Wonderland: Maturing And Solving Problems
The market crashes of late January kicked off an eventful year for Wonderland. It was at this time that we lost our leadership, and in many ways, our direction. Sifu was voted out, and Dani– though remaining in the project as a founder– wasn´t accessible. Despite the best efforts of the elected Moderation Team, many of our processes were bogged down due to unclear procedures, or the inability to contact the person in charge. Transactions were sometimes executed with weeks of delay, communication with leadership was often non-existent, and the needs as well as the will of the community often went unfulfilled.
With Dani’s resignation, and Sifu being voted in as an interim Risk Officer, it seems we have finally turned the page on a dark chapter in our history. The start of a new era for Wonderland. For the past 8 months, the DAO has been focused on fixing these and other long-standing issues to build a strong foundation for our shared future. Many lessons have been learned throughout this eventful year, and it has only made the protocol stronger as a result. Thankfully, the majority of these issues have now been resolved. We are operating much more efficiently, with the ability to deploy the treasury swiftly & securely. It was a lot of hard work and took a lot of community participation, but we are proud to say we are now a DAO.
However, the transition of ownership from the previous team to the DAO is still incomplete. The two primary issues to be resolved are Dani’s commitment to resolve Abracadabra’s owed Convex Bribes to Wonderland, and the issue of transferring ownership of the domain (wonderland.money) to the DAO.
What’s All This About Bribes?
Wonderland made a deal with the Abracadabra protocol through their respective leaders, CFO and founder, back in January. This deal involved our purchase and locking of over $25mm of CVX tokens to use for curve votes on Abracadabra’s pools, in exchange for bribe rewards. Abracadabra has not paid Wonderland despite benefiting from our votes during most of this year and is now refusing to do so, claiming that they will not honor the agreement made by Dani. Dani has promised to pay using team allocation tokens by the end of September 2022, a timeframe which is now a month overdue.
A separate article detailing the situation concerning the bribes was written to help holders get up to speed.
In recent weeks, much effort by both the team and community has been spent on governance proposals that define how Wonderland will operate as a DAO. These proposals aim to reduce confusion, enable the community to choose its own path, and incentivize good ideas that create value for all of us. These improvements will be crucial to getting Wonderland in a healthy position as we deploy the treasury and build value.
Below are just a few of the recently passed and newly proposed improvements to the protocol. A live Governance Discussion was held with the community to discuss these proposals and get community input. You can listen in with the link below.
- Defining the Risk Officer Role — Passed
This proposal establishes the Risk Officer role which is important to Wonderland’s deal analysis workflow. This key position which Sifu was elected to as interim by the community, is primarily to perform risk management to protect holder value.
An Open “Call Letter” for Risk Officer candidates has been posted to the forums. Click for more information.
- Wonderland Governance Framework Amendment — Pending
This proposal aims at improving the transparency and efficiency of the current governance process by introducing minimum requirements and reducing existent timeframes.
- Treasury Allocation Proposal (TAP) — Pending
he treasury allocation proposal serves as a guide for the DAO on standard allocation practices for the treasury going forward. It also establishes a clear profit share system.
- Community Rewards Structure — Pending
This proposal aims at introducing a community reward system that will reward anyone who brings valuable opportunities and profitable strategies to the DAO.
- Wonderland Organizational Structure — Pending
This proposal aims to implement a management structure by creating a Management Team with clearly defined positions and duties. The goal of this initiative is to make Wonderland’s workload and responsibilities more transparent and efficient.
Liquid Staking Update
A couple of weeks ago the testnet for the Liquid Staking platform was made available. Community members have participated in testing the platform and provided feedback that was relayed to the development team. That feedback has been incorporated into the platform and deployed on the test net. We are now looking at ensuring the platform’s ownership is transferred to the DAO and working with the development team to have a proper launch plan. Stay tuned for more!
The Wonderland farm is the primary method for distributing value to holders. With most of the protocol’s operating procedures and internal structure soon clearly defined, the deployment of the treasury is running much smoother. This means that holders will enjoy new assets in the farm as investments are made, and revenue is produced.
The BSGG and SPELL farming pool has been depleted. Our Treasury Operators have set the new farming asset to be USDC.e tokens.
Q3 Redemption Has Completed Smoothly
On October 1st, Wonderland’s 2nd quarterly redemption period began. This came on the heels of co-founder Daniele’s resignation, which put a strain on the DAO to make sure everything went smoothly — But it did! The redemption went according to plan due to the hard work the mod team put in, and a special thanks to Catalyst who directly worked on the technical side! Everyone came together to ensure our quarterly process was able to complete without issue. The next redemption is scheduled to begin on the 1st of January, 2023.
- 663.216779 wMEMO was whitelisted for redemption, with a total of 333.134230 wMEMO being redeemed by 337 wallets and burned, which was $9,100,560.90.
- Out of 45,356,732.344305 BSGG tokens available for redemption, 22,782,716.8740573 were redeemed.
- The new total wMEMO in circulation is: 3821.210341
What Does The Future Hold for Wonderland?
The DAO is finally self-sufficient and working for the needs of the Community, executing its vision. The Treasury Operators are working together with the council and Risk Officer, to deploy the treasury and build value for Wonderland. During these challenging market times, we are in a good position to do amazing things, to build, to create value for holders. Whether that comes in the form of building new product offerings, or deploying the large treasury in other ways, look for Wonderland to make exciting moves.