Repay all liquidations under backing price!

Given the Wonderland Team was not able to perform a buy-back of TIME with Treasury funds in the time needed, allowing for TIME/wMEMO price to drop significantly under the backing price, I propose all positions liquidated under backing price get repaid with treasury funds.

Trust has been eroded in the community by not following their commitment to buy back TIME after hitting backing price. This would serve as a way to regain trust in the leadership team of Wonderland and the project itself to deliver on their commitments:

  • In favor
  • Against
  • In favor with modifications (add below)

0 voters

UPDATE

Even though I believe it’d been useful to see the actual proposals (some even not taking funds from the treasury to repay liquidations), this has been the decision by @0xWicked: “I have looked at the rfc, the discussion about paying liquidations overall had a 70% sentiment against ur initial idea. Im afraid that we would be wasting community time if we push your topic to an RFC, only to be voted no afterwards.”

I will be closing this thread on a couple of days.

11 Likes

Arguments against?

Sifu stated multiple times they would manually deploy treasury if it ever reached backing. It went below backing for a significant period of time and significant depth. It was not a single massive red candle that could not be protected against, but rather multiple large liquidations separated by time.

The ONLY way for Daniele and the devs of the whole frog nation ecosystem to regain the lost trust is to do what this proposal is asking.

26 Likes

I had my liq price set at 966, I had trust because it was near the Sifu liq price and because more than once on discord it was said that the buyback would have happened.

I joined with 100k and I’m now with 10k, those are basically my life savings and I’m currently shaking.
I don’t expect a refund, but that action is taken. Some incentive, something.

29 Likes

P.S. No plans of selling.

7 Likes

Why even consider going in with your life savings? omg, diversify.
I voted yes, and then thought, eh, the hell, let’s see how it will play out in the long run.

Just thinking what dev’s will say about this :slight_smile:

6 Likes

Not for or against this proposal. I can carry the weight of the consequences I have decided for myself with the risks I took. But I do agree a lot of trust was lost. I can’t believe Sifu himself got liquidated if that’s the case. Just look at this :point_down: It was handled with utter disgrace.

25 Likes

NO!?!? This only rewards people who over leveraged! I borrowed 3500 mim out of 14k and I haven’t been liquidated yet my liquidation price is 810 If this happens and then these people sell who get paid back and i get liquidated I WILL BE FURIOUS! Reward the degenerates and screw over the people who actually used leverage safety?!?! NO WAY SER!!!

EDIT: When i said “over leveraged” What i meant to say was people who leveraged more vs the people who leveraged less. I understand this proposal is just to cover below backing price.

My entire outlook on this proposal is that it’s shit. There should be a proposal for everyone, every FROG it would be a nasty thing if price sinks again only to have other people who borrowed less get liquidated after the group of people who borrowed more just ditch. What sifu said in discord regarding the backing, did not happen so what is going to keep the people who’ve been backed from selling? That is my qualm with this proposal.

35 Likes

correct. this wasn’t a liquidation due to Bitcoin or market tanking, this was internal to wMemo/Time holders. it was allowed to happen for hours, wonderland didn’t allow me to repay or deleverage while a slow cascade liquidated tens of thousands of frog nation members. promises must be kept, or trust is lost forever, especially when there are competitors who will seize on this, including suits in Washington DC.

14 Likes

You can’t blame Sifu for being liquidated; that is the most asinine thing I have ever read. Sifu could be doing any number of things, you can’t rely on 1 person to be responsible for your actions. If you made the choice to over leverage that is on you. Why should everyone else pay for your decisions? This entire space gets wrecked because of leverage; no one would have anything if those liquidations had to be repaid by those who made better choices. I am not against working together as a team but this is the kind of mentality that brings everything else down. I am already responsible for paying taxes to those who can’t be bothered to put in effort, get a job, want to live off the system etc etc… enough is enough.

I was leveraged in this as well but not over leveraged so I was lucky this time around. Had I been liquidated I would not be asking for a hand out right now. As well, I managed to sell REV for MIM / bridge the MIM from BSC to AVA and repay a portion of my leverage just to be safe. It took a bit but I managed to get it done. Again, if you are going to leverage you have to be responsible for your actions and stay on top of it. Otherwise don’t do it.

32 Likes

we were told, “we wont miss it”, and it was missed. so who is to blame?

6 Likes

In fact, when Time was at 1100$, I went on Abra to deleverage.

I first had to allow the website to manage my wMemo. I submitted the transaction and it took 30 minutes and several tries to make the txn go through.

Time price was 1000$ by then.

I tried to repay my debt, approved the transaction, but went stuck. I put slippage up to 10% and the website popped up the “increase slippage” dragon image.

I tried a couple more times, and got liquidated.

12 Likes

Latest updates from Daniele:

This said is very painful for me to see this liquidations event unfold as wealth generated gets taken away and people loose hope. In this moments is wen I try to do my best to make sure we come back stronger than ever. Many says I care too much, I can’t avoid it tho.

I voted in favor, but I’m also looking forward to team response. Was not affected by the liquidations in my position, but I’m not opposed to reimbursing frogs if it’s no sweat for the treasury.

6 Likes

You guys don’t understand what manual buyback means, if people are selling faster then they can buyback it’s going to go below backing especially with big dumps. It’s no ones fault besides yourself if you got liquidated.

19 Likes

The argument against is easy, since the damage has already been done you’d have to be insane to think people wouldn’t sell out after they get their money back! How about instead of paying people money back we put the funds in a contract so if the price continues to fall and people who actually leveraged safer positions, get liquidated they get paid back first?!

Why should people who leveraged the most get rewarded and the people who leveraged the less get completely fucked?!?! Makes no sense so fuck off with this dumb proposal!

This proposal is starting to make me lose trust in the holders of this project. Holy smokes!

21 Likes

People who over leveraged had liquidation prices above the backing price. It’s reasonable to say this for Wonderland as opposed to another DAO due to the multiple, repeated, consistent comments by Sifu that the treasury would be deployed if/when the price reached the backing price.

Have those comments never been made, then I would agree with you. But because they were made repeatedly, your argument is invalid, as anything below backing would not be “over leveraged”.

Ultimately, it’s their word that they would do what they said they would do publicly many times. They didn’t.

10 Likes

As someone who has been holding wMEMO since September, i will personally never invest another dollar into TIME or any of sesta’s projects if you get your money back and i get liquidated lmao. Why is your money more important than mine? Screw that shit the people who get their money back sell and it screws over the people who have been in the project the longest? That will completely drain all trust out of this not just wonderland but to all the people running it!

15 Likes

Sifu stated on multiple occasions that price would be supporting at backing price by the team. This didn’t occur. I was liquidated at liq price of 1000. If Sifu hadn’t stated this several times in the discord chat then I would’ve not even bothered using leverage near this level.

He also stated he personally had a liq price of 1100.

4 Likes

My liq price was well below the backing price. wMemo liq price of 48k and wMemo backing price was 58k. So I wasn’t leveraging like crazy or anything.

I hope @Daniell and @Sifu do the right thing and pay back the investors who were liquidated well below the liq price.

4 Likes

I’m sorry you feel that way. Ultimately remember all the wmemo that was liquidated ended up netting the team a 10% profit. They could easily pay back what was lost today without putting much of a scratch on the treasury.

That said, careful what you wish for. If they don’t pay back, trust will be lost in this project and all the ones that they are associated with, since their word cannot be trusted.

3 Likes