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:
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What’s the translation of Spell to wMEMO? (not market price, but specifically for this transaction…unless the plan is to use market price)
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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?
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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.
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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.
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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 $40k for the migration to SPELL. Also addresses that were liquidated below him and Dani will also be reimbursed.
No, “smart guy”… this is a way to keep revenue coming in and counter the pump and dump that happened last night and previous times before. I can only assume you are between 16 and 24 years old with your response.
Ok, os basically we’ll get 40k$ worth of Spell, right?
Ok, it means, that there will be about 98B more Spell on the open market.
It means, that with current valuation, every Spell will be worth much less than right now.
This transition will be without any slippage, but sellin 98B on the open market would be pretty devastating.
So, if we’ll get 40k$ worth of Spell with actual price 0,08$, then I predict, that the Spell price will be at least 50% lower after this merge, because of huge inflation.
You just want to rob us in a clever way, with wise words.
That’s the DAO, right?
People who trusted the development of the project were simply ripped off.
People who have leveraged get rewarded.
Most of the things you say sound great, but they really aren’t.
I have no idea what to say.
I would prefer treasury to be split among all wMemo hodlers.
But it won’t happen, right? Because Sifu is the manager of our finances?
Because it’s not a real DAO?
Because the only thing we can vote on is $ 100k for marketing?
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- Wonderland will own 98bil / 210bil total Spell, A 46.67% of Abracadabra
This is a wrong info. Total circulation token is 101B See here, Spell Token price today, SPELL to USD live, marketcap and chart | CoinMarketCap
You don’t know what will happen to the remaining 100B tokens. They are still not priced.
Spell is available on major CEXs, has a deep liquidity, thus a more stable price.
At this moment Spell’s market cap (total circulating coins * price) and net worth is lower than Wonderland.
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This guy nailed it right here!
“98 Billion SPELL, which is the equivalent of 784M MIM at the time of writing this proposal, will be used to purchase Wonderland treasury.”
That’s from the main proposal.
People like you shoudn’t be allowed to vote.
Hell no. This proposal is awful and kills us in wonderland. Spell will clearly tank as soon as swap occurs compounding our losses even more. Our revenue share form treasury gets diluted by current spell holders. Our chance to make money back goes to 0.
Only solution is to liquidate Treausry into stable coin and proportional share that with all wmemo holders. Treasury maintains some of those funds since it hold wmemo and sushi liquidity pools do also. So they can take whatever is left and move that to spell. If there actually any frogs left that trust these guys, then they can buy spell on open market actually chasing price to increase
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This doesn’t help us at all. This will force a lose from 52,000 to 11,800 with no gain realized over the last two months.
December 1st invest heavily
Promised airdrop
Promised backing price
Considered revenue share
Forced close out at 1/5 value for a different token.
Yes I like the idea overall. But the wonderland wmemo value is too broken to consider the move fair to investors. Even if the move was done, time to move? Frequency of dividends, percentage of rewards,
- Use buy backs to distribute to long term holders.
- Complete airdrops
- Make backing price hard floor.
- Remove abbra leverage
- Then reconsider this move.
And hurry up, nothing has happened for months except bloodletting.
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