Re-open Manual Migrations

Governance DAO Discussion
38

Hey Team and Everyone in the Community,

We need to talk about what’s going on with our migration strategy. I’ve been digging into the numbers and, honestly, what I’m seeing is not sitting right with me.

Here’s the Deal: A lot of us, and I mean a big chunk of our community, are getting the short end of the stick because of decisions made by just a few. I was checking out the AVAX chain and saw something that blew my mind – about 70-80% of people haven’t switched over.
Look at this one wallet, for example (#15,000 top holder that i looked at last night): Check this transaction on SnowTrace
tx: 0x4233bafecb92b27317a8ffc1a22a573af386aed7e53abba8733de7a0ef2b5df1

This person had to let go of their investment for just $3 when it used to be worth over $400. That’s just not right.

So, What Can We Do?

  1. Let’s Add a Small Fee or Tax: This could help balance things out during the transition, it was proposed already
  2. Mix and Match Proposals: Maybe we can take the best parts of different ideas to make something that works better for everyone.
  3. Think Long-Term: We’re all here for the long haul, right? Let’s make decisions that will pay off down the line.

I’m Calling on All of You:

  • Let’s Talk More: We need to get everyone’s thoughts on this. Different viewpoints are key.
  • Reevaluate ASAP: The team needs to take a second look at our strategy with all this new info.
  • Be Open and Own Up: We need to be clear about what’s happening and fix things if we’ve messed up.

In short, we’ve got to pull together and fix this. It’s about keeping our community strong and making sure we’re all moving forward, together.

7 Likes
39

I appreciate your opinions and call for more discussion and ideas. However, just to be clear, this is not a team decision to make. The people you need to convince are the current VOLTA holders, not the team.

In order for something to change, there needs to be 3 things:

  • A formal proposal drafted
  • Finding a sponsor to post the Snapshot vote
  • Vote passing in favor of the proposal
5 Likes
40

please re open migration. It should of been done automatically or with larger time frame.
to be a trusty correct project volta needs to step up and allow all wonderland participants

4 Likes
41

How can this proposal find a sponsor (to post the Snapshot vote) if it is not possible to communicate with people (current VOLTA holders) that have the capacity to be said sponsor?
It seems those that missed migrations are in separate channels on discord than what Volta holders may be inclined to be active in (if they even are active in any).
Can you suggest a solution to this predicament?

42

Thank you. Can you please share a good example of a previous formal proposal? Does the team have any documentation (how-to) on the overall process and how to get started? :pray:

1 Like
43

You can check out WIP#32 here: [WIP #32] - Wonderland DAO Amendment for reference.

As for how to post a CMP, you may refer to this article here: Empowering Community Decision-Making: Wonderland DAO Introduces Community Member Proposals | by Volta Club DAO | Volta Club Newsletter | Medium

1 Like
44

People who join Discord will have full channel access (sans the VIP channel) after 7 days. There is no requirement to be a VOLTA holder to be able to access channels shared with holders.

1 Like
45

Kindly reopen manual migrations. Doing this to people who bought tokens just gives the project a very bad name. It makes it looks like a rug pull.

It is not good for your, or for the community to shot our honest investors like this

4 Likes
46

In the short term, you are right. But if we want this to be a community of like-minded people and want people to believe in and continue to invest in the DAO, then reopening migrations and not screwing those who were unable to migrate on time, would be the right thing to do. If word gets around that some of the community screwed the rest, then the token is destined to crash and not be investable.

4 Likes
47

As I’ve mentioned above, this is not the team’s decision to make.

48

Ironically, the more the token crashes, the more profitable it is for token holders due to buybacks. But I do support finding a solution that benefits both parties.

49

Does that include being able to post links to a CMP from this forum? And also being able to rationally debate the issue in those channels (shared with holders) without getting muted or banned (for rallying)?

50

Posting of links shouldn’t be an issue as this domain is whitelisted. Discussions are welcome for sure, as long as they are constructive, I don’t see why someone would be muted.

52

Thank you for creating the discussion, I am one of those who didn’t know about the migration process and got shock to see the wMEMO (HODLing for 2 years) now worth pennies.

Ideally there shouldn’t be a deadline if the team don’t take up the responsibility to make these migration automatically. If you expect investors to take manual action to protect their investment value within a deadline, I am pretty sure, not 100% of the investors will make it within deadline

1 Like
53

There’s no efficient way to automatically migrate since nobody has access to your tokens. Also, if there was no deadline, I’m sure many people would never migrate.

54

That migrations closed with so few people voting and so many people getting left out is really unethical.

My wmemo was literally still staked in the volta farm. You’re literally holding my investment in your system, and telling me you didn’t change it to the new coin. There’s no reason why there is no option to unstake as volta.

I don’t like the “othering” attitude I’m seeing stating that reopening for the various people that missed out provides no value to “volta” members. We are the “volta” members! Do you want to wait 22 days then act as if a large percentage of the group no longer matters? Would you want this to happen to you?

If the increase in value for some members comes from other members losing their investment… well, there’s a 5 letter word for that that starts with a “p” and ends with an “i”.

I also don’t like the “crypto moves fast, you don’t provide value if you’re not paying attention” angle. As an investor, you have my money and you’re using it to invest into different initiatives. That’s the value we’re providing… actual capital. On our side, we generally need to just check how things are going a vet the management… so far I was okay with all updates, until this happened.

What happened to “stake and chill”, “bigger frogs helping little frogs”, “hodl”, and such?

Honestly, there is probably room for a lawsuit here.

6 Likes
55

How about taking snapshots for few weeks before the migration announcement and airdrop volta token to the equivalent wMEMO held in the wallet based on the snapshot? (disable MEMO/wMEMO trading at minutes before airdrop)

Anyways I just want the migration process to be open so that I don’t lost 99% of my investment. At least the team should consider taking snapshots so that arbitrage traders won’t make any plays when the migration process reopen.

1 Like
56

Historically, voting has had little participation. It seems to me that many people with voting power choose not to vote or can’t be bothered to do so.

The farm has been stopped for quite some time already, and you can always unstake your wMEMO. You can’t “unstake as VOLTA” since that’s not how smart contracts work. If the token you staked in the contract is wMEMO, you will only receive wMEMO when you unstake.

Whether you like it or not, the migration deadline has created this distinction between token holders. No one is acting about anything, and we are actively brainstorming solutions to this issue. The reality of the fact is that only VOLTA holders can vote, so I foresee any solution to benefit current holders to convince them to vote in favor.

By buying the token, you don’t actually contribute to the treasury. Unless you had initially participated in bonding, which allowed you to essentially buy TIME tokens OTC from the treasury at a discount, buying tokens from the market doesn’t actually add any capital to the treasury. The truth is, crypto actually moves very fast, as any kind of nascent industry. This whole migration precipitated from a hack at Multichain, which exposed a huge security vulnerability for many protocols that use their bridge service, not only us. Such things required us and all token holders to act fast, to minimize any risk to the protocol.

To give you some context, the Multichain bridge was hacked and founder arrested. There are wMEMO held in their wallet, which were deposited whenever someone bridged their tokens. This essentially created a bunch of wMEMO that were not backed (and double counted). In normal conditions, this wasn’t as issue as these wMEMO are released back when people bridge back their tokens. However, since the Multichain founder got arrested, the custody of the Multichain wallet is in question. It was supposedly passed to his sister, who got arrested as well. People started to think perhaps nobody has control of the wallet, until funds started moving from it. So while we had the migration contract up, the team have been monitoring the Multichain wallet 24/7 to make sure the wMEMO in there doesn’t get moved.

So while the team has made their best effort to secure the protocol by doing the migration to a new token, it required the participation of token holders. We don’t actually have any control over your tokens, even the ones staked in the farming contract are not accessible by anybody. So while we have done our part, it takes 2 hands to clap in this situation. As with any form of crypto investment, it is not wise to just leave it unattended for long periods of time. Much less for DeFi.

You’ve probably noticed by now, we had changed a lot since the Wonderland days. “Stake and chill”, “bigger frogs helping little frogs”, “3,3 hodl” are stuff from the Wonderland days when Dani was running it. These are no longer relevant in the new model we have developed for the project since the new management took over after Dani went AWOL and neglected the project to go fishing.

Unfortunately, there’s no entity to sue here. Volta Club is not registered in any legislation anywhere in the world.

57

People have suggested this before but there were some issues with doing that. First of all, there are people holding TIME, people holding MEMO, people holding wMEMO, people who staked wMEMO in the farm, people having TIME or wMEMO in liquidity pools, people with wMEMO on FTM chain, etc

So it is not as simple as taking a Snapshot and just airdropping tokens because Wonderland had 3 tokens and they are all over the place. Given the time sensitivity of this migration due to the Multichain hack, this was determined to not be feasible to be deployed as soon as we can.

Also, there is no way to “disable trading” because we no longer use Protocol Owned Liquidity and anybody can provide liquidity for wMEMO trading. So as long as there are people who provide liquidity in the LP, wMEMO can be traded.

As mentioned many times in this discussion, the decision to reopen migration doesn’t lie with the team. It would require a proposal to be drafted, sponsored by a holder with at least 1% of circulating supply, voted on by VOLTA holders, and passed. Only then, can the team proceed to reopen migration. My issue with reopening is not so much arbers trying to game the sysyem. We had already mitigated that by doing manual migrations whereby we check every single wallet and trace the source of wMEMO.

My issue is that, let’s say we reopen, do we have a new deadline? If yes, then I am almost positively sure that there will be people who will miss it again. What do we do then? Reopen again, and again, and again? If we don’t have a deadline, I am also positively sure that there will be people who do not migrate since there is no immediate impetus to do so. Then migration would become a thorn in our protocol operations.

58

Firstly, If nobody has access to your tokens what happens to them? As a deprecated token is it somehow represented somewhere that it is worth “zero”? A genuine question.

Secondly- What difference does it make if people never migrate? And why would you be “sure many people would never migrate”? Realistically as the market turns around more and more people will re-acquaint themselves with their crypto holdings. For sure there will be people that never migrate … just like there’s a few million BTC in wallets with forgotten/lost seed phrases. And maybe some people that just plain forgot (they even had Time/Memo/wMEMO) because they had bits and pieces of so many projects.