Proposal to burn $wMemo tokens

1. General Discussion
#63

How is destroying treasury holdings and reducing the treasury balance a good thing? If the price of $wMemo goes below the backing value the dao buys them back maintaining the treasury balance. If you destroy them the treasury balance goes down causing the collateral backing to go down too. If the collateral backing goes down so does the floor where the dao buys back thus removing price support for $wMemo.

This looks like a temporary manipulation to pump the price so that people can dump their bags.

4 Likes
#64

Number 4, will be nice to try. I think it disencourage price manipulation & speculation, plus add slow deflation.

1 Like
#65

How does burning wMemo affect the Treasury?
What amount of wMemo is part of the Treasury?

#66

1 or 2 for sure, better 2 for me.

#67

Would buyback & burn solve the problem ?
Why not burn time from treasury and donā€™t waste other treasury assets that can potentially produce yield.
When buybacks occur, reduce APY to 0 for some duration.
Distributing returns to long term holders would also be help.

#68

Burn this bitch! Also increase stable coin holdings in the treasury for less volatility during this market pull back. More investments towards stable coin yields.

2 Likes
#69

Yes burn it and send it to hell!!!

1 Like
#70

option 1 or 2 seem to be fine

1 Like
#71

1 & get back the wMEMO to the guys that are liquidated below backing price, instead of burn

#72

Can this % go to treasure instead be burned?

I mean, in every sell or buy, a % of the amount go to increase treasure balanceā€¦

1 Like
#73

Option 2 is better, i trust in wsifu

1 Like
#74

I think burning tokens only delay the problem by giving more momentum and reason or people to dump their bags. If we burn the tokens, the price going to skyrocket for some time until people dump their bags and this will drag the price, treasury, APY, and everything down. This maneuver will only result in the making of a time bomb that will end with a catastrophic event.

My suggestion

  1. Do something about the massive liquidation cascade. By giving something to compensate for the liquidation cascade days ago, you might gain the pplā€™s confidence back in Wonderland. I know this is not your fault, but I can see this can be a good opportunity for us to show our dedication to the loyal frogs in suffering. But, I canā€™t suggest what we should do specifically cos giving good advice in this matter is outside of my capability.

  2. Turn wonderland into revenue-sharing model. This will attract ppl that actually interested in our investment plans. I can say that we can provide opportunities to ppl that might never have the chance to get that kinda deal. This is our selling in the long term.

This is all that I have in mind for the moment.

7 Likes
#75

I like it. You can add a voting for the options already:

  • Scheduled burn
  • Burn liquidations wMEMO acquired
  • Donā€™t burn

0 voters

#76

Isnā€™t this just like guessing what would be the best?
Many people already lost at least 50% of their investments (excluding me),so just whats best for the people and project in a long run, not short time frameā€¦.that would be the best option imo.

1 Like
#77

go for 2ā€¦ option 2 :frog: Makes sense that Wonderland benefits from liquidations as it is an inevitable part of leverage and should it occur the treasury should benefit

2 Likes
#78

dont understand the question

1 Like
#79

I am not sure burning is best. I like the idea of buying back and airdrops to long holders as option one. And airdrop liquidations as well. If we burn it seems we lose money. If we give back to holders we reward all.

Edit:
I some portion of airdrops. But on further thought this does not solve the problem.

1 Like
#80

option 2 seems like it would be a good option.

#81

I propose option 1 :100:

#82

Most people forgets that we still have the emission due to the rebates being in $TIME/MEMO. Yes $wMEMO is cap but you canā€™t outrun the deflation value of infinitely printing MEMO ( the rule is always been the more of something the less valuable it is). So to this point we should move fully into the investment fund/VC model

  1. stop all emissions/rebase in MEMO (this would set a real backing price the doesnā€™t move with more ā€‹$MEMO being added to $wMEMO).

  2. have $wMEMO stake for reward in for a stable coin from say 75% of profit the treasury make AKA a ā€‹dividends structure( 25% would be put in the treasury to grow it. This will also ā€‹raise the backing price for $wMEMO). Wonderland is in the unique position to be able to do this we have $MIM. This can pay out daily, weekly, bi-weekly or monthly (vote on the payout period)

  3. any future projects we invest in that has tokens to be distributed via airdrops would only be given to people who stake for a certain period say 2 or 3 month snapshot would be taken (can vote on time)

2 Likes