 4. Wonderland Team
- Point 5. Wonderland Governance Team (Board)
- Point 6. Tokenomics and Treasury
- Point 7. Rescue Fund
- Point 8. Allocation of treasury proceeds
This a proposal to put a governance framework in place at Wonderland without rushing to any sort of hasty hiring decision. There have been a number of proposals pitching new fund managers or “making things right”, but none focused on an actual framework for running Wonderland.
To this end, I would like to propose the following points for consideration. I also note that I have no meaningful economic incentive with this proposal. I do not propose myself for any of the roles. I have 1 wMEMO, have had MEMO since November (buying and selling at highs and lows), and voted no to dissolving Wonderland. 1 wMEMO is not financially significant to me so I am not being swayed by financial outcomes. I simply believe Wonderland deserves a better ending than dissolution under these circumstances of FUD and whale games. I’ve enjoyed my time with this community in good times and bad, and hope to see it somehow fight its way back against all odds.
This proposal builds on a comment I made in the forums referenced here => Don't Panic Proposal - #26 by sech.
POINT 1. Consolidate and freeze all treasury transactions
There should be absolutely no transactions of the treasury immediately OTHER than to fund a third party audit of all treasury proceeds. All personal wallets being used to hold treasury funds should be immediately sent to the treasury within 48 hours. Any funds in the treasury should be considered Wonderland assets.
POINT 2. Remove the 5 day requirement to replace management
It’s not necessary if the treasury is kept intact. Rushing to replace management will only lead to poor decision making.
POINT 3. Wonderland Leader
It must be Dani. He must stay in the game. Without him, there is no Wonderland. He will be responsible for community building, partnerships, and overall strategy. Basically, just keep being Dani. He should not have unadulterated access to the treasury, and should have to work through the treasurer and board.
POINT 4. Wonderland Team
Without Sifu, we will need a new treasurer. It could be a full time person or an organization, but all individuals should be fully doxxed. This person should be responsible for laying out a strategy for the treasury for the governance team to review and approve on a monthly basis. To allow for agility, the treasurer will also have the authority to make autonomous decisions of up to X% (assuming something reasonably safe like 10%) of the total treasury value but should notify the board no later than 48 hours after the transaction.
Marketing is a full-time job and cannot (should not) be handled sufficiently by Dani and a treasurer. So we should fund a marketing manager as well. The marketing manager will be responsible for branding, marketing, PR, managing Discord, social media, and other matters.
POINT 5. Wonderland Governance Team (Board)
Wonderland has been lacking checks & balances. This proposal is for 3 individuals who will have oversight, be on the multi-sig (along with Dani and the Treasurer). The board should approve monthly strategy, transactions above the treasurer limit, hiring/firing of the team, changes to tokenomics, and other matters of governance. Board members should be elected in by Snapshot and need to be re-elected every 12 months. Board members can be removed via Snapshot vote by a 2/3 majority vote.
There should be no commingling of funds between Wonderland and any individual. All Wonderland wallets should be public and complete. A separate wallet should be established for operating expenses (see below).
An annual audit should be conducted accounting for all treasury and operating expenses.
POINT 6. Tokenomics and Treasury
We should remove rebasing and move entirely to wMEMO. No more TIME, no more MEMO. It’s confusing, unsustainable, no longer necessary, and focuses on the wrong thing (crazy high APY vs. investment). Value should derive from use of the treasury. The use of the treasury should to generate profits via yield farming, partnership investments, and venture investments. The specific allocation should be determined by Dani and the treasurer, and approved by the board.
Once the team and board have been filled, wMEMO holders can stake their wMEMO for revenue sharing.
Profits, determined periodically (as determined and approved by the board), should be distributed as follows:
- X% to Dani
- X% to the board
- X% to the treasurer
- X% to the marketing manager
- X% to an operating fund
- X% to a liquidated frogs rescue fund (see below)
- X% to staked wMEMO holders
- X% to the treasury for reinvestment
POINT 7. Rescue Fund
Although there is strong sentiment that liquidated frogs should not be rescued, This proposal contemplates providing for those who were liquidated below treasury backing pricing. There will be a form where holders can submit their liquidation proof or we can perhaps determine it via some other means. But there will be a deadline to fill it out and subsequent to the approval by the board, a % of profits will be used to distribute to the rescue fund in the form of wMEMO tokens that will be automatically staked and locked for a period of time.
POINT 8. Allocation of Treasury Profits
This proposal leaves out specific numbers because the framework points and specific %s can be approved independently. The board should also have the authority to make slow changes over time (perhaps a limit of no more than 10% swings per month). However, this proposal was also created with some ranges in mind so they are provided here for consideration:
- 1.5% to Dani
- 0.5% to Split among board
- 1% to Treasurer and staff (as approved for hire by board)
- 1% to Marketing Manager and operations staff (as approved for hire by board)
- 1% to Operating Fund
- 0.5% to Rescue Fund
- 50% to Revenue Share to staked wMEMO holders
- Remainder back to Treasury for reinvestment