Remember our devs already collected 5% from the Treasury. So we are even on this matter.
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The positive is that the ETH fees will keep the project less volatile. AVAX allows too many tx’s , also too many uneducated investors.
Now they are selling all the stablecoins and other valuable assets for a shitcoin they literally printed out of thin air
Legal way of rugpull. MUST BE STOPPED.
2 Likes
This is unforgivable. People who bought at the top and holded for MONTHS are getting screwed every single. damn. day.
It’s not about the risk or stuff like that, a lot of promises were broken and almost no one is at break even, I bought TIME at 8900 with 20k and with all this shit I’ll be left like, with how much, 2000 bucks? And you all talk about paying the liquidated people who started this insane price action? Just close this project and deal with it, Abracadabra is succesful, Wonderland was not and I’m really sad because y’all are great people and I see the effort in this, but so much people lost everything in this. Even I, and it’s not good.
6 Likes
what can i say. ONE BIG SCAM, we have been betrayed by our own people. We will never get our money back. No one will trust them again when they changing narration every second weekend. what a shame. I will never trust them again. They just became suits boyz
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I’m honestly having a hard time understanding how this proposal will be beneficial to either of the two protocols:
- it will result in a huge amount of SPELL coming into circulation
- the claim on the Wonderland treasury of wMEMO holders will be reduced by ~50%
- revenue sharing for wMEMO holders will go down significantly
- two tokens/projects with completely different goals (CDP vs decentralized VC) will be merged
If anything, the only protocol that it can be somewhat beneficial to is Abra, as they will acquire a treasury of $700-800M generating (a recently advertised) $1M per day for their own governance token. This is a treasury consisting of high quality productive assets + hundreds of millions of stable coins. If Wonderland is indeed a decentralized VC, it should command a hefty discount on the price of SPELL for a deal of this magnitude (50% or more with lockups/vesting).
It’s really difficult to not feel hard done by as a wMEMO holder: the timing of this proposal is at an ATL point for wMEMO. If this is such a great idea, why wasn’t it suggested 1 month ago?
More importantly, it really feels that this proposal is completely rushed:
- there is no clear audit of reserves for the Wonderland treasury afaik. I’ve seen this brought up a number of times in Discrod and there is also a thread on it here: [DAO Discussion] Periodic Treasury Reporting - #24 by NalXes. Can we get a clear picture of how the balance of the treasury is estimated on the webiste; which addresses currently hold the funds and how much money has been siphoned by whales during the last liquidation cascades.
- there is no info or justification about the swap rate (the single most important piece of info to make a decision)
- there is zero quantitative data about how this can benefit wMEMO (or SPELL) holders. I would like to see hard numbers about those perceived efficiency advantages of merging the two protocols. It’s not clear to me why Wonderland can’t just rely on Abra to deploy its yield farming strategies as it currently does.
- what is the expected increase in the APR of some example strategies from this merger and does it justify exchanging our entire treasury for SPELL tokens accounting for the dilution of returns?
- what kind of new yield farming strategies will the merger unlock that wouldn’t be possible by just directly using Abra?
We really need concrete answers to these questions and a much more detailed (and quantified) proposal to evaluate. We’re talking about a $700-800M deal and with all due respect to Dani and Sifu, this feels half-arsed.
27 Likes
First Time, then Memo, then wMemo now Spell? Sounds like escape routes at this point. Not to mention awful timing. No thanks
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Hmmm.
Wonderland founders have 5% of Wonderland.
Abracadabra founders have 30% of Abracadabra.
Seems like a free way to turn 5% of $800M into 30% of $800M.
Congrats!
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So this is the life raft because buybacks can’t handle the sell pressure
or because Dani and Sifu don’t want to spend 100 of millions from the treasury?
How is exactly is this benefitting your investors, we need more data. The team promises a lot but is in over their head and can’t deliver. The current bear market of course does not make it easier.
At this point it seems like every investment into WONDELAND was a donation to the treasury. Basically we could have just invested into spell. I guess I’m in favor of this proposal because we need to try to save this sinking ship. Even if there are buybacks today, in a week or month we could still be down bad tremendously
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I would be for this option if I had a little more info, like:
-
What’s the translation of Spell to wMEMO? (not market price, but specifically for this transaction…unless the plan is to use market price)
-
We have a rough idea of what the breakdown could look like for revenue share on Wonderland, what would it look like after this merger/acquisition on Abra?
-
If the assumption is that it’s a “better deal” for both sides, I’d like to see some bullets on what they specifically are.
I think a little more info would go a long way to helping “settle the unsettled” folks around here.
Also, just a quick note to all the “this is BS folks out there”, how about asking helpful , insightful questions about details for this proposal. Instead of either bashing it, or other things that have happened outside of it. This very well could be a good thing for all Wonderland Frogs, but you’ll never know if all you do is participate in a negative way.
Anyway, my 2 cents, take it for what it’s worth.
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Absolutely disgusting. Those who held like me are being robbed literally. REJECT
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The real question is at what price? When can we vote?
If this has been in the works for long time why all the communication about wmemo and revenue share?
Why should those who minted/took the risk/3,3d get diluted by spell token holders? Why should spell token holders get the value of the wonderland treasury? How fucking hard is it to airdrop tokens you acquired nearly a month ago?
I will have to ride it out into the proposal because now it’s probably the best way for me to get some kind of value add provided spell doesn’t also shit the bed.
I will be listening in to the AMA
Dani I have lost faith! You have gone from a people maxi to a profit maxi ser! I really want to believe in you but I can’t find it in me anymore!
This is a shitty cop out and a staged move to get the wonderland treasury into Abra.
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Im against this proposal, you gust lost all the trust that we put on you.
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Merger is great but it does disservice to the loyal ones who invested for a long time, at current SPELL valuation, with huge dilution and effectively realizing huge losses. Not to mention with such huge SPELL being unlocked, it affects the overall circulating supply/liquidity, and likely the price of SPELL will tank further. Minimally, the wMEMO to SPELL conversion rate has to be revised
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Too big of a move too soon. As someone said it leaves many of us no choice but to sell wmemo when many of us are at the loss because we don’t lose until we sell isnt?
I propose putting on tax when selling wmemo to stables or any other coin keeping the way rebases are rewarding holders. We need a tax large enough for holding incentive. We can make the longer you hold the less tax will be. It may weed out holders from gamblers, create a window of time where treasury use the fund to make more money, earn money from the taxes + leaving a choice when staking.
The problem might become if someone cashes out at the peak with lowest tax which can be countered by putting Treasury Fund Protection by not allowing for too big amount to exit the protocol, minimazing risk of losing liquidity too quickly
No leverage so there is no chance for cascade liquidation or remove backing price so people don’t have any expectations.
1 Like
Pros:
- Spell is available on major CEXs, has a deep liquidity, thus a more stable price.
- Abracadabra also has Solidly NFT(Andre’s new project) to prioritize MIM yields
- Wonderland will own 98bil / 210bil total Spell, A 46.67% of Abracadabra
Cons:
- Wonderland issues are not fixed, merging will cause more issues and more experimentation with frogs’ money on the line.
- This point can be done with the current Wonderland treasury, as was done with Betswap.gg:
- Currently Team tokens are around 5% in Wonderland, with merger, they will be 30%. There hasn’t been any transparency in terms of what count of Team tokens have been retrieved for the year. If a DAO doesn’t have such transparency, can we expect that in Abracadabra?
In my opinion, Wonderland should be tuned to improve, and the treasury used as a fund to access early access projects as it is doing currently. Users can be paid in returns from those projects. wMemo will increase in value once this revenue share model is in place as the utility will be clear to all holders.
Moving a massive treasury the DAO accrued when literally every Memo holder is at a loss seems incorrect. We have yet to reap the benefits of any investments. Once we have some profit, then we can look at merging or partnering with other projects.
3 Likes
AIP-6 says TIME/MEMO/wMEMO in treasury will also be converted to SPELL, so it’s not just circulating supply. Closer to 4.3M SPELL per wMEMO.
Sifu has indicated on the Discord wMEMO would be valued at $40k for the migration to SPELL. Also addresses that were liquidated below him and Dani will also be reimbursed.
No, “smart guy”… this is a way to keep revenue coming in and counter the pump and dump that happened last night and previous times before. I can only assume you are between 16 and 24 years old with your response.