[WIP #18] - Amendment & Clarification of Quarterly Redemption

[WIP #18] - Amendment & Clarification of Quarterly Redemption

Link to previous discussions:

[DAO Discussion] Amendment & Clarification of Quarterly Redemption
[RFC] - Amendment & Clarification of Quarterly Redemption

Link to snapshot

https://wl-l.ink/Snapshot/WIP-18-2 *extension due to wrong timeframe on initial vote


The objective of this proposal is to clarify some aspects of the original proposal as well as do some minor amendments.

This proposal is administrative in purpose only and does not change the original intent of WIP 9. It serves only to clarify sections of the original proposal and does not change the redemption process.

High Level Overview

  • Add the explicit notion that the party in charge of redemption should look at minimizing the impact of assets being redeemed in the best interest of holders, redeemers and affected protocols.

  • Clarify how assets are to be distributed.

  • Modify some wording of the original proposal to reduce gaps and remove some of the confusions around “VC assets”.

  • Add a clause for periods where there is no Treasury Manager.

Low Level Details

For reference: [WIP #9] - Quarterly Redemption Option for Holders

To address the required clarifications, “Objective 3” of WIP 9 will be modified to the proposed text below:

Objective 3: Assets considered as part redemption.

Illiquid assets, assets allocated to the revenue share farm, and a portion of seeds assets** will not be added to the redemption price per wMEMO.

No additional exit fees or penalties will be enacted or deducted from the redemption price.

The redemption price and assets allocated per wMEMO should be calculated based on the circulating supply of wMEMO. The distribution of seed assets allocated for the redemption should also be calculated based on the circulating supply of wMEMO. Both, the redemption price and the redeemable assets per wMEMO will be indicated in the redemption breakdown provided prior to the whitelist period.

Before adding an asset to be redeemed “as is”, the Treasury Manager will consider the consequences of doing so in order to preserve value and limit the impact that redeeming the asset may have on the holders, redeemers and the protocol. As an alternative, the affected protocol will be offered the opportunity to buy the assets eligible for redemption through an OTC trade at market price (with the possibility of negotiating a lower price) prior to the redemption period. If a deal cannot be reached the assets can be sold OTC to someone else, redeemed or the value-equivalent of the token can be added to the stable portion of the assets being redeemed.

In the event of an unforeseen situation or issue around assets not covered by the proposal, the Treasury Manager will use their discretion in an equitable fashion for holders and redeemers with an allowance of up to 25% of the asset redeemable.

**The value of up to 25% of any seed assets that are considered liquid will be added to the redemption price. The final percentage allocated will be determined by the Treasury Manager and announced as part of the redemption price prior to the redemption period.

Seed assets: For the purposes of Redemption, “seed assets” are defined as both liquid/illiquid assets generated from seed funding investment from the treasury To fall under “seed assets”, the investment does not require equity as a result. A Simple Agreement For Future Tokens (SAFT) investment would also qualify.

Using the current investments as an example, the Betswap and Cross the Ages investments do fall under the “seed funding investment”, but the Sifu Vision investment does not.

Additionally, to ensure the continuity of redemptions, in the absence of a Treasury Manager, for all intent and purposes, the process will be managed by other elected representatives as per WIP 15.


Nice work Nal X. This should clarify any confusion and minimize further price impacts of redemption on BSGG. Stays true to the original intent and provides some safeguards.


Very nice and clear, thank you, chief :+1:


Thank you very much Nal. :v:t2:


Can I ask if there are any funds Wonderland already allocated to the AVAX liquid staking which should be counted as part of Wonderland’s total assets (or as a seed asset)

Technically, only the funds towards the remaining payments, which could tally up to another 5m if all targets are met.


Vote is now live on snapshot:

Please cast your vote!


Voting for WIP 18 has accidentally been posted for only three days. In order to be compliant with the governance framework a new snapshot vote has been started for an additional four days. Once the second vote is over, results from both snapshots will be compiled.

If you have already voted on the first vote, there is no need to vote again. Duplicate wallets will be excluded for the final count.

Continued vote:

The proposal for the Amendment and Clarification of Quarterly Redemptions has passed with 76.04% of votes in favor!

The vote was extended after initially being set as a three day vote in order to meet the seven-day voting requirements of the framework.

There were 288 combined votes of which 259 were unique. 29 wallets voted twice; only their first vote was included.

A total of 237,767.555783 TIME voted in total. 228 voters with a total of 180,793.245883 TIME voted in favor of the proposal, and 31 voters with a total of 56,974.309900 TIME voted against it.