Winding this down is the best and cleanest course of action.
This project cannot be saved. Turning treasury funds into an active managed fund is legally and performance wise very complex and not worth it at this point in time.
This project was an experiment that did not have an expected outcome, let it at least die a somewhat peaceful end. There is no recovery from what has happened.
The documentation clearly said that if your health score from leveraging reaches zero you are liquidated. Thus you had the responsibility to monitor and adjust. I did this for several weeks but decided it was not worth the risk if there was a serious sell off. I un-levered and staked only.
Over a week ago we had a liquidation event and it was revealed that the protocol could not magically hold the backed value perfectly at Wmemo price becasue it was manual. If you continued to lever your Wmemo after that⌠sorry you get what you deserve.
It sucks to get liquidated but you had several options to de-lever and chose to risk it. No where in the documentation did it say Liquidation is impossible below backing. It said you will get liquidated if the price of Wmemo hits a certain number based on your loops and which point you get liquidated and loose it all.
Because of that I donât feel liquidated parties get compensated. Sorry
My other question has to do with the amount of income the team running the protocol received as they mismanaged wonderland and drove it into the ground. I donât feel the team should walk away multi millionaires after displaying such negligence. A fair stipend for time invested based on good average pay levels for coders etc should be paid. all excessive monies above that returned.
I also think that the team and its other protocols could continue to reimburse holders after the dilution of the protocol via a profit share from other remaining protocols Abra, Popsicle in a weekly payment anuity for a period of time that would help the community recover more.
Regardless of the outcome of the vote, a mechanism to let wMEMO holders redeem the backed value of their holdings from the treasury should be enabled.
People who want to let Wonderland continue may do so, while those who donât can still extract the fair value of their tokens.
For those arguing to keep the treasury and revenue share, you would get your share of the treasury and can put it to use yourself. Sifu is gone and weâd just be rolling the dice with a new person. If you love the people proposing to take over, just take your funds over to their project/fund or copy their wallets. The magic of Wonderland was in an actively managed treasury with new projects being sourced by the team and innovative degen strategies, not a passive one.
I am also against refunding. Invested right this has so much potential. Also who do you want to refund? the whales filling there pockets with side stepping and starting the liquidation phases?
When refund: Filter for people who did not sell/bought repeatedly over and over again or took advantage of the buy-back-promises. Refund the people who hold strongly and believed even through liquidations, fud, whale attacks, etc.
Wait, so anyone who doesnât use leverage is a scammer? You got to be kidding. Anyone who borrowed was taking on risk. With a purported 70,000% interest rate, you must have known that risk was high.
You made a choice to sell at a price severely under treasury backing. Which is fine. But no one forced you to.
Be a man and own up to your decisions.
cracked me with the gas fees
So why did sifu and Dani get liquidated? I assume they know better than us
THIS, project must go on or the whales and suits fkn win.
There should be no snapshot at all. If the vote goes down, whatever wMEMO you have should be claimable. Itâs the only way things will work. If you feel that means whales will keep buying, just wait until the price action gets driven close to a number you like and dump your wMEMO on them for a change.
I dont care what anyone says⌠THERE SHOULD BE A SNAPSHOT of token holders and it should be BEFORE the Sifu news so those people should be rewarded. Lastly, It should support those who were liquidated due to it falling below the backing price. People talking about âdIaMoNd hAnDs gEt rEwArDeDâ or âyou sell you loseâ can keep quiet. Many of us have been holding since October, faithfully following (3,3). I dont support whales buying now to get free money. No way.
I think we should keep the project going and move forward with profit share and airdrops from investments as previously proposed under a new treasury manager. Get rid of leverage and buybacks. Settle on a single coin/ token. Treasury is depleted but still strong enough to move forward. Treasury should also be audited.
Also it is really vague? New management? meaning daniel and the dev team will step down? can we be more exact!
and if we vote for new management will the curent team help with that or they have given up?
So what about people that just buy now? you want them to get paid and not people that lost shit ton of tokens in this liquidation
Honestly. This is the worst idea. I feel the people who think they got the short end of the stick. Especially the ones who have been liquidated by the second liquidation cascade (avalanche.lol). I too got liquid under the backing price (although during the first mass liquidation). In fact I was 15 minutes away until my minted TIME was fully redeemable (and planned to be put as additional collateral) and the price was already bellow the backing price so I canceled my debt repayment because I thought âwhy would it go any lower?â and boi was I wrong, right? Donât we all know not to invest more than we can lose? Didnât we know this is as new and as risky as it gets? Who doesnât know not to rely on leverage or else we go out altogether, like a candle. Well I too generally give myself very good advice (though very seldom follow it).
Anyway, our stupidity did not make the Wonderland treasury weaker. It made it stronger.
We have an opportunity to accumulate wMEMO at a massive discount. We have an opportunity to weed out the Common Mobile Vulgaris. The show must go on! As Queen used to sing.
The seeds have already been planted. To proceed we need to be patient. That is our role. Who else is gonna enjoy the fruits of our sacrifices?
Weâre not the same as we were before. Weâve lost some of our muchenssâŚ
But just as the Caterpillar I have something important to say:
Keep your temper.
I think Dani will have anticipated the current price pump and will already have in mind a fair way to distribute the treasury based on how long the wallet held the coins.
It was poor judgement from Dani and team to announce their intentions to use the treasury to attempt to artificially hold up the price, and on reflection it seems obvious that this would attract manipulation.
I would say if you were liquidated or have already sold, that is a result of your own decision making, and as such you should take responsibility for it. Itâs a bitter pill to swallow, but should be an invaluable lesson to reference when making decisions in the future.
I absolutely do NOT want MIM. Give us AVAX or USDC.
What happens to OT-wMEMO holders from Pendle with expiration on Feb 24?
You must not understand⌠If you make an investment in something, then find out that the person running the fund is a complete fraud, I believe I am using proper judgement in letting it go. I sold 2 days ago. Not a week when it started selling, just 2 days. I didnât get liquidated. I didnât over leverage. None of that.