With Wonderland coin holders voting to keep the DAO and not to dissolve; there has been continued discussion on if we offer a rage quit option to sell tokens at backing price. Daniel seems be in favour of the Rage quit option and to allows users to merge with Abracadabra, the general mood on discord seems to be against this.
The main argument against seems to be because if will primarily benefit the Whales looking to arbitrage trade, and the depletion of the Wonderland treasury. The counter argument is that it allows users to get out now after the recent drama at a smaller loss than if they simply sold. Additionally token holders had assurances from the founders that backing price would be protected, Wonderland has failed in this regard.
My proposal is to offer holders a rage quit option, below backing price but still favourable to the current market price. My initial thought would be a 30k USD price per WMemo (current backing price 37k). This will;
- Still offer damage reduction to long holders who want out.
- Allow Whales to sell at a lower profit value. I’m aware holders don’t want to give them anything, but it is better to offer them an exit now than to have them dump on us later when we are trying to rebuild.
- Cost on the treasury will be smaller and Wonderland will benefit buying the share of the treasury at a discounted price.
Additionally, I would propose to offer the option for the users to take up the merge option with Abracadabra, again at the same lower than backing price. In the is scenario Abracadabra would get their portion of the treasury to the value of the price the coin was sold at. The remaining assets from the trade would remain with Wonderland as profit.
As an example, using the trade of 30k USD WMemo and backing price of 37k USD, Abracadabra would get a value of 30k of the assets and the remaining 7k would stay with Wonderland.
I’m interested to hear all Frog’s thoughts on my proposal, I think it can be a solution that suits everyone and allows Wonderland to move forward to a new era.