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? 
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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
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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.
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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
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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.
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As Iâve mentioned above, this is not the teamâs decision to make.
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.
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)?
Posting of links shouldnât be an issue as this domain is whitelisted. Discussions are welcome for sure, as long as they are constructive, I donât see why someone would be muted.
Thank you for creating the discussion, I am one of those who didnât know about the migration process and got shock to see the wMEMO (HODLing for 2 years) now worth pennies.
Ideally there shouldnât be a deadline if the team donât 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
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Thereâs no efficient way to automatically migrate since nobody has access to your tokens. Also, if there was no deadline, Iâm sure many people would never migrate.
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. Youâre literally holding my investment in your system, and telling me you didnât change it to the new coin. Thereâs no reason why there is no option to unstake as volta.
I donât like the âotheringâ attitude Iâm seeing stating that reopening for the various people that missed out provides no value to âvoltaâ members. We are the âvoltaâ 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, thereâs a 5 letter word for that that starts with a âpâ and ends with an âiâ.
I also donât like the âcrypto moves fast, you donât provide value if youâre not paying attentionâ angle. As an investor, you have my money and youâre using it to invest into different initiatives. Thatâs the value weâre 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 âstake and chillâ, âbigger frogs helping little frogsâ, âhodlâ, and such?
Honestly, there is probably room for a lawsuit here.
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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 donât lost 99% of my investment. At least the team should consider taking snapshots so that arbitrage traders wonât make any plays when the migration process reopen.
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Historically, voting has had little participation. It seems to me that many people with voting power choose not to vote or canât be bothered to do so.
The farm has been stopped for quite some time already, and you can always unstake your wMEMO. You canât âunstake as VOLTAâ since thatâs 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 donât 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 doesnât 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 wasnât 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 doesnât 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 donât 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.
Youâve probably noticed by now, we had changed a lot since the Wonderland days. âStake and chillâ, âbigger frogs helping little frogsâ, â3,3 hodlâ 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, thereâs no entity to sue here. Volta Club is not registered in any legislation anywhere in the world.
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 âdisable tradingâ 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 doesnât 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, letâs 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 donât 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.
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 âzeroâ? A genuine question.
Secondly- What difference does it make if people never migrate? And why would you be âsure many people would never migrateâ? 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 thereâs 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.
Nothing happens to them. They still exist in your wallet or in the farm if youâve staked there. They simply have no utility anymore. You canât use them to vote on proposals, and even in the event of a wind down, they no longer represent a claim of the treasury.
So usually, things that have no use are inherently worth nothing. Memecoins for example, have no utility and yet sometimes can be traded for some extraordinary value. But things like that are usually like a game of musical chairs. You do not want to be the last with no seat once the music ends. In this context, if somebody provided liquidity for wMEMO, sure you can trade it around for some value but with no utility, itâll be like a memecoin.
It is important to get people migrated so that the project can move on. I am sure based on my daily conversations with people, I know that with no imminent need to do so, people simply procrastinate. Weâve seen it during the manual migrations, and after migrations have ended where people knew about migrations but chose not to migrate cuz they didnât think there was a deadline.
What is the point of doing this whole rebrand and migrating to an OFT token, if we could allow people to simply hold on to their wMEMO?
The comparison with memecoins is unusual. People know they are of âno utilityâ and buy a very small (fiat) amount on the chance they may 1000x (or more).
Also, while they tend to fluctuate (wildly) in value I am unaware of a situation where one changed name and stated holders of âoriginalâ token would receive a set ratio of the ânewâ token. Perhaps you know of an example âŚ?
How important is it âto get people migratedâ? And as you have clearly stated â besides those that didnât even know about it ⌠there are those that âdidnât think there was a deadlineâ. Why did they think that?
So ⌠isnât the actual amount of time to migrate those that had not done so AND didnât know (or believe there was a deadline) about 34 days?
I am not comparing the migration to memecoins. I am simply using memecoins as an example of something that inherently is worth nothing, having some sort of value because people provided liquidity for it to be traded. This is in response to your question of whether wMEMO is represented somewhere as being worth âzeroâ. In this case, liquidity providers stopped providing liquidity, hence causing the price of wMEMO to plummet.
Regarding your next question, no, migrations started on 28 August. This also applies for people who knew about migrations and didnât do so for whatever reasons. If what youâre asking is that they only had about a month to realise there was a deadline, then yes, very much so. However, I suspect there is only an extremely minor % of people who fall into this category as most migrate immediately upon notice. So far, Iâve only seen perhaps 2 people who mentioned theyâve known about it but chose not to migrate. Doesnât make sense to me why too.
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Like many others I was not aware of any kind of migration happening, so I obviously missed it. Judging by the poll that you had last week the migrations wonât be enabled again. Not sure what kind of alternatives were suggested, but i guess you didnât find (or didnât want to find) any, so there wonât be any migrations anymore right?