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.
2 Likes
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.
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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!
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This is most natural way forward. Long term believers of the project donât 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 doesnât jeopardize any of the long-term potential of the project.
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Half the people disagree with you there Rav. The arb is there because people donât 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 âRage Quitâ; 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)
âbut in the end that is up to the market to decideâ
everyone who wants to can âRAGE QUITâ 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.
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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 holdersâ 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.
Hello everyone,
I fully support DCFGodâs 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 voteâŚbut what I would like to do is to bring to everyoneâs attention the current state of Wonderland Treasury and âRFV â Risk Free Valueâ of WMEMO â âRFVâ 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. Letâs 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:
Treasuryâs Avalanche address/wallet:
0x78a9e536ebda08b5b9edbe5785c9d1d50fa3278c
- TIME 12,224.7546 (Wallet) â 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 Treasuryâs Fantom address/wallet:
0xb6b80f4ea8fb4117928d3c819e8ac6f1a3837baf
What do we have there?
WMEMO 1790.67
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
Whatâs next? Sum up all of the treasury assets across all DAO Treasuryâs wallets, there are 4 (one contains negligible amount):
AVAX - 0x78a9e536ebda08b5b9edbe5785c9d1d50fa3278c:
Wallet: $64,718,546 (including BSGG) and $61,978,872 (excluding BSGG)
LPâs 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:
Wallet: $152,388,313
LP: $39,016,435 (including BSGG) and $34,331,435 (excluding BSGG)
Claimable: $245,696
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. Iâm 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!
Cheers!
Cryptoil00
11 Likes
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.
1 Like
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!
2 Likes
Nice review!
Have you considered that the treasury on Ethereum is holding also this token which is not shown on Zapper (stkcvxcrv3crypto-abra)
Honestly, I wasnât able to really understand how it work, but it seems to represent a staked version of crv3crypto (0xc4ad29ba4b3c580e6d59105fff484999997675ff) on abra. In that case it could be worth an additional $25M.
Perhaps the team could clarify how this asset works and how much itâs worth.
I agree with this plan.
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I have more data. This is the tip of the iceberg. He has bought millions more than listed here. If he would exclude himself and other opportunist buyers I would take his proposal a lot more seriously. It seems everything here is just for personal gain.
3 Likes
I agree that this proposal should be put to vote before the others about the future of Wonderland.
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So your issue is with someone else making money? not with the benefit such a ragequit opportunity will bring to the people? There is a lack of trust for the product to be trading so far below backing price. Why does it matter if others are making money?
This sounds like you are just hating tbh, while DCF is trying to build things and push forward valuable ideas.
2 Likes
how is he stealing? who do you think is selling to him? this absurdity that has been circulating needs to stop, please use your brain
you are in wonderland to make money too, you arnt fooling anyone
rage quit gets price to backing instantly benefiting everyone % equally, people buying lower than those buying higher do better, shock
if you buy high and the price goes down and someone buys lower of course they do better than you