Based on recent events and Daniele’s twitter post regarding distribution of treasury funds back to wMemo holders I am submitting the beginning of a proposal for how to determine the distribution of these funds. The past few days have been hectic to say the least, and this is after 3 weeks of continually shifting behavior and information about the project.
The main premise of this discussion is to determine an equitable snapshot date to determine the who should be included in the repayment, if one were to take place. Due to the storm of fear and uncertainty, along with two major liquidation events in the past two weeks, many investors have taken supremely heavy loses from the project and sold for whatever could be recouped.
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Snapshot Date: My first inclination is to say the snapshot be taken before the first liquidation cascade on January 16/17, as this seems like a proper place where the price started cratering and many, many questions regarding buybacks and oversight started. This date is still marked by heavy losses incurred from the past two months and could be a good place to include as many frog nation members as possible.
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Current wMemo Holders: I assume there will be some current wMemo holders that will contend that they should get more of a payout for still holding or that others who sold should get nothing. My first response is that this violates the premise of Frog Nation because frog isn’t helping frog here. We have all lost huge in this deal and I think we are beyond paper hands rhetoric here.
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wMemo Distribution Price: I think this comes down to how money is left in the treasury when this all gets sorted out. I think most people will be happy to scratch back whatever is possible at this point and this discussion can hopefully determine this figure for everyone.
I hope this discussion topic can move us forward quickly so we all can move on from this and work to rebuild as a community. I have great respect for for Daniele as a Dev and have faith that he wants to do the right thing (always). I hope he and the team move quickly on distributing the funds back to investors in a fair and equitable manner.
Please add points to this topic as you see fit and, please, try to embody the traits of frog nation in the discussion and help support one another (both current investors and recently sold investors), as we are all trying to navigate 80/90%+ losses here.