This is such a bad proposal. 98B SPELL Token equivalent 778M USD which was lower than our “Treasury Balance” even yesterday and much lower than the net worth. Also 30% of the tokens are vested for the developers. So we are not getting the 98B tokens.
This is like SPELL will be acquiring Wonderland.money at a 30-40% discount.
So sad to see the proposal. I didn’t understand that how wonderland will get benefited from this proposal.
Also this questionable proposal introduces a lot eyebrow, about the dev’s claim on buying at a backing price. Probably they let the market crash intentionally just to undervalue the wonderland Treasury so that SPELL can acquire it at a discounted price.
To convince me, you have to explain more how Wonderland.money will get benefited from this proposal.
Hope everything goes well…
Acquiring stablecoins and other valuable assets for a shitcoin that they printed
Legal way to rugpull
Last note for now, pricing as many have mentioned matters a lot. Anything below treasury would be a discount for Abracadabra at the expense of Wonderland holders. Even though we would subsequently become holders of combined entity, we would have been given an inequitable amount. Ideally it should be at a healthy multiple to the treasury but given the market conditions at least a % premium above treasury reflects some credit for future revenue from investments.
Like it 
I like it 
we actually lost 20% of wmemo backing value without any explanation, 48 hours before the proposal. so in essence, sifu and dani are pocketing nearly 200 mil usd in this merger with shady treasury calculations.
The proposal is meaningless until we can answer these questions:
- Why don’t we sell at a premium? Maybe we could burn to raise the price? maybe we could do a couple of short term investments? and only then sell?
- how much does Abra make every day? what’s the revenues being distributed now per sSpell token?
- How will we combat the dilution due to existing spell holders and different tokenomics? For instance wonderland allocated 5% to the team while Abra is 30% that is a 6x increase!
We’re all trying to make money here. If this is an improvement proposal then show us the numbers that support that it improves.
If this is a life saving boat for a failing project, then just come clean to us about it instead of yet another false hope.
this proposal should not pass, all i was hoping for was for my holdings to break even to get out of this shit, they keep asking us to bridge, swap, stake and do other shit to make some money, this is so not right its like time memo wmemo was all a joke and a marketing strategy
LFG! love that I get to be part of a collective of something larger that we could ever imagine taking shape
so $bsgg was just a marketing start? we all gonna forget about that?
$bsgg was a joke too
My request to everyone would be, please don’t vote just because it came from dev team. Use your own brain.
Potential market value is much much higher in Wonderland.money than the SPELL holder. There are no concrete examples in the post how Wonderland.money would be benefited from the proposal. Don’t vote blindly without concrete numbers.
Ok shoot, one last comment. The 30% to devs under current SPELL tokenomics has to go. Maybe something more in line. There’s no way the devs should suddenly accrue that mucb of the treasury from the merger.
TIME/MEMO and wMEMO are correlated. You can’t even have wMEMO without TIME/MEMO
I swear we have the dumbest investors.
Remember our devs already collected 5% from the Treasury. So we are even on this matter.
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.
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.
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
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.