- Remove wMemo leveraging on Abracadabra
- Keep wMemo leveraging on Abracadabra
Let’s put an end to this nightmare from happening again.
This petition is to remove the option for wMemo leveraging on abracadabra.
This is a poll to alter another protocol however, abracadabra is still part of frog nation.
I think most of us today will agree that abracadabra cannibalizing wonderland proved to be doing more harm than good for the ecosystem as a whole. The liquidation cascade has caused many loyal investors to leave, and has been causing a lot of harm to the reputation of wonderland and frog nation.
The main problem: Vulnerability to whale attack.
If you are a whale, i have a great idea for you. All you have to do is to repeatedly sell large orders of wMemo/Time to drop the price enough to set off a cascade of liquidations. Then you buy once the price falls sufficiently. This will cause the traders to come back in, and then you sell for a quick profit. Since you are a whale, you have successfully made lambo money in a very short amount of time. It is apparent that this has been happening.
We need to take away this ability from whales. And the only way to do that forever is to remove the abracadabra leveraging feature from wonderland.
I’ve expressed my opinion on discord already and have received the following feedback which i would like to address with my own counterarguments:
We cannot vote on altering what is done on abracadabra since it is another protocol.
A: Maybe, but if we get enough traction we can maybe get the attention of devs to do something. We are frog nation, and wonderland should still have a say on what is done with wonderland assets on other frog nation protocols.
If we remove wMemo leveraging on abra, someone else will just do it on another protocol.
A: Yes, but if we remove wMemo leverage from frog nation it should still make a big impact on reducing wMemo leverage. Having it on frog nation protocol is almost encouraging leveraging which we learned is more harm than good.
If people leverage it’s on them. Why should wonderland do anything about it?
A: Because liquidation cascade hurts our price, makes loyal investors who would have kept investing leave forever, and hurts our reputation. Hurt reputation means less future opportunities for wonderland (ex: CEX listning).
I would appreciate if you could please vote on this poll, especially if you are sick of the liquidation cascades like me!
Thanks for your time.
Just a frog fren <3