- Stop Rebases
- Make No Changes
Name: [RFC] - Stopping Rebase
Scope: Stopping rebasing mechanic
Link to previous [DAO Discussion]: “[DAO Discussion] - Stopping rebases”
Objective: : To stop the rebasing of MEMO.
Provide a High-Level Overview:
As we have moved away from the principle Ohm mechanics (minting/bonding) of TIME and from TIME being the token focus of Wonderland, the rebasing of MEMO is now just a legacy feature that serves no purpose.
I am proposing we set the reward rate for rebases to 0 effectively stopping them.
Rebasing currently how it is a stock split for those that are staked - it does nothing to benefit holders however provides confusion to some people thinking they are earning the APY on their investment - in theory rebasing will have zero effect on investment due to wMEMO… you can never sell memo to gain more wMEMO than you started with.
Turning off rebasing will complete our transition from an ohm fork, and push us more to focus the community on what we are now, which is a VC DAO.
Provide Low-Level Details: N/A
Business and/or technical requirements of the implementation of the proposal:
distributor contract ("0xea61f76c3ee66b4E66822Fc1d408a13Eb30011EC") addRecipiet function, _recipient(address) = ("0x4456B87Af11e87E329AB7d7C7A246ed1aC2168B9") time staking contract. _rewardRate (uinit256) = 0
This should set each rebase reward to 0% effectively stopping them. If devs know another way they should implement the best solution.
Also, I suggest we make the UI of the wrap on the website one way, to transition more MEMO to wMEMO seeing as a great deal of our community wont interact via contract.
With the removal of the rebases, we can remove the staking page, create a new page that will take time/memo, stake then wrap it for people who are still unwrapped.
Since an RFC is a “work in progress” Proposal, not all of these points need to be filled out from the beginning. They can be added over time as the RFC evolves into a mature Proposal.