You can rage quit any time you want… you just go to any number of websites, like Trader Joe, spookyswap, etc and you select your token you want to dump, you click swap and do all the approvals and such. Poof! You quit! You’re done! Leave the treasury funds alone. This is an incredibly powerful business that can bring in a LOT of profit. It’s just having a little PR nightmare right now.
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So had to read through this quick so correct me if I’m wrong. What’s stopping folks who bought in at the low to rage quit then buying right back in if they want?
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I believe it’s a BAD idea. Instead of this, why don’t we use the budget to help push the marketing/dev efforts to grow the project back and help the price bounce back so you can grow the project at the same time and ensure a continuous growth, thus helping people get back their original investments
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Now we should rename Wonderland to Votingland
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Just using the treasury to market the project and push the price back may be more beneficial in terms of getting the initial investment back for ALL of us without hurting others.
That’s how you prove the world they were wrong, Dani.
At least, from my perspective.
I will also be voting “No” to this proposal. While I understand a lot of holders are angry at the mishandling of WL, the best way forward in my opinion is to start rewarding long term holders above all. This will result in an increase in wMEMO which will then allow the rage quitters to exit anyway once the wMEMO price hits backing price. Maybe even change their minds once backing price is surpassed.
Additionally, there is no discussion what will happen to the rage quitters wMEMO if they exited. These should be burned and this should also be included in this proposal!
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great. enough time has passed already. let’s get to the vote. the “sink with the ship” mentality from some of the community needs to stop. backing price was always parroted as the soft floor and investments were made because of that. now we have disgruntled hodlers and they will continue to push the price down over time unless we let them out at a fair price (backing). the arb is tiny anyway. those that want out, let them out. this is a no brainer imo. i’ll be voting yes.
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I will vote for a rock solid NO. Else why not all sell for a easy 20% buy back discount. Why it is a stupid probosel: Whales will get bigger and later dump harder on holders. It will be an initial pump, but on long run we lose 2 times… less treasury, more selling pressure.
The option is not promoting the long time holders and treasury is needed for the reword model.
The yes option might lead to end of Wonderland.
Conclusion RQ not an option.
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I think could be fair to offer the rage quit option only to holders at the time 0xSifu news came out, they are the only that could complain. Everyone else that bought wMEMO after that news did for the backing price and shouldn0t be rewarded
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WIP#3 → WIP#4 → WIP#5, wonderland improvement proposal or wonderland suicide proposal? I will vote yes, I am tired, I know that even if WIP#5 frogs win, there will still be WIP#6 to propose the dissolution of wonderland.
I agree with that much more than what is the WIP right now
What is there to stop everyone from Wonderland to use that option to rage quit and then even if there is a blacklist for the whitelisted addresses for the same people to create another address and buy back at a lower price 
I mean giving such an option is simply an exploit people can use. Effectively this is do you want some people to use an exploit that we will create or not ?
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There are still 2.6mm MIM borrowed against wMemo on Abracadabra.
What happens to these positions if LP is removed and trading is stopped during rage quit ?
When they emphasize that the time price is “backed” by the treasury, I expect there exists a mechnism that the project team should buy back (using the treasury) an appropriate amount of time/memo/wmemo from all concerned liquidity pools at a suitable rate. They should add suitable amount of liquidity on at least one of these pools. The time price and the treasury value would eventually reach equilibrium. It should not be related to whether sifugate happened or not.
If there is such a mechnism, why is rage quit required?
No bailout for arbitraging whales.
No need for rage quit.
Whoever does not believe in the project’s future can sell and leave.
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I will vote yes. Burned wMemo will increase wMemo / Treasury mapping for people who stay. Further short term investors will may leave which have for sure a different view on the project than the long term investors. I think is a good initiative to go futher and focus on an unbiased future.
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Paper hands are already out. This should be an option to exit for holders and not for any whales who bought tokens recently for treasury arbitrage… If there is a snapshot, all tokens that were bought after Sifu episode should be excluded.
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Those who want to keep Wonderland should vote YES!.
· Remove bad actors from governance (we can vote massively to bring Sifu back)
· Increase the value per wMEMO (if whales exit without BSGG we are WINNING, more value per wMEMO)
“ohh no! vote NO because if vote YES whales will make money!”
YES genius, whales gonna whaling, whales whaling of the fucking day, the will make money with the arb if RageQuit, and I DO NOT CARE, because I want Wonderland going on and vote YES is the only way to go forward.
“ohh no! they will take a piece of our treasury!”
again YES, have a smaller treasury with a better rfv per token IS GOOD. Having 1b treasury isn’t good at all, its too big to put a significant % of the treasury in good projects. Its way more easy allocate a good % of the treasury in good projects if the treasury isn’t gigantic. Similar what happen with the gigantic and famous funds, they only can invest in really big companies and they lose good investment in small companies.
So vote YES to keep Wonderland alive or vote NO to destroy it totally.
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I believe that most people saying they want to vote NO, do so because of the idea that someone else will benefit by this and they won’t. What I mean is, they might understand that the rage quit is benefitial for the future of Wonderland, but it will also allow arbitragers to profit a lot. Something that they haven’t done yet and can’t be sure that they will ever.
Most of you will say that they can also buy now and get the same profits as the arbitragers, but what I believe is that a lot of people (myself included) invested in Wonderland what they could afford to lose. So right now they don’t have anymore funds to invest (even if it looks safe to do so, no one can say for 100% certainty that the vote will pass). So for this people they see that even if this is the best thing for the project someone else will actually be getting profits while they will be left in a loss with a project that “CAN” / “MIGHT” bring them profits in the future.
In summary, the best thing one can do now is buy now at low prices, vote YES, rage quit to get some good profits and later on if the project seems like it can actually go somewhere buy back in!
The problem is not everyone can do this. So those who can’t feel left out and feel harmed!
SOLUTION (IMHO)
My proposal in order to benefit everyone who stays the same way as the ones who leave with profits is the following:
- Redistribute the wMEMO from rage quitters back to the those who didn’t rage quit proportionally to their holdings!
This would increase the amount that they hold, reducing their loss and making their future revenue share higher without having to reinvest any money. This would actually feel like a prize for holding on and keep the project going!
This wouldn’t hurt the ones that want out in any way. And personally I don’t see any problem in doing this (if someone sees a problem with it, please do tell). For those talking about burning the tokens you have to realise that burning tokens hold by the DAO doesn’t do much, since they don’t count for the backing price anyway.
The only con I see from this is that the backing price would fall, but what is the problem with that?! By then the price would already be above or equal to the current backing price! And the only holders left would be the ones that are in it for the long run, so they have no interest in selling then. We would be left with a project with only the people who belive in it, and with everyone with a higher percentage of it. From then on there would be no need for buybacks! So it would be just about growing the treasury and giving back shares to the holders. Once the revenue share started everyone would want to come back in, increasing the price, but the previous holders wouldn’t feel harmed because they already got their prize!
Edit to put some numbers on this for those who like numbers:
Let’s say that there are 13500 wMEMO circulating that are not held by the DAO. With a treasury of liquid assets of about $479.25M (close enough to current value minus the BSGG holding), that would result on a backing price of $35.5k
If 20% of the wMEMO gets redeemed by rage quitters that would be 2700 wMEMO which at $35.5k would result in a loss of $95.85M from treasury.
Scenario 1 - Burning the tokens: if the tokens are burnt then the resulting circulating wMEMO would be 10800 which would mean that someone who previously held 1 wMEMO (or about 0.007407% of all wMEMO) would now have 0.009259% of all wMEMO (an increase of 25%). But they would still hold 1 wMEMO which means that after the price went up to backing they would have $35.5k.
Result of Scenario 1: Increase the treasury share by 25%. Hold the same amount. The current price increases to $35.5k due to arbitragers looking for profits. Backing price stays at $35.5k.
Scenario 2 - Redistributing the tokens back to non-quitters: if the tokens from quitters are redistributed back to those who didn’t quit then the resulting circulating wMEMO would remain at 13500 but for someone who held 1 wMEMO (or about 0.007407% of all wMEMO) would now have 0.009259% of the remaining 10800 wMEMO so they would be entitled to receive 0.25 wMEMO (0.009259% * 2700). So after the redistribution the circulating wMEMO would still be 13500 but since they now hold 1.25 wMEMO that means they still have 0.009259% of all wMEMO (the same increase of 25% as scenario 1). But now they hold more wMEMO which means that after the price went up to backing they would have $44.375k. (an increase of 25%)
Result of Scenario 2: Increase the treasury share by 25%. Increase the held amount by 25%. The current price increases to $35.5k due to arbitragers looking for profits. Backing price falls to $28.4k.
I don’t think this fall in backing price would be an issue because then the only ones remaining would be the ones that are in it for the long run so they won’t be willing to sell. Besides that, even if everything fails after that and no roadmap can be decided and no treasury manager can be hired and if after all that everyone wants to quit and a wind down is voted again and wins then you would get the same either way. For example, if you have 1 wMEMO, backing stays at $35.5k with tokens being burnt, everything fails and a wind down is created at $35.5k you get $35.5k. In case of redistribution wind down would be created at $28.4k if 20% had left, but you would have 1.25 wMEMO so you would still get the same $35.5k. So I really don’t see any issue with this proposal. This could be added to this WIP5!
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No time to read? Here’s a full-length audio/video reading of this proposal Wonderland Rage Quit Proposal [WIP#5] Full-Length Reading - Vote On Future Of Crypto Defi Project - YouTube Trying to make info on Wonderland more accessible. If you find this helpful, please share and @WonderlandTeam perhaps link at the top.
Thanks for this proposal and discussion!
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