Activating MMED

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 reward 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 Wheels DAO’s ETH to MMED and swap for $WILD (This Proposal).
• Step 2: Proposal to Allocate Percentage of MMED assets to Racing Rewards and Industry Staking.
• Step 3: Proposal to Allocate Percentage of Racing Rewards Between Wheels Non-Owners and Owners.  

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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’.

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✨ 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 will be initiated to swap 80% of the current 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:
  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.
• Timeline for rewards and game launch is not yet 100% confirmed.  

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🗳 Vote & Notes:

A vote will be held via Snapshot for Wilder Wheels DAO members:

• Proposal is Available: Thursday, November 7, 2024
• Vote Poll Opens: Thursday, November 14, 2024 PST
• Vote Poll Closes: Thursday, November 21, 2024 PST
• Each Wheels NFT represents one vote
• 3% quorum (191 total votes required to pass)
• Majority (the most votes wins)

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FAQs:

Where will the WILD come from?

• 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.

What will the ETH be used for?

• The ETH will be used to continue funding development of Wilder World and the Wheels industry.

What is this proposal about?

• This proposal outlines a plan to swap the ETH in the Wheels DAO for WILD, creating a sustainable WILD economy within the Wheels industry and supporting MMED Racing and Industry Staking rewards for Wheels holders.

Why is this vote necessary?

• 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 vote is necessary because the DAO members are required to vote on all DAO matters.

How will the price be determined?

• 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.

Who is eligible to vote?

• 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.

Can a Gnosis Safe Multi-sig wallet vote?

• Yes, see instructions here.

What is the process for submitting feedback?

• 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.

How will this affect the WILD tokenomics?

• The WILD used will come from the community building allocation in the WILD tokenomics.

When will our new L2 ‘Z’ go live?

• We’re currently live on testnet and planning to have the chain live before the end of 2024, this is an estimated date.

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  Please see our Wiki for any additional questions that come up.

A special shoutout to Wilder Community members Trap Wilder, Sma11, and BelsheBits for providing feedback and support on this proposal.