[RFC] - Offer Rage Quit Before Other Decisions Are Made
- Yes, offer a rage quit before further voting
- No, keep on the current course
Link to previous [DAO Discussion]: Proposal - Offer Rage Quit Before Other Decisions Are Made
The above proposal now has 100 comments, thousands of views, and significant support over both Twitter and Discord (https://twitter.com/dcfgod/status/1489120202327531520). Therefore I am moving to the RFC stage of the governance process, next will be an official WIP and vote.
Also from the discussion above, the following changes will be made to the proposal:
The rage quit window will be extended to 1 week long
Liquidity will not get pulled as people may still want to sell their rebases or buy more
Not pulling liquidity gives opportunity to long term users to rage quit and use those funds to buy more WMEMO while below backing, hence giving an opportunity for folks to acquire more for no risk if they want
Even if liquidity isn’t being pulled, the MIM from the LP position will still be included in the math for total backing amount. Therefore this won’t impact the amount received
The team will prepare the maths and I will personally audit them so there is a transparent report for all holders on what the amount is. A community member has prepared this which seems accurate at first glance: wMEMO valuation - Google Docs
In the interest of time, in order to avoid any needs for re votes, danielle (https://twitter.com/danielesesta) has executive control to make minor adjustments as long as it doesn’t decrease the RFV by more than 5%. I don’t see any use case for this clause, but just incase.
I believe this is the way to go. The fact is, there are too many “trapped” investors that want to get their portion of the treasury. Until they are allowed to leave, the proposal votes are going to be too conflicted and this could end up steering WL in a direction that people do not want. (for example - a lot of the trapped investors are going to vote for whichever proposal means they are able to leave with the best terms. Where a true believer would vote for other reasons).
WL needs a united and aligned community to thrive and whilst those trapped investors are here, that will not happen.
No rage quit option, investing carries risk, if they want to quit they can just sell their tokens
I like this one. But have some suggestions.
Rage quitting should only be able for those who bought above backing. So using a earlier snapshot will do that part. Like the “Sifu Gate” or some are talking about a snapshot made the 26th.
You have to be elligeble.
I think it makes absolutely no sence at all to keep liquidity pools open.
It will end in total disaster for everyone to sell and buy in and sell and buy in and so on.
Remove that liquidity until we are a few steps ahead.
But else. I’m on this one. Have made one that looks a lot like it.
Agree with the proposal in it’s current form. I think it will be too hard to fairly do the ragequit option using snapshots in the past as it will not be able to account for all the different cases of when people bought and sold and who should be included.
if rage quit gets implemented then arbitrage has to be removed. that means everyone who sold below backing price will only get backing price and everyone who bought above backing price will get backing price. thats more than fair.
I fully agree with this proposal. The project advertised buybacks to defend backing and dropped that commitment unilaterally, which was a serious breach of confidence.
I understand that some people in the project want to change course, but in order to do that you need to offer those that want to leave a clean break.
So. You think it’s most fair to let people jump in and take arbitrage advantages of the treasury? And then sell. Buy again under “so called backing” price and do it over again?
That makes no sence.
Actually when we have the tools to draw the most fair line, let’s use them. It’s obvious that everyone who bought the last 5 days want to have backing price, when they can leave, and then make a 2-3x on their investment.
No matter what, I don’t think we shall allow that. Doesn’t matter if it’s 50k$ or 100mm$ we are talking about. It’s just the principals.
Using the exactly same snapshot as for the “Sifu Gate” event, maby earlier, will do no loss for those who bought after. But still huge losses for long term frogs
I think that the right to quit at backing is OK, but the right to rebuy, and then quit, and son on, it going to be an absolute mess for our treasury, token value, etc.
Yes, that is why a “bought before dd/mm/yyyy” must be stipulated.
Want to hear what the options are. This feels like people just trying to do some arb trading.
I agree that offering this is the fastest way to allow those who do not have the project’s best long-term interest in mind to leave before we start voting on what is best for us moving forward. I personally will be here for the long term, and would would like to rebuild the project with other forward-looking investors, not those who are seeking the fastest way out.
So far the most compelling argument that I have seen in favor of allowing the rage quit option is described in this medium article: Can Frogs Exiting At Backing = Bank Run for Wonderland? & A Potential Path Forward | by Bee DeGee | Feb, 2022 | Medium
If someone could explain why this wouldn’t work, I would be very interested in reading and might change my position.
Also, the author of wMEMO valuation - Google Docs apparently did not account for aprox. $86M of BSGG which is held in the treasury on AVAX and FTM and I’m not quite sure why this was not included.
There are some interesting arguments made against Rage Quit here, however everyone apparently is assuming that we can actually get things working again even with people who just want out at the backing price voting for short term solutions. Looking at how hard it was for us to go against the Wind Down Wonderland vote, it concerns me that without this, it will be so much harder to get everything working smoothly again.
Strong yes on this. We’d like to move forward quickly and flush out arbs – let’s do this quickly and let the community stabilize around a good path forward for true believers. What can we do to make this happen faster?
Strong yes here. This would unite the community (well let the ones that don’t wanna be here leave), increase wmemo price for current holders and make the atmosphere much better. The whale hate or hunt is ridiculous and not helping for the project to move forward.
You realize holders want the option to get out at backing as well? It’s also unfair for people who bought into a project with a backing price that isn’t honored.
I understand that as well. But treasury isn’t going anywhere, and it’s still generating revenue and appreciating with the market.
I agree but I also think the only clean way to move forward is to allow the exit at RFV once and for all. Then it’s over, the treasury will decrease by a small % and people’s share of the treasury will increase due to burned wMEMO. It will clear the air and make moving forward easier imo.
its obvious to anyone who have read any threads about rage quit that it is both fair and needed option. the only people voting no are trying to “fuck the whales”, its embarrassing. huge yes, lets get it over with, so community can move forward without toxic people who don’t want to be in