My proposal to Wonderland holders: Remove the multisig and replace it with on-chain governance
Due to moderation on the Wonderland forum, I was unable to publish my proposal to the Wonderland community there. Instead, I’m publishing it here for both Wonderland and the rest of the crypto community to read.
Over the past few days, it was made more clear than ever that Wonderland token holders lack any form of ownership or control over their treasury assets and the protocol. The fate of the protocol is left in the hands of a few multisig signers. This poses incredible risk especially in the light of some multisig signers signaling their intention to ignore the result of off-chain proposals and even going as far as announcing that “the DAO gonna be managed by [them] directly”.
I propose the following:
- Remove all assets and protocol privileges from under the multisig’s control
- Move all treasury assets and protocol contracts to a GovernorApha on-chain governance implementation controlled directly by TIME / MEMO holders and their elected delegates
Proposed implementation plan
1. Bridge all funds owned by the treasury on all chains to the multisig on Avax
2. Deploy a new GovernorAlpha instance to Avax that allows TIME / MEMO holders to wrap their tokens in a new wrapped GovernorAlpha-compatible token
3. Use one of the existing open source frontends for on-chain governance voting and delegation. Options include Uniswap, Inverse Finance, Tally or others
4. Transfer all treasury funds and protocol contracts ownership to the GovernorAlpha timelock contract and remove all multisig privileges
5. Each TIME / MEMO holder may vote directly on on-chain proposals or delegate their voting power to someone they trust to make proposals and vote on their behalf
Call for collaborators
Due to the severity of the recent events, the future of the Wonderland story and how it unfolds will be remembered as a turning point in the history of crypto. In my opinion, it is up to us all in the crypto community to do our part and make sure that it is remembered as a moment where we all stood together to ease the pains of the thousands of everyday people who are hurt by this situation and to find a viable solution that puts them back in control of their own future.
On behalf of the Inverse DAO core contributors, we’re willing to contribute anything we can to help complete this transition, including our code, our time and our experience in on-chain governance. All projects that have a history in implementing on-chain governance are also encouraged to pitch in with their knowledge and resources and collaborate on this proposal to save Wonderland holders.
If you’re a TIME / MEMO holder holding sufficient tokens to make proposals on Snapshot, please feel free to put this proposal for a vote on my behalf