[RFC] - Stopping Rebases

Governance Archive [RFC] Request for Comment
1

[RFC] - Stopping Rebases

  • Stop Rebases
  • Make No Changes

0 voters

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.

12 Likes
2

I am Deal and I approve this message. Let’s stop confusing our investors and holders and set a new precedent to be honest and open—continuing the rebase sends the wrong signal to our community.

12 Likes
3

Full in support of this, lets end them :slight_smile:

9 Likes
4

Still against., so voted make no changes…

4 Likes
5

Do you have any reasoning?

1 Like
6

My name is The Ferengi and I approve this message.

4 Likes
7

Changed mind. I think the ohm fork days are over, and this is leftover only. We would be better off stopping them, which is a win/win for everyone, while keeping it going is a win/loss with those only holding Time unstaked.

10 Likes
8

Well if this passed the community has agreed it should happen since we are a DAO…

Idk if you have paid attention to the million rebase questions that occur in discord, turning them off cannot be worse - and to add on to that once you educate someone that the rebases are currently stock splits they ask why do we still have them in many cases.

1 Like
9

I agree up to the point of deleting anything else beyond the fundamental proposal. I think it is smart to stop them but allow everything else to operate as it has been until the effect of the rebase halt can be measured. I do not think it wise to halt rebases and delete further functionality to the app, as that many changes are simply not necessary to make, and removing the future ability to stake time and enable/disable “rebases” would create negative backlash as it has no real productive reasoning behind it.

2 Likes
10

How am I supposed to regain losses without the 70000% APY of rebase rewards? :smiley:

22 Likes
13

I’m against this for now as there is far to much confusion in the market and in the community with new mangers and very little investment focus. Think this is a discussion for 6/12 months when we see improvements.

4 Likes
14

I never suggest we did such thing how would we get the remaining unstaked time to wMEMO that way…

15

How would this have any impact on the confusion of market.

I feel this cements us as being more serious - rather than some degenerate 70k apy that outlooker see and think oh that is a ponzi.

16

Please open yourself up to the fact I agree with you but this should not happen for 6 months to a year and here are the reasons

On April 14th TIME had 31661 holders today around 32282, so holders up because they like what we sell today which is amazing in this market. WMEMO has around 57631 all buying into a rebase solution with Wonderland. If we change that now some will sell as they don’t want change which will dump price and in the market it will be very difficult to increase. We are in a bear market and its not the time for change its the time to batten down and ride this out.

Comment earlier ‘How am I supposed to regain losses without the 70000% APY of rebase rewards?’ give him and others who bought in at a high price the opportunity to accumulate TIME and hold for when it’s switched off rebase and we go into a new model.

We have no Treasury Manger (long term)and a management team who have not implemented much apart from riding on the shirt tails of the old one with a large investment into his coin. Proposals for change/partnerships are out but not implemented yet.

A bear market means clearly no new investors as crypto went from around 3 trillion start of year to around 1 now. So ride this bear market out while still rebasing to keep all holders on board, look for new investment opportunities for when we see the arse of it and then market Wonderland as a ? With new investors looking to come on board which will hopefully allow up to stop rebasing and establish up as a premier DAO. So again agree but not now it don’t make sense.

10 Likes
17

That was sifu and it was satire…

Via a stock split. rebases don’t change wMEMO stack.

And again rebases are not profits. Its a stock split.

18

And again agree but not now, try opening up to when it’s right to change things and not simply because you want it now.

2 Likes
19

Should just get it done now.

1 Like
20

I guess we agree and we don’t, that’s what a healthy discussion should be.

21

The same ones I gave you earlier. I am not convinced rebases are useless and would like to see it play out in order to find out and second if you are correct and they serve no purpose there is no harm in letting them run and this is a waste of time better spent on more important proposals.

However, I must say suraimu raises a good third reason regarding the response this will trigger and the FUD that follows…

3 Likes
22

In my opinion, we should focus on 1 asset only, going from TIME to MEMO to wMEMO is a bit too much for people who would be new to CRYPTO IN MY OPINION.

in my opinion