[WIP #3] - A United Front: Abracadabra + Wonderland Merge

3. [WIP] Wonderland Improvement Proposal
#63

Tokenomics of Spell is so bad…

You’re lying to us Daniele, all the time.

You aren’t buying at the backing.

We’re 40% below backing price.

Now you wanna merge those projects.

wMemo was infinite, tokenomics of wMemo was great. Tokenomics of Spell is completety shit… 30% to the team.

This is frog nation? I’m giving up, I hold only 5 wMemo, but that is enough.

You’ve been lying all the time.

It means, that we won’t receive Avax, CVX, MIM as staking rewards, but only Spell, right?

it looks like a rug pull fucking behavior

13 Likes
#64

If they give 1000 000 SPELL for 1 TIME I will agree :smiley:

1 Like
#65

This. 100%.
What about the long term holders of wMEMO who doesn’t care about this fall in price, who are waiting 2-4 years believing in rev share from acquired projects , and also the ones who are waiting to break even?
All of them will get spell at the current wMEMO/Spell price. If thats the case maybe we will be better selling our wMemo for Avax/FTM

7 Likes
#66

I did not say that the idea is bad respectively not usefull but today is the wrong timing

1 Like
#67

My vote on this depends entirely on at what price WMEMO will be acquired at. In my opinion standalone Wonderland with its current and future investments should be valued above pure treasury valuation. Please add a proposed price for the acquisition to this proposal.

As a starting point for discussion, how about 2x treasury value? (Paid in SPELL)

Edit: Reading a bit more carefully, the proposal already states to use 98B SPELL tokens for the acquisition. As of 26 Jan 1pm UTC that’s around $780M worth, to acquire the current Wonderland treasury valued at $700M. Quite cheap, only 10% premium, although of course slightly better than just liquidating and paying out the treasury to holders.

4 Likes
#68

Not even close for those that bought at Time at 10k. Think much bigger.

3 Likes
#69

You will swap your time for spell and you can sell it on Binance :))

#70

Merging it would only make sense if some incentives + guarantees would be provided apart from the promises of a better ecossystem. I would be happy to see some formalized.

Currently, as it is, stated, the purpose/mission of Wonderland fades into a protocol that whose fundamentals have nothing to do with Wonderland. This could cause clashes in target audiences for the SPELL token + volatility; endager the purpose of Wonderland.

Some thoughts:

  • The current Wonderland treasury was generated by a model that in no regards has any similarity to Abracadabra. Not only it was more risky, it was built under the belief that an Investment DAO would be created. The fundamentals behind buying WMEMO are completely different from SPELL.
  • We merge, and we convert our WMEMO to SPELL. Apart from a completely redefinition of investment, that may or not prove successful, what is the incentive of that? I bought WMEMO, again, to invest in a Decentralized VC, not in a DEX. We could already use Abracadabra before, optimizing the use of it doesn’t feel like game changing competitive advantage to me (but maybe I’m missing details on how the tech works). In all, converting my WMEMO to SPELL at the current rate of exchange would definitely feel that my investment was an utter failure. SPELL users did nothing + investment didn’t swing like WL did and will benefit from the airdrops + treasury that our money generated. Just feels wrong all of this tradeoff just for the security/less volatility of a protocol like Abracadabra.
  • From my understanding the teams haven’t changed in quantity or quality + the fundamentals behind both protocols didn’t change as well. What makes us believe that merging will be beneficial for both? Changing the package, doesn’t change the quality of the product. And what about SPELL holders, are they happy that their protocol fundamentals are now incorporating a high risk/high reward strategy for a treasury, that attracts volatile investors? Maybe they won’t enjoy the volatility that comes with Wonderland’s narrative and the protocol merge makes SPELL dump…

All in all, I’m a big fan of your work and I am still holding and staking since I first bought (I even bought the dip dip dip - inception). And that won’t change: it takes your BALLS to actually innovate and go one step further into new territories. I really admire you guys.

I want to continue to be part of these social/economical experiences, I really do.
Just give me more reasons to continue side by side with you.
Without some more practical incentives I see no significant advantages to merge.

Some ideas:

  • Snapshot of holders by time of merge will get X% more SPELL per WMEMO converted vs exchange rate.
    Dump mitigation: Vesting periods to unlock the extra SPELL.

  • 1 month of WMEMO staking for rewards (in SPELL for example) before the merge to extract some more value.

  • Etc

Cheerios froggies, WAGMI

27 Likes
#71

I‘m 110% AGAINST this merger

6 Likes
#72

Not sure if it s a good idea. It can create a cascade effect like tsunami. It can brake the STABILITY OF mim

#73

Someone tell me if I have misunderstood.
Wonderland holders OWN the treasury…and frankly its all we have left.
Dani owns Abracadabra. He set up looped/leverage of Wmemo KNOWING the risks and profiting from the fees and the liquidations.
They had an ambiguous promise of backing price. But buybacks came too late(Sifu was sleeping?)
Wonderland crashed once from this.
Once again Dani promised a soft floor, slightly under backing price. He KEPT the leverage option open (and kept on making money from it)
That leverage crashed Wonderland again…and once again the backing did not work.
Now your WMemo tokens are worth even less.
Again, all we have left is the treasury.
They want to take ownership of the treasury from us…meaning we get less of a share as we would have to SHARE it with the Abracadabra owners.
All we get in return is Spell tokens to the value of our crashed WMemo,
They need to use the treasury to get WMemo back to the $50K mark as promised

8 Likes
#74

This is interesting. It takes care of a few things all at once:

  • It eliminates the TIME/MEMO rebasing mechanic which most people should realize is unsustainable and the jig is up now.

  • It puts Wonderland on a CEX indirectly.

  • It combines the massive treasury of Wonderland with the steady tevenue of Abracadabra.

  • It addresses SPELL emission (as well as TIME) to cap supply.

  • It has synergies of Wonderland being able to directly benefit from and control leverage, degenbox, and liquidations more. Wonderland already clearly haa superior access, but this amplifies it and also removes barriers.

  • Wonderland at least seems spread too thin. Combining the teams will hopefully allow for more resources esp if they kill the whole Wonderland rebasing mechanism.

The concern I can see and I share some of them are:

  • The projects had two different purposes and now people are no longer getting what they originally brought. That happens as startups evolve and find their best opportunities so I am not personally worried. I say get off the bus if you don’t like where it’s heading anymore. Unlike most startups, your capital is liquid. But wait sech, f-u, I am so underwater now. First, look around, most everyone is underwater. Second, maybe the mechanism is to either trade your TIME/MEMO/wMEMO for SPELL or cash it out at a slight premium.

  • Does each project recognize the problems they are sitting on and that the other project could help address? I hold both SPELL and wMEMO and have been tracking both for a while. This really does seem to address the issues in each other.

  • Is this a rug pull to run with the Wonderland treasury? Obv no because that would just be running with the treasury and letting TIME go to zero. Daniele is doxed and continues to communicate. This is a lot of work and will be painful for a few weeks or more. I am sure they know that. But it’s a solution to a serious problem, not a rug IMO.

  • What about the high APY? Good riddance. And goodbye to people who are here only for it. We wete never getting something out of nothing. We were only bteaking the shares into smaller shares and handing them back. We added more smaller shares from new buyers until we didn’t. It’s just a hat trick. And now bith whales have figured out how to time it, and the market has figured it out how to properly value it.

I am we jotting these down for my own benefit and hope to see some civil debate. It’s a good proposal that does have synergies as well as concerns. I am leaning heavily toward agreement as my comments indicate but look forward to reading the cons.

16 Likes
#75

Dani,

Additional recommendation to the team: fire the guys responsible for the Wonderland tokenomics/game theory/business analysis and hire some top of the industry people to replace them :+1:
Everything starts with the team, Dani

1 Like
#76

SPELL is multi-chain. I bought mine on Avax

#77

This all really comes down to the numbers that aren’t being provided. At what value will this swap take place? If it is at market price of wMEMO than we have a problem.

I see a lot of people saying Wonderland failed. it has not. This current price is 100% the fault of the users who used leverage. If no one had used leverage there would be none of the 3 cascade events and we would still be over 100k wMEMO price. People like myself, who have a lot invested in Wonderland and never got liquidated would be forced to realize losses incurred through the error of others. And to all the people saying its the backing prices fault they got liquidated, it is not, it your fault for using leverage. Take some responsibility for your very risky choice.

That said. I think the merger is a great idea over all. It all comes down to swap rate. I cannot stand behind wMEMO being swapped when Wonderland is at its lowest. It WILL recover from this with time.

9 Likes
#78

Again, never forget wMemo was over 100k and Time/memo was 10k.

4 Likes
#79

I fully support this proposal!! - Let’s move on !!

#80

I’m already bullish on spell token and already farming on ftm. Bring that merger to us, lets thrive together

1 Like
#81

What is the proposal worth? Trust has fallen so much in this project. FROG. You will first have to compensate the people for being negligent with the backing price. It’s not a game…

#82

This is a fuckin joke.

Sifu is saying, that the wMemo price for Spell will be 40k$.

It’s a fuckin joke! First of all, our backing was 50k$ 1 week ago, if we’ll exchange wMemo for Spell, then our share of market cap will be much lower!!

If you hold 0.01% of the wMemo, then with wMemo <-> Spell exchange you’ll have less.

But yeah. It’s great idea. Dani rugged us and and now he wants to save his reputation.

2 Likes