[DAO Discussion] Re-open Manual Migrations
Re-open manual migrations. Whether or not the migration was communicated adequately, there is still a large holding of wMEMO willing to migrate.
- I would like to see a formal proposal
- I am not interested in seeing more
High Level Details:
While we can debate the fairness and communication of the VOLTA migration, we can recognize the cost in time and effort it takes to manually vet wallets and wMEMO holders. We can also recognize that further migrations will devalue existing VOLTA. Therefore I propose the following:
- Manual migrations are reopened. A processing fee of 0.25 VOLTA be deducted from the final balance of VOLTA from converted wMEMO. This fee would increase by 0.05 VOLTA for every month thereafter.
- A minimum of
$500 in wMEMO 0.003 wMEMO necessary for conversion.
- The fees could be distributed among existing VOLTA holders, or a portion given to staff as additional compensation for vetting time.
These number are all somewhat arbitrary and open for discussion.
Provide Low Level Details:
The manual migration system, ticketing, etc. is already built out. Re-open said system and deduct a processing fee from issued VOLTA.
Since a DAO Discussion is meant to introduce a proposal, not all information may be available at this stage. The discussion should be used to measure the community’s interest in what is being proposed. If the minimum requirements are met, it can be submitted as a Request for Comments.
As an existing “Left Behind” wmemo holder, just curious as to what $500 of memo would be? Obviously memo is now nearly worthless, and only getting lower. I support the opportunity, just curious how that value would be determined
In whatever case of what is profitable and what isn’t, at the end of the day to move money from one place to another - and to lock that away is just a simple case of tampering with peoples funds. You don’t see a company move their stock to a different name and not take their followers with them.
If a snapshot was taken - i don’t get what turning off migration really does - and if the number is as big as they say then realistically you’ve labelled the new token as a fraud from the gecko. At the end of the day everyones lost their money all because ya’ll decided to be selfish
Think about it for everyone, just keep manuals open but take fees as appropiate if you want your compensation of your time
I don’t want to assume, but I would think $500 in value of VOLTA once migrated would make more sense in this example.
Updated the proposal – my numbers were way off. I changed it to 0.003 wMEMO, which is just enough to cover the fee.
However, is a minimum really necessary?! The processing fee (that increases monthly) will be sufficient.
Any minimum is easily determined by the fee (whether that’s 0.25 Volta or some other justified amount).
Migration ratio = wMEMO 1:330 Volta
So … 1/330 = 0.0030303 wMEMO to 1 Volta
Then … 0.0030303/4 = 0.00075758 wMEMO to 0.25 Volta
Then your minimum at the beginning (assuming the fee of 0.25 Volta - tbd) would be:
A holding above 0.00075758 wMEMO – increasing monthly (if agreed) by the same formula.
Feel free to amend or correct if my math is off.
Please open this back up for manual. I been away sick for many months and didn’t even know about the change from wMemo to Volta. Also, to top it off… I made 40 wallets for Christmas back in 2022, when I thought TIME was an awesome gift to give to people. I just had 1 person ask me about his gift since he saw the news and I just looked. This isn’t something I would look at too often. It wouldn’t be fair to just end it, even though something has passed. Can somebody with a heart please open this back up so I can help everybody? It was time consuming to make all these wallets… HOURS of work, but it was gift that was supposed to keep on giving. Dont ruin the spirit for everybody, please.
Lastly… im not talking a lot in each wallet. It was only dust in each, wouldnt even cover the fee for each wallet… so if I need to consolidate them first to pay a “transfer” fee… then so be it.
Would love the opportunity to be part of Volta after being part of Time / mim / memo / wmemo community for years. Unfortunately I wasn’t able to take part in the migration due to a personal battle with an illness most of last year.
Hi, thanks to support that redirect me here, I saw this thread. I held the WMEMO for over two years since it plummeted, and I didn’t check regularly, assuming nothing was changing. Unfortunately, I didn’t understand what was happening. I really really hope that community help us to migrate. Thanks!
I feel same with u….come on please re-open manual migration
The only way to do that is to have a formal proposal drafted, and passed with vote. The team cannot override a DAO vote so hands are tied on that front.
However, I feel split over it because:
I don’t want to see yet another proposal to end migration after this. It is unproductive to keep going back and forth over this issue.
Even if we have an extension, it will still come back with people asking to migrate and feeling bad about it that they’ve missed the extension.
So I hope that whoever is drafting this proposal also consider the long term effect of it. It can’t be one that simply delays the boat to let some more people who are late to board. So there needs to be some nuance to the proposal, before it will gain my support.
Come on… share this and let people vote for re-open
Only vote can save us
Are there any real numbers presentable here about this?
What’s a ‘large holding’, i.e how many people is implied here to migrate and how much total value of wMEMO is here willing compared to inactive wallets?
I’m sure there are still many who have missed the deadline and would like to have the migration reopen. Hope the team can re open and assit with the request and build the community back up. There are many coming back to the CRYPTO space especially during this period of hype in the market. Looking forward to good new.
The team can’t do anything unless a vote passes to reopen.
Yes guys makes total sense, I agree with the reopening. Its fair. Thanks for opening this discussion.
Anything team members would be interested in seeing to make a proposal work?
Given that backing price going down seems to be an issue with allowing old holders migrate again, can a team member describe why the backing price is important given that the price of Volta is so far away from it and that redemptions are not in place anymore?
Is there a reasonable amount of migrations the team would feel they could do per week/month without compromising other work?
I’d like to add my strong support to re-opening migrations.
I’ve been a longtime holder of $TIME and $MEMO and have a sizable value of tokens that are now essentially worthless unless migrations are re-opened.
While I understand the reasoning behind the DAO closing manual migrations, I believe the time between when the proposal CMP-1 was passed (late November) and the manual migration deadline (Dec 31) was too short. It was also during the holiday season, when people are distracted with family, travel, etc. and are less likely to be paying attention to Discord and Twitter. This is what happened in my case - had the deadline been just 10 days later, I would not be stuck with 1000s of $ worth of illiquid tokens.
So, I wholeheartedly support this proposal and encourage the DAO to put this up for a formal vote. I also wholeheartedly agree that the DAO and/or team-members should receive a cut of any tokens that are manually migrated from here on. The numbers proposed here seem reasonable to me, although I could see the processing fee be even higher (~1 VOLTA).
The team could create a vote and let the voters decide whether to re-open migrations. What does the team need to see to initiate a vote?
As someone who has migrated, I must ask: What do I gain from the reopening of migrations? At the end of the day, most who supported the end of migration did so with the idea of profit, as those who migrated have now seen up to a 2x increase in market price and a 4.5x increase in backing price. Sadly, the reality is that while it is morally right to reopen migrations, greed needs to be satisfied.