[WIP #17] Stopping Rebases

Governance Archive [WIP] Wonderland Improvement Proposal
1

[WIP #17] Stopping Rebases

In January Wonderland transitioned to wMEMO and introduced non dillutive mints. Shortly after, minting was turned off following the price crash leaving rebases with no real purpose.

Link to Previous Discussions:

[DAO Discussion] Stopping rebases
[RFC] - Stopping Rebases

Snapshot:

https://wl-l.ink/Snapshot/WIP-17

Scope & objective:

Stopping rebasing mechanic

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.

It is being proposed that the core team put a stop to the mechanism and remove the information related to it.

Turning off rebasing will complete our transition from an OMH fork, and push us more to focus the community on what we are now.

This will also set the stage for Wonderlandā€™s future.

Provide Low-Level Details:

Rebases are a token split.

Every rebases, the price of TIME/MEMO adjusts for the split so even though you have more tokens, itā€™s not worth more, unless the price goes up.

The main focus should be on the price of wMEMO. Keeping in mind that the profits to be gained while holding are by staking wMEMO in the farm for revenue share and from market price action.

The end the confusion, itā€™s proposed to stop the rebases.

Business and/or technical requirements of the implementation of the proposal:

The Core Team will disable the rebases and update the dApp to ensure there is no confusion as the APY, Next Reward Amount/Yield and ROI (5-day), etc. will now be obsolete.

User should will still be able to stake TIME, but should not be able to unstake. Users should be wrapping their MEMO and use wMEMO instead.

20 Likes
2

I totally support this with the understanding as mentioned before that the dev team fully audit workflow and code to ensure all dependencies are handled properly.

9 Likes
3

in my unprofessional opinion iā€™ would like for the rebases to stay as it provides at least for me visual representation of the growth oh your staked memo

14 Likes
4

I am torn, the rebase was the original reason for joining the project. But now I switched to farm. If we do stop, we need better farms, the current 33% APR is a bit low especially with a few projects on pancake swap giving higher apr or the garden elysium avax project.

For me personally, if I unwrap my wmemo to time, its worth more than the wmemo as of 5:30pm pst by $6,080.96

7 Likes
5

Still against this, because as was stated the farm part is not anywhere near where it should be. If you want to attract more holders we need an attractive replacement and we donā€™t have it (yet).

13 Likes
6

I do not support this sorry. Instead of removing rebases because it has no value I would rather bring that value back for $TIME and focus on both $wMemo and $TIME.

11 Likes
7

Absolutely agree stop rebases :+1:

5 Likes
8

Rebases should be stopped, please end the charade once in for all.

4 Likes
9

@xxxmetalxxx If there is a $6 000 difference between your value of TIME and wMEMO, you must be looking at the wrong TIME token.

It is virtually the same value. Except, when you try to sell TIME, you might have liquidity issues that would be less present for wMEMO.

@Mell0w as for a visual growth, you could use your stack of BSGG or any other token that will be shared in the future.

@Urubin keeping a useless feature just because you donā€™t have a ā€œreplacementā€ does not make it less useless. Attracting people thinking with 75k% APY is exactly what we donā€™t want to do.

@MGC stopping rebase would help the down pressure on the price of TIME. We can bring it value by doing better as a protocol. No need for the rebase.

4 Likes
10

I donā€™t want to lose the rebasing. The constant ticking up of our balances keeps the community engaged. If it does get taken away, the sense of ā€œgainingā€ becomes vague

I check my TradFi investment account and while its nice to see my stocks go up, my main interest is in how my dividends are doing and how much my recent distribution from each of my REITS was.

Realistically the gains in asset value mean much more, but watching my USD stack up slowly keeps my attention.

7 Likes
11

I dmā€™ed you the link I used

1 Like
12

Rebases keep this sinking alive, which has no current real direction.
Get the ship back on course then talk about this again later in the future.

BSGG is not a real direction for WMEMO, just a temp fix to keep people onboard.

SIFU, offer up incentives if WL kills the rebases. A good way to swing wallets your way.

3 Likes
13

Donā€˜t stop rebasing. This was the initial project of Wonderland and should be continueing so.
DONā€˜t STOP!

7 Likes
14

Iā€™m affraid many people donā€™t understand that the rebasing at this moment DOES NOTHING at this point. Itā€™s a fake feeling of growth but itā€™s completely useless at this moment and fake advertising.

I think we should have 1 step extra with the rebase stop.

1 - Enable more pools to stake wMemo for different rewards and higher APY with lock-up periods. A longer lockup would give a higher APY.
2 - Disable the rebase.

I honestly think Wonderland should offer something better before/at the rebase stop.

6 Likes
15

Many people have been drawn to this because of the rebases, I know it offers no value, and this is what you want to stop people joining the project for. Though if you do remove it, I think people will leave Wonderland and it will kill Wonderland off, as currently the farming adds no real value at the moment.

If rebases add no value, then there is no harm in it being there, and the focus should be on other things that will strengthen Wonderland, before considering stopping rebases.

Especially as Wonderland is supposed to be community focused, and at this point it will have a negative impact on the community.

I also agree in essence with @kennisvancrypto.nl

5 Likes
16

I partly agree, thats why I think there should be an alternative to the rebases, and probably even a better alternative.

That would be staking the same wMemo we already have and put them to work for other tokens.

Maybe we can even give people the option to instantly swap their earned tokens for wMemo. Or atleast something like that. I have no technical background but maybe there is a way to give people the option to stake wMemo, earn other tokens in the background, automatically swap them and get paid in wMemo.

4 Likes
17

If we do that, this will turn into ā€œjust another projectā€.
If itā€™s really a community based, it should keep the original idea of revenue sharing through the holders, thatā€™s why most ppl joined in the first place.

5 Likes
18

We should stop rebases because it is no longer a viable way to create a stable foundation at the rate is in increasing. If we turn off rebases, we will not be sacrificing any future option. We are simply allowing the tokens to balance themselves without adding arbitrary liquidity .

If we vote to stop rebases we vote to better be able to measure our own worth.

6 Likes
19

I support this 100% rebases are a token split.

5 Likes
20

Not the correct time for more change. We have lost around 97 percent of Time value since February this year, new treasury manager and stuck in the middle of a bear market is not the time for another big change. We have around 36k holders of TiIME who in the main bought in for rebase, stopping it would kill this coin off as a lot would simply dump. Lets show why new investors should come on board and why current holders should retain their holdings and give new managers a chance to prove themselves. Once clear of this horrible crypto market and we start to see investors come on board again and they can see new utility and investment opportunities that WORK, we should look to slowly reduce rebase mechanics.

5 Likes