Fully agree with this - thank you for putting so much thought/research into this proposal which shows via real world examples that allowing for a rage quit option benefits both parties (Wonderland & those wishing to exit)! Am completely aligned with this idea and path forward. Strongly agree and also believe that such a proposal is best for both those who want to exit with something and also for the Wonderland community so that they can move on & also demonstrate that they’re true to their word (e.g. Dani’s statement on the 30th that such a rage quit option would be available which has temporarily kept holders from exiting until the option comes to fruition). I think pushing this forward would help show that Wonderland has everyone’s best interests in mind, and help restore confidence in the project overall/potentially create some renewed interest in the project for those that may not be currently invested, by showing that the project looked out for everyone that has gone through this together.
This is great, let’s keep this proposal at the top of the board - keep interacting with this. Let’s make this happen! This is a very well thought out proposal on how to help both Wonderland and also those who want to exit!
Hi. Thanks for the article. And taking the time to explain your stance. Currently reading. And as the maxim goes at said day, I’ll vote my conscience.
Agree with this proposal. Its a superior mechanism to buybacks that are value destructive when the purchase price is above “true liquid backing” but below notational backing.
I totally support this, let’s move forward
@dcfgod Completely agree with your outlook of trying to solve one issue at a time. And agree that the issue of allowing those to exit who want to exit while ensuring the team keeps their promises is right now the most important issue.
As suggested by someone, I would be interested in merging these proposals (Rage Quit Option - Preproposal discussion)
What do you think about wMEMO collected from those who exit being distributed back to those who stay? Makes the whole quit option a win for everyone. Everyone gets something out of it.
I am strongly in favor of this proposal and trust DCF God to be apart of the team that calculates RFV. Removing those that want to leave wonderland now will allow the protocol to move forward with the true diamond hands.
Let’s stop fucking around and put this to a vote.
t agree with this. If the potential rage quitters vote irresponsibly they are torpedoing the project and sabotaging their own position. All they have to do is wait until the market as a whole recovers and we will naturally return to backing price. Why give them a competitive advantage by giving them early retort to the backing price so that they can take that money and buy up other assets on the cheap? It puts our own recovery back ( the long term holders) by compromising our treasury. This is either the free market or it isnt, if they need to leave they can sell. It was clearly stated in the docs that going below backing price was a possibility, but should not be an option for those that can stay the course as the price will recover. it also should not be used as a bail out for those that want their cake and to eat it too. Fudging with the crypto markets is a dangerous game as the buy backs proved.
As someone mentioned before look at Snowbank`s Rage Quit and how that ended up for the treasury.
N.B Burning tokens is not a good idea as we will end up paying a premium for them just to destroy them. Better to hold onto them as when the market recovers they can be sold and their increased value added to the treasury.
Fantastic proposal from a respected member of the community.
It allows people to move forward.
It allows Dani to please both sides of the community.
If you want to stay. Do as you please.
I will vote Yes on the proposal.
Market Recovers? How long do you think that will take? What if we are in a bear market? The opportunity cost of holding on to something until the “Market Recovers” is large.
This proposal allows me to get out at the fair price and it allows you to wait until the market recovers to recovery your funds. lol.
exactly we are going into a bear market. Doubt this thing trades naturally back to backing for a year+. And backing might be much lower given that we are most likely in a bear market.
rage quit option should pay back the backing price for everyone who bought above backing and the buy price if bought below backing. there is no way in hell we should enable arbitrage for the suits. fuck them. and this would already be a too good proposal for them, seeing that the majority holders are down very far and have no option of getting back what they paid for it.
So you think we will always be in a Bear? Do markets not go up and down? Are you are responsible adult that takes your investment decisions carefully? Please think ser. The market is going up at the moment. Whose do say we won`t be at backing price next week? The Wonderland treasury is not an instrument that you can use to arb your position. It is there for those who believe in the project, who voted No last week, and for us long term holders. You have no claim to our treasury but a selfish one. Please sell your position and a good day to you ser!
This is most natural way forward. Long term believers of the project don’t want those who want out in the project. Those who want to RageQuit for backing value should be entitled to do so. It is a win-win.
Without a RageQuit/Redemption, I doubt wMEMO ever reaches its backing price again.
Dani has already promised this on 3 or 4 occasions, and this doesn’t jeopardize any of the long-term potential of the project.
Half the people disagree with you there Rav. The arb is there because people don’t believe in the backing price. You are free to arb just like the boogie man suits. and BTW, I am very responsible with my investment decision. That is why I will rather not risk my chance to get my money back at fair value. You have the same opportunity and you get to decide your risk value.
No. When I was liquidated below beg there was a vote. I saw all the negativity towards the idea of using the treasury to cover any losses of anyone under any circumstances. Anyone who lost had lost. No-one should get an instant boost to backing price. Anyone wanting to instantly ARB the protocol will just dump the price and then “Rage Quit”; and have no doubt that and of the exploiters will leave with the treasury without any second thoughts for this project.
remember WE ALL KNEW OR SHOULD HAVE KNOWN THE RISKS BEFORE INVESTING:
(From the documention)
“but in the end that is up to the market to decide”
everyone who wants to can “RAGE QUIT” at the MARKET PRICE and if you want your losses due to unforeseen event covered (IE price 50% below backing) FORGET IT. If you did not know it before now you do.
These docs are copy pasted from OHM and do not reflect the reality of Wonderland. The into to those docs still states that TIME is meant to be a decentralized currency. We all know that is not what this DAO is or aspires to be.
You talk about risk and responsible investing. Wonderland consistently advertised a backing value (or RISK free value). Leaders of Wonderland consistently stated that the backing price would be defended with buybacks.
Someone making an informed investment was reasonable to believe the promises of Dani + Sifu that RFV would be defended. There were risks to investing in this protocol, price below RFV should not have been one of them.
Also with a rage quit mechanic arbers would not be dumping on the open market. wMemo would be burned while not diluting existing holders’ claim to the treasury. Most of all we can start to rebuild the trust that has been lost over the past weeks by demonstrating that promises are being kept.
I fully support DCFGod’s proposal. It is obvious to me that the project is in dire need of a restart and a restart is not possible while having a good chunk of investors feeling trapped. Not here to argue, everyone is entitled to their own opinion and vote…but what I would like to do is to bring to everyone’s attention the current state of Wonderland Treasury and ‘RFV – Risk Free Value’ of WMEMO – ‘RFV’ being a relative term here obviously since our Treasury does not consist of 100% stables but, nonetheless, would represent a true fair value of the token (backing price) based on the information publicly available.
How do we calculate the backing price per WMEMO? Simple, we divide the total amount of our Treasury assets by the number of WMEMO tokens in the hands of investors aka Circulating Supply. Please note that in order to calculate Circulating Supply we need to identify Total Supply of WMEMO and subtract from it WMEMO that is owned by the DAO itself. Let’s begin:
Total Supply = Market Cap / Token Price
Market Cap at the time of this post (8:40pm EST) is $468.88M (as per Discord Bot) or $477,394,729 (as per Wonderland website).
Token Price at the same time is $20,592.00 (as per Discord Bot) or $21,121.08 (as per Wonderland website).
So, we end up with 22,770 as per Discord and with 22,603 as per Wonderland website. Since there is a discrepancy, a normal approach would be to get the average between the two so we end up with 22,686.5 which would be our Total Supply.
Next step would be to identify all the WMEMO owned by DAO which is also a pretty straightforward although a bit tedious process. We have 2 addresses to review, AVAX and FTM, and all tokens that are part of these addresses are part of DAO Treasury:
Treasury’s Avalanche address/wallet:
- TIME 12,224.7546 (Wallet) – Unclear why these tokens are not staked as they are simply decaying by sitting in the wallet;
- MEMO 206,758.5436 (Staked at Wonderland)
- WMEMO 4547.2446 (Staked at Wonderland)
- WMEMO 776.89 (Liquidity Pool on Sushiswap)
We need to convert all tokens into WMEMO for consistency. How do we do that? Simple, we multiply TIME amount or MEMO amount by 0.0151. Why? It is the current conversion rate as per Wonderland staking page (1 MEMO = 0.0151 wMEMO). What do we have?
- 12,224.7546 TIME = 184.59 WMEMO
- 206,758.5436 MEMO = 3,122.05 WMEMO
So the total amount of WMEMO owned by DAO on Avalanche network is 184.59 + 3122.05 + 4547.24 + 776.89 = 8630.77.
Next we review Treasury’s Fantom address/wallet:
What do we have there?
So, total amount of WMEMO owned by DAO on Fantom is 1790.67.
Total amount of WMEMO owned by DAO across both networks is 8630.77 + 1790.67 = 10,421,44
Circulating Supply = 22,686.5 - 10,421,44 = 12,265.06
What’s next? Sum up all of the treasury assets across all DAO Treasury’s wallets, there are 4 (one contains negligible amount):
AVAX - 0x78a9e536ebda08b5b9edbe5785c9d1d50fa3278c:
Wallet: $64,718,546 (including BSGG) and $61,978,872 (excluding BSGG)
LP’s on Sushiswap: $177,286,523.5 (including BSGG portion of BSGG/MIM pool) and $174,927,228.5 (excluding BSGG portion of the BSGG/MIM pool)
Treasury asset value on Avalanche network = $242,005,070 (including BSGG) and $236,906,101 (excluding BSGG)
Fantom - 0xb6b80f4ea8fb4117928d3c819e8ac6f1a3837baf:
Wallet: $95,076,139.5 (including BSGG) and $11,433,589 (excluding BSGG)
Ethereum - 0x355d72fb52ad4591b2066e43e89a7a38cf5cb341:
LP: $39,016,435 (including BSGG) and $34,331,435 (excluding BSGG)
Treasury asset value on Ethereum network = $191,650,444 (including BSGG) and $186,965,444 (excluding BSGG).
Total Treasury Assets across all networks/wallets: $528,731,654 (including BSGG) and $435,305,134 (excluding BSGG).
Backing price of WMEMO = $43,108 (including BSGG) and $35,491 (excluding BSGG)
What is the % of BSGG tokens against the entire treasury? $93,426,520 / $528,731,654 = 0.1767 = 17.67%
By relinquishing claim to BSGG tokens, people who decide to Rage Quit are actually going to pay 17.67% fee, quite a fee if you ask me, unfair in my opinion and I would revise that number to something like 5% or so.
Another thing to note, Dani explicitly stated at some point that he is going to burn his stake of the WMEMO so if he decides to honor that statement then the backing price would be even higher. I’m not in a position to determine how much of WMEMO belongs to Daniele at this point.
This is it folks, enjoy. I did my best, feel free to review and point out any errors during calculations!
I 100% agree with this. There is no need to hold people hostage that want out. The investment was made with the confidence of a fair Dao that would do the right thing by its investors. Let the people go that want out so the project can move forward and grow.
Clearly this needs to be voted on, how do we expediate this to rfc stage? Sooner this happens the better and the protocol can move forward finally!