Hi Guys, I have taken a deep dive into the Wonderland Treasury and the results around the true backing price per wMEMO are astounding. If this vote passes, all of the wMemo, Time and Memo owned by the DAO will be burned and contract the circulating supply thereby increasing the backing price.
Here are the DAOs current holdings of wMemo, Time and Memo. For ease, I will convert the Time and Memo to wMemo (divide by 49.3852) so we get one nice wMemo balance:
Time: 12,224.75 (247.53 wMemo)
Memo: 187,438.49 (3,795.43 wMemo)
Total DAO owned WM on Avalanche: 9,316.04
Total DAO owned wMEMO: 11,106.72
Now lets look at the circulating supply so we can deduct the 11,659.12 Dao held wMemo which will be burned:
Total Supply of wMemo:
- Avalanche: 15,060.80
- Fantom: 2,343.07
Total Supply = 17,403.87
Net Supply of wMemo (after DAO burn):
17,403.87 - 11,106.72 = 6,297.15 wMEMO
Total Assets in Treasury (excluding wMemo, Memo, Time):
This changes with asset price but I have calculated this to be $466,434,651.
True Backing Price per wMEMO: $466,434,651 / 6,297.15 = ~$74,070.
This proposal is to have the Wonderland team provide transparency around the true tokens in circulation (less those held by the DAO) and a breakdown of:
- The total circulating supply when combining all tokens (converted to wMemo)
- Amount of total circulating supply held by the DAO (converted to wMemo)
- Net total in circulation not held by the DAO
It is only then can we find the true backing price per wMEMO as the current one on the website includes all Wonderland token within the Treasury and in circulating supply.
Vote YES to have the Wonderland team provide more transparency with the breakdown as shown above.
Vote NO to do nothing and have no transparency.