My vote is no. I think we should keep the backing price but implement a 20 percent tax when unwrapping your wMEMO and that would go back to the treasury. This would prevent a whale from selling and buying in at the bottom and then waiting for a buyback and repeating over and over effectively stealing from the treasury.
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I don’t own wMemo, what’s that? I signed up for TIME and am staying with TIME. So you can shove your proposal you clown. What a joke of a project.
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They honestly need to do better than 40k wmemo price when the majority of the people joined this project when wmemo was over 100k. Everyone that was an early investor is going to take a 60% loss or more if it goes down like that.
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I would enjoy seeing a side by side pros/cons of holding / staking / rev share etc of wMemo vs Spell. Break it down super simple
In support of investigating merger further.
Alternative: implement ve(3,3) locked staking
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How revenue share will be affected as we will be more users if we merge with Abra? This seems more like Abra is buying Wonderland at a cheap price rather than Wonderland getting the upper hand to create more value to its holders, as I see it at best the status quo is maintained, at worst we are diluted in the revenue share.
The only way for me to vote in favor of this merge is if we are getting a better deal or if at least all things being equal we keep the same profitability we would have with our investment on wonderland
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Why can’t the swap be from wMEMO directly to sSPELL instead of SPELL?
This would make things much easier for everyone, because otherwise you will start having all this conversation and doubts as to if people should hold SPELL or stake it, how to stake it, why do they have to swap SPELL for sSPELL on Avalanche, staking SPELL on ethereum has high fees, and all that.
If you simply allow to swap directly to sSPELL it should be much simpler!
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I agree with this proposal, however it would be great to somehow even the playing field during the merger for people who invested into the protocol at the height of the price in October/November. Is there a way we can make them break even? Frogs help frogs. Let’s have the people who are up immensely help the frogs who lost their savings a bit.
Also we need to stop buybacks ASAP to avoid the wales pumping and dumbing until our treasury is gone.
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Totally against. too many changes. the mistake was to move away from TIME. every time there is a price crash, there is a new proposal. people should take responsibility for their leverage. moving to SPELL is a disaster for memo/wmemo holders. get SPELL at inflated price and lose the rebase and APY, bif NO
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Did you listen to the AMA? Why would we get Spell at an inflated price? And the rebase and APY are not doing anything for you in the current model anyway (the cookie crumbling metaphor).
I vote no, I trust sifu can see us though this storm. Rev share is why I’m here. I’d be part of the rage quit if we did merge I bought into a rev share project. I already have sspell this is a separate investment
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agree. need to know where to vote it down though
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Go home kiddo. Da fuck you talkin about
Yup, this.
If there was consideration given to people who bought at ATH vs whales stacking wMEMO now.
maybe exchange SPELL/wMEMO at a ratio of what spell was when wMemo was bought at.
so people bought at 100K would get a better ratio than people buying at 20K…maybe.
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If we wanted invest in spell, we would have done so back in October/November when we invested into Time. If we had done so we would have a much larger bag than what is being proposed now. There should be a premium for the merger thats how it goes not spot price what kind of slap in the face is going on here
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This proposal is unilaterally skewed towards current SPELL token holders while wMEMO holders are further diluted.
Basically the smaller fish is eating the bigger fish and benefits from his treasury too. Why not the other way around? Why not Wonderland buys Abra?
At this point in time wMEMO token holders should in theory benefit from the $800M treasury that Wonderland has. It was pointed in the past that Dani and Sifu are managing this treasury and deploying funds towards investments of all sort with the scope of growing it.
since wMEMO tokens are not created (so already maxed out) there is no dilution on wMEMO / treasury backing BUT when the merge will happen all of a sudden, ex wMEMO holders which were once backed by a 800M treasury will represent less than half of the SPELL token holders while being backed by the same 800M treasury. that means the the backing per token will instantly mean less than half to what it was when wMEMO existed.
Question to all current TIME/MEMO/wMEMO holders : if at this moment, instead of this merge you would have had the possibility to invest in an ICO that raises 800M with the scope of being an investment fund, but you will only own less than 50% of that fund from the get go, would you invest?
I certainly would NOT.
I personally see this proposal just a way to cover dirt under the rug. If Wonderland is today a fund with a 800M treasury, it has no need to merge with Abracadabra. YES, they can collab, yes Wonderland can lend money to Abra or use Abra or invest in Abra, and make money out of Abra, but to merge under these conditions is plain stupid or malintent.
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My first take on this proposal is that it is hard to swallow due to the presentation that we would now be acquired by another company. Taking away the fact that we did not invest into Wonderland to now be given Spell, the proposed “merger” also dilutes our stake even more. My points are below:
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Treasury Revenue Dilution - Based on the AMA, Abracadabra has 98 billion Spell to give to Wonderland investors to buy the treasury. The treasury will generate revenue to be given to all Spell holders. There are 200 billion Spell tokens so Wonderland investors are now sharing treasury revenue with those extra Spell tokens, further diluting any potential revenue generated. I am also a Spell holder and from that seat, I will win huge from this proposal. From my investment in Wonderland, I am now losing more of any potentially generated funds.
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Premium Consideration and TWAP - With the current state of Wonderland in serious flux and the price/backing price bleeding, the timing of this proposal is concerning. Given Point 1 - where non-Wonderland investors will now be benefiting from our investment and faith - is there consideration for the sale of Wonderland to Abracadabra to include a premium for wMemo holders. This would come from the amount of Spell the Treasury is receiving for holding wMemo itself, which would be a large sum of the 98 billion Spell. Yes, this would decrease the treasury balance, but as an investor in Wonderland why would I approve a sale where I am splitting revenue with non-Wonderland investors if I’m not getting some sort of premium in the deal?
The other part of this is determining the wMemo/Spell price. Is it $40k per wMemo or different. Is this based on the backing price, which the devs seem to want to ignore as relevant right now? Or should it be based on a time-weighted average price of the backing price from X amount of days? We know the amount of Spell we would receive (98 billion) so I think the question is how are WE compensated opposed to the treasury that is being given. Otherwise, the math is simple and it’s # wMemo/98 billion Spell.
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Counter Offer - I don’t know how much room we have to negotiate here, but what if we counter with asking for more Spell. Abracadabra is highly profitable and it sounds like they only have 80-ish billion Spell (minus 18 billion from Daniele and Merlin per the AMA) to offer. Maybe they have to buy back more Spell from the market for investment here? This moves the Spell price up and we receive a better return from selling our revenue share from Point 1. Sifu being the treasury manager, I would expect him to objective negotiate for the best deal for Wonderland aside from Daniele.
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Remove Daniele From Negotiations - I highly respect Daniele and his prowess for success. I also feel he is too intertwined in both projects to act objectively. This is also for appearances. Let Sifu and Merlin hash this out and remove Daniele from these negotiations on price, or seat him on Abaracadabra’s side since he is putting up his own Spell for the purchase… I know this may only be front facing, but it’s a bad look to see the conflict of interest. How can Daniele negotiate the best price for Wonderland investors when he is part of the purchasing company?
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Final Take - I don’t like any of this, where Wonderland is concerned. We initially invested in a completely different product that devolved into where we are currently (a potential sale to Abracadabra). It’s hard for me to not feel like this bait and switch was premeditated and we were gaslighted the past few weeks to end up here (but this is my frustration speaking). I think we should ask for a bigger payout from Abracadabra since we would now be sharing profits with other Spell holders that never invested in Wonderland to begin with (e.g. me on my individual Spell investment side). I also think the treasury should pay out a sizable portion of its Spell allocation to wMemo holders as compensation for the lost revenue generation and general fuckery that has happened.
I don’t like selling Wonderland, but at this point, I don’t see a viable option for Wonderland to survive on its own, let alone generate any type of return to recoup the heavy losses. During the AMA, Squirrel stated that if Wonderland were to remain separate, the treasury buybacks would most likely have to stop which leaves us completely uncovered for price destruction. It’s a shit position to be in, but at least Spell is a working product with proven use cases. I think it is the best of the crappy options for any of us to recoup at least some of our money.
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exactly. Wonderland holders can invest in SPELL but not be diluted by current SPELL holders
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I’m down 70.89% from my initial investment. Will this conversion to SPELL compensate me for my loss? I don’t mind getting SPELL which I have already. But how about my huge loss? I don’t mind fully investing and transferring my wMEMO to SPELL, but with some sort of compensation, because I could have just spent all my money on SPELL a few months ago, instead of TIME - So let’s merge, but I need an extra incentive for my loss. Good luck everyone.
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