Wonderland Governance

Update for June 2022

Greetings Timekeepers!

This article is to update users on current governance happenings as there are many things that require your attention. Wonderland Improvement Proposals 9 and 10 have passed and 11 and 12 are forthcoming imminently. In addition, the whitelist snapshot is now live per WIP 9 and requires action to take advantage of the first redemption period is slated to begin July 1st! We will briefly cover each WIP.

WIP 9 and Whitelist

WIP 9 has passed and per the proposal the whitelist will start June 22nd, lasting for 7 days, and the redemption period will start July 1st and remain available for 3 days. This means users can exchange their wMEMO tokens for a proportionate value of the treasury to be paid in USDC and BSGG tokens. Users will be able to redeem a portion of the whitelisted amount if they so choose. The whitelist snapshot is now live and users that wish to redeem are required to vote yes.

Voting is completely optional. Holders who do not vote, will by default not be eligible to redeem. During the 3-day redemption period, holders will have the option to redeem at stated backing price. This will be available on the app at http://wonderland.money. There is no penalty for voting yes to be on the whitelist if you change your mind and decide not to redeem. Any funds left in the contract by users that voted to redeem without doing so will be returned to the treasury at the conclusion of the redemption period.

Treasury Assets and Current Backing

SkyHopper has provided a breakdown of the assets residing in the treasury, current as of June 22nd 2022, which is displayed below. Note that values may change as the market is constantly moving. Holders who wish to redeem will receive both USDC and a share of BSGG tokens.

Other Governance WIPs

• WIP 8 which proposed to define the specifics around Daniele’s role at Wonderland was recently voted on and passed with a vote of 97.49% in favor of the proposed updates. These updates will make it easier to understand Daniele’s role going forward.
• WIP 10 proposed to burn wMEMO held by the treasury and gathered during the redemption process and passed with 99.21% in favor. This will further reduce possible outstanding supply of wMEMO.
• WIP 11 voting will be live within days of this writing. The proposal is for Wonderland to invest $25m in Sifu.Vision (SV) tokens. SV is a fund managed by Wonderland founder and previous Treasury Manager, Sifu. Tokens will be linearly vested over one year and may be redeemed for their cash value during quarterly redemptions. As SV grows its treasury the tokens gain value. Read more here.
• WIP 12 voting will be live soon as well. It is a proposal put forth by our current Treasury Manager, SkyHopper. It requests funds already allocated for Mod Team payment to be issued to the deployer wallet for the final six months of the year to guarantee prompt payment in the absence of a Treasury Manager or gap in multisig action. In addition it asks for backpay compensation. Read more here.