Wonderland Token Migration to Volta
We are happy to announce the next chapter for Wonderland: Leaving behind the outdated 3-token system and establishing a simple, secure and overhauled protocol: Volta Club!
Due to the ongoing situation with Multichain, and with security in mind as our highest priority, we will be migrating to a new token! This will be completed using our in-house bridging, without involving third party protocols, featuring OFT (Omnichain Fungible Tokens) using LayerZero.
During this fresh start with our new token, the team has taken the opportunity to incorporate better security, more affordable cross-chain swapping and simplified protocol tokenomics. With the conclusion of rebases and staking last year, the 3-token system (TIME/MEMO/wMEMO) became redundant and confusing for many. This change allows us to take the next step in the streamlining of our protocol.
Our new token, VOLTA, will have a max supply of 1mm and the exchange ratio will be 1:330 wMEMO to VOLTA. To migrate your wMEMO tokens, follow the steps below!
How to Migrate my wMEMO to VOLTA
Step One:
Verify you are holding wMEMO in your wallet and it is not staked on the Farm, deposited on UwU Lend or otherwise utilized elsewhere. If you are holding TIME or MEMO, you will need to wrap to wMEMO first on the “Wrap” tab of the dapp.
See the note below for assistance withdrawing from UwU Lend.
Step Two:
Connect your wallet on the “Migration” page of the dapp.
Step Three:
The first transaction will be to “Approve”spending limit. Use max or default setting to ensure all your wMEMO can be swapped.
Step Four:
After approving, you will complete a second transaction to “Exchange tokens”. This will swap your wMEMO at a 1:330 ratio to the new VOLTA token.
Step Five:
Import the token contract address to your wallet via the button on the website or by manually importing the token address.
VOLTA on Ethereum:
0x9b06F3C5de42D4623D7A2Bd940EC735103c68A76
VOLTA on Avalanche:
0x9b06F3C5de42D4623D7A2Bd940EC735103c68A76
VOLTA on Fantom:
0x9b06F3C5de42D4623D7A2Bd940EC735103c68A76
VOLTA on Arbitrum:
0x9b06F3C5de42D4623D7A2Bd940EC735103c68A76
Step Six:
Confirm your balance in your wallet.
Done!
For questions and assistance, please reach out to our moderation team on Discord.
For wMEMO on UwU Lend:
Go to “My Dashboard” and withdraw your wMEMO. Accumulated rewards are not affected and there is no need to vest. Looped positions may need to be withdrawn and repaid in multiple transactions. Please be mindful of health factor during unwind of looped positions or if you used your wMEMO as collateral. To avoid liquidation risk we recommend a Health Factor well above 1.1. After successfully migrating to VOLTA simply re-deposit your tokens.
Bridging
Once you migrate your wMEMO to VOLTA tokens, you will be able to move them directly between supported chains through our dapp. There is no need for any third-party bridging service. Just head to the website, click on the “Bridge” tab, ensure your wallet is connected to the correct starting chain, and enter the number of tokens you wish to bridge. It’s that simple!
Frequently Asked Questions
What is an OFT?
OFT stands for Omnichain Fungible Token.
These tokens can be sent to other supported chains without involvement of third party protocols like Multichain.
What is the reason for the token migration?
OFT tokens get burned on the supply chain and minted on the destination chain. No third party protocols are involved. This is an important security update. Bridges mint their own version of the token on the destination chain and hold the original token on the supply chain.
Apart from security concerns that third party bridges pose, it will now only require a simple transaction to swap between chains, making it more affordable and faster compared to bridges.
Lastly, a refresh to a single-token protocol will streamline and simplify our tokenomics for the most user-friendly experience.
What about the backing price?
VOLTA will be backed by the treasury value in the same manner as wMEMO.
