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First Glance $TIME + $SPELL Merger.
I need to take a hard look at the analytics of @Wonderland_fi's treasury before making a hard decision as to the value of this merge.
Here's a breakdown of the Merger Proposal:
The ohm fork @Wonderland_fi will cease to exist.
@MIM_Spell will become the dominant protocol with its governance token, $SPELL to be used.
All $MEMO/ $TIME will be exchanged for $SPELL.
Given the current sentiment against 3x3, this is a big value prop for $TIME holders.
pic.twitter.com/9mSuGvqlDD
In exchange for their $589M @Wonderland_fi treasury, 89B $SPELL tokens will be minted to buy it.
At the current price of .008, this represents a $784M payout for a $589M treasury. This appears to be a PREMIUM not a DISCOUNT.
@DefiLlama says treasury = $261M which is worse.
pic.twitter.com/173g8NFT5e
It is unclear which, or if either, analytic is the true treasury value.
Treasury wallet shows $539M: 0x78a9e536ebda08b5b9edbe5785c9d1d50fa3278c
The Abra Proposal for Merge would need to take into account the recent $TIME deprecation PRIOR to minting ANY tokens.
If a 1:1 or discounted treasury price can be agreed upon, the minting of $SPELL to pay for this TVL would NOT be dilutional....which is good.
$SPELL staking revenues are about to start paying in MIM...and this would, in fact, likely lead to higher yields for stakers.
pic.twitter.com/gedVSyMYzt
Prior governance discussions have indicated a plan to
leverage stables from the treasury on bentobox using @PopsicleFinance.
The recent creation of a 
Nation discord strongly suggests an end-game to EVENTUALLY also merge Popsicle w/the proposed Abra + TIME merger.
TLDR 1/2: Currently this proposal has a lot of merits but needs a shit ton of work. That's why @0xWicked labeled it a WIP.
Recent @Wonderland_fi treasury deprecation is NOT taken into acocunt for the minted SPELL token price
ICE will likely merge w/SPELL+TIME eventually
TLDR 2/2:
If the treasury value is accurately reflected by the mint, this would be a big 
of value to TIME & add value to SPELL.
$SPELL + $TIME is likely to be volatile as merger is sorted out. On the surface, the idea is good but needs work.
HODL for Dani AMA today
NOTE: I will update these thoughts in a new thread after the @danielesesta AMA today at noon.
Thanks for the measured take on the first read. Appreciate this. I’ve been a bit knee jerk negative reaction on the whole thing
Thanks for the thread! I can’t get behind this due to how mismanaged @Wonderland_fi has been and how spread/diluted @danielesesta has been. A great builder racking up failures and developing projects that can fail if the founder is sleeping leaves a mark. Not a $time holder.
Devs sleepy, welcome to rektsville
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