Wonderland started as an Olympus fork on Avalanche. Allowing people to access something similar to what Olympus was doing but with lower gas fees. We have diverted from being an Olympus fork, with the ending of minting dynamic. Wonderland is now a Decentralized hedge fund - but with 3 tokens; Time, Memo & wMEMO. 2 of these tokens are depreciated & serve no function anymore but confuse people by thinking a rebases is rewarding them. Also wMEMO confusing people not knowing that their memo is rebasing inside or not knowing they can stake it into the revenue share(as im writing this only 1/3 of circulating wMEMO is staked). I will suggest multiple phases to transition to a simpler model.
Phase one - The ending of the rebase.
Currently the rebasing mechanic serves no purpose and is essentially a stock split. Everyone staked is getting the same amount of MEMO every rebases. You’re not earning anything. When the minting mechanic was enabled rebasing allowed you not to get diluted out by minters. This is no longer the case - and only confuses & misleads them Thinking they are earning from staying staked - this is evident with the daily rebase questions in the discord.
If this proposal is successful to end rebasing while we transtion to a new token (coming phases) -
simply need to on the distributor contract (0xea61f76c3ee66b4E66822Fc1d408a13Eb30011EC)
use the - addRecipiet function, with these 2 arguments -
_recipient(address) = (0x4456B87Af11e87E329AB7d7C7A246ed1aC2168B9) this is the time staking contract.
_rewardRate (uinit256) = 0
This should stop rebases if I understand it all correctly. if developers know better then they can do it their way. for the interim while we transition.
work on phase two will start immediately after the rebasing has stopped - targeting a week for the entire transition to begin.
Phase two - a Wonderful new token
Currently, our tokens are confusing for many. Simply I suggest we move to a single new ERC20 token. I suggest the name $WONDER.
The new token will be a 1:1 transition with wMEMO.
I suggest the new token be native to ETH (to future proof, the merge will likely bring low gas fees’ to ETH therefore be more accessible for smaller frogs) - currently, wMEMO is on multiple chains. To allow everyone to redeem wMEMO for WONDER - batches of WONDER would be bridged to each chain to allow all wMEMO to be redeemed for WONDER.
The new token will NOT have a supply cap. However the WONDER should never be sold by the treasury if it will dilute backing.
The RQ contract could be reused to transition to the new token on avax/ftm. (likely not needed - A V3 Pool with wMEMO/WONDER liquidity could be used on ETH for that transition.)
EDIT: THEN SUBSEQUENT IDEAS ARE GENERAL IMPROVEMENTS I DONT THINK NEED TO GOT TO A VOTE. AND CAN BE DONE REGARDLESS OF NEW TOKEN & REBASING
Deep targeted liquidity & Maintaining Backing price
implement a V3 pool on ETH with Deep liquidity close to the backing price. This will allow large buys with reduced slippage. should allow arbitrage between all chains to maintain backing price. More efficient use of capital not needing to provide liquidity to infinity.
I don’t think we should trade over the backing. The premium should be captured by the treasury, and raise all WONDER’s backing - this is up to the TM or could have a separate vote.
With deep liquidity, this should allow for relatively safe borrowing against.
Somehow convince uniswap to release V3 on Avalanche faster.
Get us a CEX listing (hopefully with a new token that does not have any rebasing PTSD).
Auto compounding revenue share.
Provide auto-compounding revenue share - for people who want to accumulate , skipping the hassle of handling their own rewards.
Phases one &two are what will need a vote.
EDIT: CLEARED UP THE POLLING
- End rebases & move to new token
- Keep it how it is