Wheels DAO Proposal
Last updated
Last updated
The Wheels DAO allocate 80% of current ETH holdings to MMED and swap for $WILD
TLDR As initially outlined in the ‘Wheels Industry Rewards’ section of Dev Log X, we are submitting a formal DAO proposal to allocate 80% of the current ETH holdings within the Wheels DAO to MMED and swap to WILD, in order to sustainably support Wilder World’s growing economy and in-game rewards. As originally planned, this WILD will be utilized for Wilder Wheels gameplay rewards emissions and Wheels Industry Staking.
The roll out of Wheels Industry Rewards will happen over three intended proposals:
Step 1: Proposal to allocate 80% of the Wheels DAO's ETH to MMED and swap it to WILD (this proposal).
Step 2: Proposal to allocate a percentage of MMED assets to Racing Rewards and Industry Staking.
Step 3: Proposal to allocate a percentage of Racing Rewards between Wheels owners and non-owners.
Key Initiative: MMED Activation in Metropolis We are excited to announce the first step of the MMED activation as part of Metropolis. While MMED rewards are temporarily paused as we refine the rewards structure, they will resume with our next major game release. Players will soon be able to earn WILD again through racing, with claimable token rewards becoming available shortly after we launch our new L2, titled ‘Z’.
✨ Benefits of the ETH to WILD Swap:
Kickstarting the Economy: Supports the WILD economy by implementing racing rewards and NFT staking within the Wheels industry.
Enable MMED Rewards: Provides necessary WILD for in-game racing rewards.
Support Industry Staking: Fuels Wheels Industry Staking, offering Wheels holders a passive rewards system in Wilder World. Details will come in a future Dev Log or proposal.
✅ Execution Information
ETH to WILD Swap:
A DAO proposal for the Wheels DAO has been initiated to swap 80% of the ETH in the Wheels DAO for WILD. If approved, the swap will be for 1,650.112 ETH of the 2,062.64 ETH in the Wheels DAO.
WILD Allocation: The WILD acquired from the ETH swap will be distributed as follows:
There will be a future proposal breaking down the specifics on how the WILD will be utilized for MMED and Wheels Industry staking.
All future economic changes will be subject to DAO votes by Wheels holders, ensuring alignment with community interests.
✍ Pros and Cons
Pros:
Empowers the WILD economy, enabling faucets and sinks.
Provides necessary WILD for upcoming MMED and Industry Staking systems.
Enhances user engagement with exclusive Wheels holder rewards.
Gives Wheels DAO members a more project aligned asset.
Cons:
Requires coordination between the Wilder World foundation and Wheels DAOs.
The timeline for rewards and game launch is not yet 100% confirmed.
🗳 Vote & Notes
The vote is being held via Snapshot for Wilder Wheels DAO members:
Proposal is Available: Thursday, November 7, 2024
Vote Poll Opens: Thursday, November 14, 2024
Vote Poll Closes: Thursday, November 21, 2024
Each Wheels NFT represents one vote
3% quorum (191 total votes required to pass)
Majority (the most votes wins)
Q: What is the purpose of this proposal? A: This proposal aims to swap 80% of the ETH holdings within the Wheels DAO for WILD, as part of Wilder World’s effort to create a sustainable in-game economy for racing rewards and Wheels Industry Staking. The WILD obtained will be used to activate MMED gameplay rewards and staking for Wheels holders.
Q: Why is this vote necessary? A: The ETH to WILD swap is essential for enabling MMED rewards and Wheels Industry Staking, providing additional value and engagement specifically for Wheels DAO members. This ensures the proper functioning of in-game reward emissions and offers Wheels holders an exclusive way to earn passive rewards. Having well-balanced "faucets and sinks" is essential for any game economy, and distributing rewards in WILD helps create a sustainable economic loop within Wilder World.
Q: Where will the WILD come from? A: The WILD will come from the WILD treasury and be swapped directly with the Wheels DAO. This will not affect the price of WILD on the open market.
Q: What will the ETH be used for? A: The ETH will be used to continue funding development of Wilder World and the Wheels industry.
Q: How will the price be determined? A: The ETH to WILD swap price will be determined by taking the 24-hour volume-weighted average price (VWAP) on the date of the swap, targeted to be within a 48-hour period of the conclusion of the voting process.
Q: Why does this proposal not include a detailed breakdown of MMED and Wheels Staking? A: Proposals should be specific to one topic to ensure clarity and focus. This proposal is solely about swapping ETH for WILD. Additional proposals will address the specifics of reward distribution for MMED and Wheels staking, based on feedback from community members and our community team. Q: Will there be a racing pool specifically for Wheels holders in addition to the general MMED pool? A: A Wheels holders racing pool could be the next proposal once the Wheels DAO is funded with WILD. There’s still a lot to think through on this idea, and further details will be developed in the next proposal.
Q: Will using WILD from the treasury impact token distribution? A: No, the WILD tokens used for this proposal were already allocated in our tokenomics for community building. This ensures that our plans for token distribution remain unaffected.
Q: How has the Wheels game been funded to date? A: The game studio has funded the Wheels game, development of new vehicles, and the expansion of the Wheels industry, including our partnership with Epic Games. These investments have cost several millions to date, and reimbursement hasn’t been requested. There needs to be some give and take here, and the DAO should focus on the success of Wilder World and the DAO’s focus should be on supporting Wilder World’s overall success.
Q: Why should the Wheels DAO pay for game expenses when other DAOs and WILD holders already contribute? A: The original purpose of each DAO was to fund expenses related to building out their specific DAO and corresponding game modes. For example, we’ve already paid over $1 million in royalties to Epic Games from revenue generated by the Wheels sale, and we’ve invested several millions more in developing the Wheels game, plus an additional $1 million+ planned for car upgrades. It seems fair for the Wheels DAO to contribute its share. Q: Why is this proposal considered fair for the Wheels DAO? A: This proposal ensures that the Wheels DAO is contributing fairly by converting its holdings to WILD at current market prices, aligning it with Wilder World’s economy. The approach was designed to support the DAO’s goals, including rewards, MMED, and delivering on Wheels staking.
Q: Could the DAO have been billed directly instead of using this proposal? A: Yes, we could have billed the DAO directly. However, we chose this proposal approach to provide additional benefits, such as supporting rewards, MMED, and ultimately enabling Wheels staking.
Q: How active has the Wheels DAO been over the past two years? A: The Wheels DAO has been active for over two years, allowing any Wheels holder to submit proposals to utilise DAO funds. In that time, only two proposals have been created, and neither received any votes.
Q: Is the project’s financial runway secure if this proposal isn’t approved? A: Yes, our financial runway is in a good position, regardless of the outcome of this proposal.
Q: Who is eligible to vote? A: Those who hold NFTs from the Wilder Wheels Contract Address (0xc2e9678a71e50e5aed036e00e9c5caeb1ac5987d) will be eligible for voting. Voting Power (aka number of total votes per holder) will be determined based on the total number of assets held from this contract address.
Q: Can a Gnosis Safe Multi-sig wallet vote? A: Yes, see instructions here.
Q: What is the process for submitting feedback? A: Community members are encouraged to provide feedback, as we move forward with this proposal within the DAOs. For further assistance or questions, please open a ticket in the Wilder World Discord Customer Support channel, and our Community Team will support you from there.
Q: How will this affect the WILD tokenomics? A: The WILD used will come from the community-building allocation in the WILD tokenomics.
Q: When will our new L2 ‘Z’ go live? A: We’re currently live on testnet and planning to have the chain live before the end of 2024. This is an estimated date.
Q: Will the $WILD be cycled back into the Wheels DAO, or will it be used for MMED purposes and not returned? A: WILD will be used as MMED rewards and staking rewards. Wheels holders can also use their ability to submit proposals if there is desire to utilize the WILD for additional activities.
Q: What incentives do non-gamers have to allocate part of the Wheels DAO funds to gamers? A: It will, in turn, create more economic activity in the Wheels industry, helping grow Wilder World.
Q: What’s the next step for rewards if the proposal doesn’t pass? A: We will get feedback from the community and submit another proposal. Q: When will the voting take place for the updated Wheels proposal? A: We are aiming for it to start during the week of November 11th, until the week of November 25th.
Q: What are the risks of swapping such a significant percentage of ETH to WILD, and how will those risks be mitigated? A: It is the same as any transfer on the Ethereum network.
Q: If the swap is approved, how will the DAO monitor and report on the use of WILD for MMED rewards and staking? A: We will release an additional proposal on how the WILD will work for MMED and staking rewards.
Q: What recourse do Wheels holders have if they disagree with how the WILD is used post-swap? A: We encourage Wilders to take this opportunity to create proposals and vote.
Q: Will those who earned WILD without owning a Wheel still receive payment up until the proposal is accepted? A: Yes, all MMED rewards to date will be rewarded. Q: Are the Wilder World DAOs fully decentralised in their operations? A: The DAOs are not yet fully decentralised, as the Wilder World Foundation still handles development. Part of our approach is to formalise DAO operations, address decentralisation challenges, and ensure fair contributions from each DAO toward its own development. This process is aimed at "battle-proofing" the DAOs for true decentralisation, where all members are aligned with the long-term success of Wilder World.
We also recognise that when we initially designed DAOs for each industry, DAOs were relatively new, and our understanding of their potential has since evolved. We’re considering a more holistic governance structure, potentially with annual votes within each industry DAO to elect representatives. These representatives could form a larger player and community council, bringing together voices from across Wilder World. WILD holders and team members would also have roles in governance, enabling decisions to be made from a unified perspective. We have the tech in place; now, we're focused on building the human side of this governance framework to support Wilder World’s growth.
