Proposal to burn $wMemo tokens

1. General Discussion
#168

I agree and have been saying this in discord for days now tagging sifu but he hasn’t given me his feedback yet. Can we turn this into a separate proposal please? I can help you if you like.

This is what I proposed in discord, what do you think? I think we are a big enough sub-community to try and get this message across. We can propose a wMEMO airdrop to loyal investors or an “airdrip” to incentivise long-term holders to not sell.

“As long term holders from November, we paid a huge premium because we are the true believers in wonderland. It’s safe to say a lot of us DCA on the way down as well. I wish I had some more capital now to invest at these amazing prices but it’s unfortunately not possible at this specific time. Would it make any sense to reward long-term loyal holders by “dripping” wMEMO that was recently bought back by the treasury for a fixed time frame ie 1-2-3 months? We are not expecting crazy high APYs tbh. Anything will help and it may convince current investors to not sell and hold during current market conditions.”

#169

I agree, can we make this into a separate proposal? I can help if you like. I proposed something like this in discord and tagged sifu but he hasn’t replied yet.

This is what I proposed in discord, what do you think? I think we are a big enough sub-community to try and get this message across. We can propose a wMEMO airdrop to loyal investors or an “airdrip” to incentivise long-term holders to not sell.

“As long term holders from November, we paid a huge premium because we are the true believers in wonderland. It’s safe to say a lot of us DCA on the way down as well. I wish I had some more capital now to invest at these amazing prices but it’s unfortunately not possible at this specific time. Would it make any sense to reward long-term loyal holders by “dripping” wMEMO that was recently bought back by the treasury for a fixed time frame ie 1-2-3 months? We are not expecting crazy high APYs tbh. Anything will help and it may convince current investors to not sell and hold during current market conditions.”

#170

thanks adamg6284, we need to help them focus on delivering profits based on what they know instead of venturing into very risky investments.

1 Like
#171

Thanks, @Ponzi for moving on the discussion for RCF.

BTW, it’s quite clear that the “algorithm” stable mechanism has failed. TIME is currently below $ 1k by several hours (aka below its minimum value declared in the docs).
It seems that the protocol is not working properly, has anyone taken a look at the code in order to verify if what is reported in the docs is consistent?

#172

Instead of burning the tokens, It would be great if we can create a mechanisme to only reward long term holders with these buyback wMemo’s. Instead of using them for staking, we could airdrop them in small amounts over a long period of time, so we incentive to hold wMemo and not sell. This is also quite visible, good for marketing and the long run.

#173

I think it is best to use these wMEMO tokens from buybacks later on when the price is higher as non dillutive mints!

This way the treasury could sell the wMEMO at a discount to the users and it would still get profits.

And we could benefit from it twice, one for the increase in treasury and backing price and another because we would be able to mint/bond at a discount.

I’ve created a proposal for this if you agree that it is a better long term solution than burning them now. Check it out and give your feedback.

3 Likes
#174

@kbanna and @Syn Please, let’s make together a separate proposal, We have to try to rally people to the cause “Don’t burn it, spread it to the holders” I have tried to move it on twitter and discord but it is difficult.
A massive airdrop to the Frog 3,3 believers is what would show that this project is different. We are here seeking our financial freedom by being part of something bigger than ourselves, the Frog Nation.
A massive airdrop that will turn the market upside down and attract the attention of the entire market, mainly small investors, Frogs that read about airdrops and have never received any.

2 Likes
#175

I’m of oppinion we that it should be 50% burn and 50% spread across all the hodlers accounts that didn’t sell during the cascade.

1 Like
#176

This is such an instant gratification mindset, burn to moon price. But for what?
If we keep buybacks going we can fill the treasury with $wMemo and then once the sentiment flips again we sell those back to the community as non-dilutive bonds. We can sell them at a profit and fill up the treasury to increase funds to farm that will eventually get each one of us higher dividends for profit sharing.
Also if the price stays down for some longer this gives people more opportunity to buy with new funds and also keeps the entry barrier for newcomers (that are crucial for growth) fairly low.
Thanks for your consideration to vote for option 3 and to not shoot ourselves in the legs because some people can’t stomach their portfolio being down for a few weeks/months…

2 Likes
#177

HI @Carli please add me on discord. My ID is @kbanna#8716 let’s formalise a proper proposal together then post it.

@Syn please feel free to join the conversation if you like.

Let’s aim to get it up within a week. Thanks!

#178

I think the wMemo bought, and the others in treasury, should be resold as non-dilutive tokens through FTM/ETH network bonds to recover some value back for future investments. As for now we should totally eliminate $Time to contract market manipulation. Only Memo and wMemo should exist

3 Likes
#179

@Carli @kbanna @Syn

If you believe your new proposal to be a “better idea” or that it should be part of this burn proposal, make sure to bring it up in the RFC for this proposal for other frogs to see and potentially incoporate it or swing the votes.

Otherwise, depending on how this goes, your proposal will/could get left behind.

2 Likes
#180

I like that. But am not the mist knowledgeable.

#181

Agree with what shadow said above. 50% burn and 50% spread across all the hodlers accounts that didn’t sell during the cascade.

1 Like
#182

I like option 1 and option 2 as well

#183

i think both options will be great bcoz that make increase the value of tokens

#184

@kbanna @Carli

I agree with @NalXes.

I think the issue of creating a different proposal for the airdrop element is it risks becoming seperated from the burn process, when it needs to be done together with a burn to make the burn more stable and effective and to retain more holders. If the burn takes place before any airdrop, we run the risk of those long term holders sidestepping or selling completely when the price spikes, in a bid to regain their loss of % ownership. This just takes us in a circle and back to square one. It would be more effective therefore to add the airdrop option for when this burn proposal goes to RFC, once a preferred burn option has been established.

For example:

  1. Burn
  2. Aidrop and burn
  3. Do nothing

If we cannot get the airdrop element added to the vote, then of course I’d support a seperate proposal, but I think it would be a less effective route.

3 Likes
#185

IMO your “option 2” is proposing two different things & I believe we should thus split this option. I am in favour of burning only the buybacks performed with the help of treasury.

#186

I feel like this would reward mostly whales which is quite the opposite of what we should be doing.

#187

Between these I’d rather stay with option 3.
I’m more aligned with what JoyHunter said above. We should think about the project in the long run, not about what will happen in the next month or so.
We are already down quite a bit. I don’t think these options would make that much of a difference for the next 6 months to a point where it takes us back to the 90k - 100k mark (wmemo).
Right now we are in a bearish moment of the market and holding on to what we got feels a bit wiser. Once we leave this, though, I’m up to start with the deflationary course of action, not necessarily the 2 first two options, but something in that way.
Also, I’m not in a hurry to drive my lambo.