Proposal to burn $wMemo tokens

1. General Discussion
#145

Before proposing something like that, should we not try to make the community understands how the whole process works and educate a lot more?
OPTION 1 seems short sided to me and it feels like only the people who are in for the short time will benefit from it.
OPTION 2 (Correct me if I’m wrong) Is already done or something similar when the treasury is buying and burning wMemo that falls under the backing price.

Minting is the big problem and it should never ever come back if you want less dilution. Speaking of problems, over the top leveraging and greed is another problem, I wouldn’t mind if the treasury was able to make profit from thoses who are over leveraging and who gets liquidated from Abra or is this already happening? Could be OPTION 3!? :smile: But it’s not the same protocol so I don’t think it will happen… unless we create our own MIM fork :smile: Another problem I see for now are the whales profiting from the automatic buy back from the backing price. As it is my understanding right now, anybody can find these automatic buy backs online and find at what price they will be triggered. If you have enough money you can definitely profit from that loophole buy keeping the price down when you need and buying more wMemo at a cheap price and taking in more revenue. (I will not elaborate more on that topic :wink: ) With education, these are some of the problems we should tackle on 1st before doing anything else. Most of the people who owns wMemo don’t even understand what is being done here. Can they sincerely vote for what’s best for the future of Wonderland with out knowing anything about the project? Even I know that I would not be the best to vote for some of the proposals that are being made…Unless someone is able to explain why this or this option would be best and for what reasons and how it could influence Wonderland in the future. Which would take time and not very efficient in a very fast moving market. I mean it feels like I could propose anything and it could be voted. I propose to receive 10$/ words for this reply. :sweat_smile: Sifu and Daniele have been doing a good job with all their other projects so far. Why not let them decide and see what happens. As long as they still believe in the project and want’s to do right by us I say let them stir the ship for a while. Wonderland is down right now not because of dilution, it’s down because the whole market is down. BTC sneezes and some Alt coin somewhere brakes a leg or two. It’s like a house of cards. A whale removes some of there money from BTC and the cascade of liquidation comes back to hit us in the face. There is a need to stop dilution for sure but a lot has already been made and I’m not sure that this proposal is the way to go…for now. We should tackle other problems 1st that and a revamp of the forum and website. For a 1B dollar company… it feels a bit like a High Schooler built them in his spare time. Have a good day/night everyone!

#146

option 1 or 2 sounds good to me.

#147

I am for whatever the dev team feels is best for the health of the project. Personally dont care if the price of Memo and wMemo dips as long as the project stays alive. I and many see the long term potential

#148

lets BURN baby, buy back and burn burn burn

#149

I completely agree on this

#150

I propose Option 4 let Sifu freely decide on the matter, we voted him and he knows better than all of us. The vast majority of the people who invested in this project didn’t grasp any of its technicalities and the basics so I don’t want a democratic vote on this matter.

2 Likes
#151

I would support burning wMemo.

#152

I agree with this. Make a new proposal and lets vote on it.

#153

JUST MY HONEST OPINION

I strongly believe in burning wMEMO at a static rate for a PREDETERMINED amount of time. This way we don’t have to deal with:
a. Whale games - Timing the market and strategically buying and selling based on buybacks
b. Constant worry - “oh now, wen buyback” (buyback would be constant till it’s done)
c. Give more value to those who have held - Thus increasing the demand for wMEMO the longer you hold it as it’s intrinsic value grows and potential GOVERNANCE AIR-DROPS for length of time held or even the amount of price action plays (i.e. how many buys and sells there have been in your wallet).

#154

Option 2! :frog::frog::frog::frog::frog: to the moon!

#155

I totally support Syn. The committed holders should be with a wMemo airdrop of an agreed amount, to relieve their pressure to sell during a price increase. It does not need to be a large airdrop, but at least enough to offset the loss of ownership % that they are experiencing due to those who are manipulating the market. Once this has been done, I think we would be on more secure ground, and not only that, it would show that commitment is rewarded. This, I think, would create a more secure foundation for a burn to occur. And whilst some people will still likely sell upon a price increase, it may make a substantial amount of committed holders remain in the protocol and provide some stability.

A small % of liquidations to be allocated to those holders, and rest be burned as per one of the options.

tl;dr: Airdrop a percentage to loyal holders, then burn the remaining amount.

3 Likes
#156

Proposal up and ready for comments

#157

I like your idea and I was thinking the same thing because I’m over here holding like a dumb ass while watching it slowly go lower and lower. Those that are gaming the system are being rewarded and those of us that are holding and playing it fair are being shit on.

#158

Correct. And good long term thinking/approach.

#159

Do you mean staking or a proper medium/long term lock up? I think Dani and sifu have mentioned they dont ever want to be locking frogs up so thats probably not going to fly. Also- staking is literally around the corner (for the profit share remember), so this will help tremendously as most frogs will stake to participate in the profit share so a lot of wMemo will be taken off the market.

1 Like
#160

If you are truly a long term holder burning part of the treasury is a terrible move for you/us. We have all suffered and watch our positions melt. And yes, there have been whales come in and shit on everyone. We all just need to hang in there. Hold onto your balls and do not fold. Give sifu time to deploy and have the investments grow and earn us some revenues. We all just have to hang in there.

2 Likes
#161

Not like there’s much of a choice at this point. Im down 2/3 of my investment. What kind of returns will we get? Bsgg? It would just make more sense to me to reward with more wmemo share. The . 6% memo every 8 hours is meaningless because it’s just a stock split. We’re not really getting anywhere. I thought when they stopped minting it would stop creating more time but I guess I was wrong about that. If rebasing is still producing more memo tokens, not only is that worthless to us holders, its bad for the protocol because minting was giving people an incentive to buy in at a discount. I think the only sensible thing to do is what Syn said and that is to give us rewards in wMEMO.

1 Like
#162

Personally I’m a fan of Option 2.

Option 3 is not an option. :slight_smile:

Option 1 is not bad but it’s too slow, we need immediate action to change the energy.

1 Like
#163

I agree 100% man. We need to start seeing actual returns and this whole VC thing with them investing in things they know nothing about is extremely risky and that’s an understatement. It has a huge chance of failing. Not FUD, but we need to make the right and safe decision. Stick to what you know guys. Not some bullshit card game that no real gamers are interested in. If they were investing in Red Dead Redemption 3 I would understand, but seriously… Wtf.

#164

Could you elaborate more, please?