AIP #7 - Expecto Patronum: A shield for all frogs

Governance Proposals Voted Proposals
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An update on Expecto Patronum:

AIP #7: Expecto Patronum is currently on hold, while we wait for the individual DAOs to decide independently if they plan on dissolving their treasury or not.

If this was to happen, Patronum will start the voting process right away. It will last for 48 hours and then, if it was to pass, start right away.

In the meantime, we would like to thank you all for the suggestions and ideas that our community posted!

If you have any additional questions, do not hesitate to contact and ping us on Discord!

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Update please patronum(its been a week since the last update on a pivotal change). We see additional assets being added for MIM expansion(BOO), GREAT NEWS! I’ve noticed the data analytics are not updating. This is imperative as it is a key metric for the valuation of spell.

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Patronum Update

Here is a brief update on how AIP #7 - Expecto Patronum: A shield for all frogs will be voted on and executed, following the latest development of Wonderland Rage Quit Option!

As many of you might have seen, the wonderland community has voted to allow users to trade their wMEMO tokens for their relative share of the treasury in MIM tokens using a rage quit option! Their vote passed with a huge majority, and It is therefore time to put AIP#7 in motion!

If AIP#7 passes, Patronum will be executed as follows:

Users will be able to trade their wMEMO tokens for SPELL on Abracadabra UI using a contract we will soon deploy!

This contract will take into account the backing price for each wMEMO token which will soon be announced by WonderlandDAO, as well as the market price of SPELL given by our Chainlink Oracle. The contract will then determine given these two parameters how many SPELL each user will get for their wMEMO.

From a user POV, once they interact with the Patronum Smart contract, and the transaction is confirmed, their wMEMO tokens are sent to the contract, and SPELL tokens will be credited to the user balance. SPELL tokens will then be up for redemption at the end of the 72 hours rage quit period.

More information on the UI will arrive as we get closer to the launch of Patronum Smart Contracts.

In the background, the contract will automatically redeem the wMEMO tokens and deposit the MIMs in Abracadabra Treasury. Once in the Abracadabra Treasury, the MIMs will be used as originally planned!

Note that Patronum Smart Contract address is already whitelisted to take part in the rage quit option. Only whitelisted addresses in the wonderland voting will be able to use patronum. Find out more here to figure out how to whitelist your address.

Note also that contrary to how the wonderland redeem process will work, we will not apply any slippage on the actual backing price of wMEMO, so if you are a wMEMO holder and want to get the full backing price, this option suits you well!

Once the rage quit UI opens on Wonderland, Patronum UI will Open on Abracadabra. Patronum SC will be filled with the maximum 30B $SPELL tokens and users will be able to start interacting.

Shortly Before the rage quit period ends, the Patronum SC will close as well. All the remaining SPELL (if any will remain) will be sent back to the Abracadabra treasury!

The voting period for AIP#7 starts now! Voting will last for 72 hours, and you can find the link to the snapshot here!

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