Wonderland: Pushing Forward
Wonderland Celebrates its First Anniversary!
Wonderland celebrated its first anniversary on the 2nd of September 2022. This significant milestone did not come easy, and was only possible through the collective voice of the community who voted to limber up and trudge on rather than wind down.
It is also this voice that has shown to Wonderland’s co-founder Daniele Sestagalli that as a community, we have matured to a stage where we are able to function as a DAO on our own, as intended. In light of this, Daniele has chosen to resign from his roles in the project so that he can focus his time on Abracadabra and Popsicle. As the Wonderland Team has taken over much of the day-to-day operations of Wonderland for several months now, it is expected that Daniele’s resignation will only incur minimal, mostly backend, changes. Wonderland still continues our vision of using our collective minds and expertise to bring value to token holders.
As such, we will be going through a transition phase where various administrative matters are being handed over from Daniele’s team to the currently elected Wonderland Team members. The following will elaborate on various important matters and outline the road ahead for Wonderland.
Multisig Changes
The Wonderland treasury is protected by a multisig, which is a system that requires multiple individuals to sign before any transaction can be executed. This works as a safeguard against bad actors compromising treasury funds.
Following Daniele’s resignation, a vote was conducted in order to improve the diversity and efficiency of our multisig. The vote has passed with 99.99% of votes in favor. The multisigs of our assets on various chains will require majority signatures (3/5) to execute transactions and will be comprised of the following members:
- Dafacto
Head of Product at Aurora and long time community member - Nal X
Elected Wonderland Team member - SkyHopper
Founding Partner at Bastion Trading Group, Previous Treasury Manager and signer - Yaksha
Elected Wonderland Team Member - Trusted member
to be added later by multisig signers; will be internally doxxed and neutral
Deploying Treasury For Investments
Wonderland has a vast treasury valued at ~$140mm at the time of writing. This treasury is meant to be deployed to earn returns for token holders. The Wonderland Team is currently working on overhauling the treasury management framework, with the aim of decentralizing the process while increasing efficiency and effectiveness.
Until recently, active treasury management depended on a single person, acting as Treasury Manager. This proposal splits the job of the Treasury Manager into multiple positions such as the Treasury Operators (TOs). The role of a TO includes finding good farms and liquidity markets for stables, directional exposure, options and other hedging strategies, and sourcing profitable deals. Deal and Ferengi, two long term active members of the DAO, have now been voted in by the DAO at Wonderland’s first Treasury Operators!
Strategies proposed by TOs undergo discussion and vote by the Treasury Council. Approved proposals will then be assessed for safety by the Risk Officer. Sifu, co-founder of Wonderland and our previous TM, has been nominated to be interim RO until a formal vote decides a permanent candidate. This role evaluates passed proposals from the Treasury Council for security risks before forwarding the proposal to the multisig for execution.
Technical Updates and Website Improvements
In August, the DAO voted to end rebases. Wonderland’s documentation and tech now requires updates for improved accuracy. A proposal has been submitted on the forum to provide authorization and access to improve, troubleshoot, or otherwise make changes to all official Wonderland tech and documentation by the Wonderland Team members. The proposal also includes appointing Catalyst, a long-time community member who has been helping by building server bots and security tools, and also runs the Wonderland tracking website frogs.army, to join the Wonderland Team to assist with the technical aspects.
The Multifarm team has submitted a proposal on our forum detailing the building of a comprehensive dashboard for our treasury, using their expertise in data analytics. This would allow token holders to be able to easily view and track various aspects of the treasury. Here is a mockup image that Multifarm provided the community of what the final product could potentially look like. Be sure to read and engage with the proposal and voice your opinions!
Liquid Staking Product Progress
In January, Wonderland voted to build a liquid staking product on the Avalanche network. This product will allow users to stake their AVAX tokens and earn a yield. In addition, stakers will receive wlAVAX tokens for their staked AVAX, which can then be used across the Avalanche ecosystem to trade, lend, or farm, thereby compounding their yields.
For providing this service, Wonderland will collect a fee which increases value for all holders. Part of this revenue is planned to be distributed through the Farm. After months of development, we are excited to announce that our liquid staking product has completed an audit by Peckshield! Currently, it is deployed on a testnet for testing and optimization and will be ready for launch soon. Verified token holders on Discord are able to join the testnet. Find more details in the holders’ channel on Discord.
Further Down the Rabbit Hole
What else is in the works for Wonderland? With a new roster of multisigners and our new TOs, the immediate goal is to deploy the treasury efficiently to generate profits and introduce new tokens to the Revenue Share Farm. This will allow for diversified rewards for holders who are staking their wMEMO. The Wonderland Team is also currently looking into specialized legal consultation to ensure that the DAO and its investors are set up for protection in the best possible manner.
Following the conclusion of these ongoing votes, the Wonderland team is also prioritizing a complete overhaul of our current governance framework. The goal is to make governance more accessible and focus on flexible, efficient, and transparent framework. In the meantime, all members of the DAO are encouraged to be active participants by engaging on the forum and making their votes count! As Wonderland is now operating as a fully decentralized DAO, holders’ participation has never been more vital!
