Scope:
Offer the DAO the opportunity to sell our entire BSGG position to Betswap.
Current Governance Limitations:
Per WIP #27:
Any seemingly valid strategy has to be properly vetted by the Risk Officer, voted by the treasury council and go through the proper governance process when applicable.
While the proposed investment can be voted by the Treasury Council, the above guidelines cannot be followed as expected due to the current lack of Risk Officer, a TMP is being used to assist treasury personnel with decision making by having the DAO review the proposal, assess the risks and make the final decision.
Objective:
- Sell ~1.49bn BSGG tokens for $4.47mm
Rationale:
Wonderland currently holds 1,489,539,254 BSGG tokens. The market value of each token is $0.00274 as of this writing. These tokens can not be sold on the open market due to lack of liquidity and are therefore not considered part of our liquid backing.
Betswap has offered us the option to OTC out of our entire position at $0.003 (which is well above market price as of this writing). This includes a sanctioned cancellation of our Sablier stream to reclaim all tokens within it. Doing so will increase our liquid backing from approximately $28.1k to $29.2k. This will also increase the full backing (due to above market sale) and move the treasury closer to realizing the full $131mm figure.
It is possible for Betswap to continue growth but may never be possible for us to unload our position at a fair value without an OTC due to its size. This puts us in a position of needing to sell tokens on every Betswap price increase, and stifles their growth perpetually. The Treasury Team agrees that accepting the offer is our best course of action, especially considering the difficult macro market conditions being experienced. We are also unable to stake our large supply of tokens and are being diluted.
Plan/Strategy:
Wonderland has BSGGin four places. Avalanche, Ethereum, a Sablier stream, and Sifuvision. The Sablier stream needs to be canceled and tokens reclaimed. Betswap is offering to forgive the vesting schedule and buy all of our tokens. Tokens held by Sifuvision in Kyberswap LPs will need to be removed for the sale.
Acceptance of this proposal will grant the Treasury Team the authority to finalize and realize this deal however is reasonably needed.
Snapshot:
https://wl-l.ink/Snapshot/TMP-9
Voting options:
- Approve Sale
- Deny Sale
Disclosure:
Some team members and moderators have small (<$1000) positions in BSGG mainly coming from the farming rewards and airdrop.
