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Nothing to invest, just my TIME
I always said when I started blogging that I had nothing to invest, just my time! And that time is so precious. By investing time you can actually build something. Time matters! Time is a gift! Only let time be what we so often fall short of. I think everyone recognizes that… you want so much, you need so much, but the Time to do it right is lacking! Now I can't change that, and Wonderland can't either. But Wonderland can give you Time.
Time is magical
If you've ever watched the “Alice in Wonderland” movie, you know that Time is magical! In the film, Time is a magical being who sits on a black throne in a castle of eternity. He has one human hand and one mechanical hand and possesses the Chronosphere, a glowing, spinning, metallic sphere inside the chamber of the Grand Clock that powers all time.
This way the founders of Wonderland Time see their time too! Time is magic, time is a gift! A gift that keeps on giving! And by investing your time, you can get new time in Wonderland!
What is Wonderland?
Wonderland is a DeFi 2.0 project. A next level DeFi application with more advanced features that are also much easier to use. Wonderland is a fork of Olympus DAO. The technology and the properties that Olympus DAO has, therefore, broadly correspond to those of Wonderland. And that automatically means that TIME is also a rebase token! We've looked at this before when I wrote about KLIMA two weeks ago
Back to TIME, as fork of Olympus DAO. The big difference between the two is the ecosystem on which both are built. Olympus DAO is built on Ethereum. Wonderland is built on the Avalanche ecosystem. Avalanche is also referred to as one of the Ethereum killers (I don't believe in this at all), because the network delivers good performance in terms of scalability, speed and security. And for me personally, a big advantage of the Avalanche network, is the incredibly low gas fees. Especially if you compare that with Ethereum. But I guess there is room enough for both of them!
In the blog about Klima we also briefly looked at what Olympus DAO is. It is one of projects that are ushering in a new phase in blockchain and DeFi, Decentral Finance. DeFi are decentralized financial products that allow you to generate passive income with crypto. Examples are staking or lending.
In 2020 we had the rise of Defi and that was also called the summer of DeFi. In the fall of 2021 we will see a new generation of DeFi projects. With Olympus DAO leading the way and many to follow. Wonderland is one of them. This new generation of DeFi is more advanced, further optimizing profit models.
A treasury backed DeFi protocol
The innovativeness of Olympus DAO, and therefore also of Wonderland, is that it is a Treasury Backed DeFi protocol. A treasury, also called a basket, is a kind of collection of different assets. The value of the token of such a protocol is backed by the value of this treasury. So this is somewhat similar to a pegged token. The difference with a pegged token is, that the value of an asset with a pegged token is 1 to 1 connected to the value of another token. Usually the US dollar, but we also see tokens that peg their value to. For example, Bitcoin.
What is the advantage of a treasury backed token? The advantage lies in the fact that you have a stable high return on your staked coins through a treasury-backed protocol.
The backing, or supporting the value of a token, is done at Olympus DAO by the accrued treasury or the treasury of the protocol. This consists of stable coins. This treasury is built up and guaranteed by a liquidity system called protocol owned liquidity.
Normally, liquidity providers provide liquidity to a pool by adding tokens to this pool. In the case of Olympus, the protocol really takes ownership of the liquidity. The protocol buys users' tokens for a fixed price and guaranteed purchase. As a result, Olympus or rather the DAO (Decentralized Autonomous Organization) has control over liquidity.
Wonderland has its own treasury backed token: TIME. Which assets are now supporting the TIME Token? The most important of these is the MIM (Magic Internet Money token). This is an algorithmic stablecoin of the Abracadabra network. This means that the price of MIM is algorithmically linked to the dollar. In the event of inflation of the underlying fiat of a stablecoin, the value of the stablecoin does not fall.
The DeFi protocol from Abracadabra.money also belongs to the Olympus DAO family. They use the same blockchain technology and different people work on both the projects as well. TIME is backed one-to-one by the value of MIM and is also supported by the treasury of assets of the Wonderland protocol.
How can you generate income with Wonderland?
This is the first thing many people look at. What can I do with this protocol? What can I get out of it. Whether that's smart, without delving into the foundations of a protocol, I'll leave it up to for a moment. But in any case, we are going to see what the possibilities are currently to generate an income, profit, with Wonderland?
And then we see two possibilities. Staking and minting. There may be more options in the future. That is certainly in line with expectations.
Staking
Staking of TIME tokens, works according to the well-known staking mechanisms. By holding the tokens you have, you will get a reward for this over time. These are at Wonderland TIME tokens.
You can sometimes stake from your own wallet, but in the case of TIME it happens within the Wonderland network. You put your tokens in safekeeping for this. For the tokens you stake you get MEMO, also known as Memories. These tokens are a kind of proof of custody and you therefore keep them in your own wallet.
You can also use these MEMO in other DeFi applications. Stakers benefit from supply growth of the TIME token, if more token supply comes into circulation. Because you are collecting tokens, the price fluctuations of the tokens themselves matter less in the short term. In the long run, you have a greater chance of winning because staking always adds tokens.
How do you get a profit from staking?
For staking your TIME tokens you will receive a rebase reward. Rebase in Wonderland's staking system means that the balance of your tokens will automatically increase during staking. This is done by auto-compounding. Automatically your balance increases by accruing interest on interest.
This increase, the reward yield, is calculated by means of a rebase rate. You will receive the reward yield after each epoch, which lasts 8 hours. The amount of the reward depends on the APY (Annual Percentage Yield). This is the annual profit or rewards when staking.
And this APY is what makes a project like Wonderland attractive. An APY above 65,000% (at the time of writing) is of course very attractive. This makes projects like Wonderland and Olympus interesting. But are you also aware of the risks here? Because this high APY cannot come without risk. No matter how thorough a project may be.
How can you stake?
To start with, you will logically have to make sure you have TIME tokens. Without TIME in your wallet, there is nothing to stake. The best place to buy these is the DEX Traderjoe, built on the Avalanche network. AVE-Time is the pair advised by Wonderland itself to buy TIME on Traderjoe, as this pair has high liquidity. TIME is also available for purchase on Gate.io.
For seasoned crypto users like most of the people here are, I don't need to explain the staking process anymore. Once you have the TIME in your wallet, it's a matter of CLICK - CLICK - CLICK! Ready, set and forget!
Good to know is that you can check out the current APY and TVL (the total value that is locked at that moment), Here is nothing new, a this can be seen with almost every DeFi application. In addition, TIME also indicates the current index, which tells you how many times tokens are multiplied from gen 0, the first stake of tokens.
This data will all affect your final or eventual profit. On Wonderland you will also find a handy calculator that, if everything goes as expected, gives an indication of your profit after a certain stake time. No hard guarantees can be given here either, DYOR people! Never forget to do this, and only then decide whether you want to get into a project. It is and remains crypto, and no one can give you hard guarantees.
On the page where you give permission for staking, you can of course always unstake.
minting
Minting TIME in Wonderland is the same as with the process called Bonding in the Olympus DAO protocol. This process aims to create Protocol owned liquidity; the Wonderland protocol becomes the owner and manager of the liquidity through minting or bonding. This ensures that the liquidity and treasury of the protocol remains on track.
Time minting can be done with two types of tokens. In the first place Liquidity Providing tokens, or LP tokens. These are tokens that you receive when you provide liquidity to pools. You bring tokens into a pool. It allows others to trade or speculate. For making your tokens available, you get liquidity providing tokens.
Normally you can't do much with LP tokens, it is often a kind of payment receipt. In Wonderland these LP are tochen minted by selling them to the protocol for which you receive TIME. This way of minting is called Liquidity Minting. The second way is minting with assets. This is called reserve minting in Wonderland, because you mint with reserve assets.
The mint on Wonderland is a transaction that is fixed for a certain period of time. Time is called the fortress term. After this period, redeem allows you to exchange the TIME tokens for the LP or reserve tokens you had made available. You will also receive TIME as a reward for minting.
The following assets can currently be used for minting TIME on Wonderland at the end of 2021:
- MIM - Stable coin from Abracadabra.money. It is available on Traderjoe.
- Time MIM LP - You get these LP tokens by adding tokens to the TIME - MIM liquidity pool on Traderjoe.
- Time AVAX LP - These, like the TIME MIM LP tokens, can be obtained on Traderjoe. To do this, you bring TIME and AVAX tokens into the liquidity pool. If you provide this liquidity, you will get the TIME AVAX LP tokens.
- wAVAX - These are available through Traderjoe, they are wrapped AVAX tokens.
How can you mint through the Wonderland platform?
On the Wonderland site, click Mint to go to the mint page. Here you can set everything for minting, for example the address of the wallet in which you receive TIME tokens for your LP or Reserve tokens. You can also indicate the slippage percentage that you accept for the transaction. With Redeem you can exchange TIME tokens that you have minted for the tokens that you have sold to the protocol. You can now also claim the TIME tokens that you get as a reward for minting. If you want to earn even more with your TIME tokens, you can also can autostake them again.
The stock exchange of TIME tokens
TIME has already experienced significant price increases on the crypto exchange. The TIME token was launched in September 2021 for just over USD 723. All Time High was achieved on November 7, 2021 with USD 10,063. By market cap, TIME is the first token of the Avalanche network to enter the top 100 in November 2021.
Team
Who the founders and team behind Wonderland are is kept a secret. They remain anonymous and you must therefore determine whether you consider this a reliable project with the information about the protocol, the white paper and any partners.
However, if you search a little further, you will find that Daniele Sestagalli is one of the co-founders. During a conversation with Luigi D'Onario Demeo of Ava Labs, he introduces himself as a Frog from Frognation. But this frog may well become a real DeFi prince. This is someone to keep an eye on if you want to delve further into DeFI 2.0.
The Frognation ("An idea, no token to ape in!") of which he is a part is an idea. It is an important starting point for the developers of DeFi 2.0 platforms. It is the ideal that it should be possible for everyone to use DeFi.
Daniele Sestagalli has been at the cradle of many successful projects, each of which is also linked to Wonderland. He is also co-founder of Popsicle Finance and Abracadabra.money. Wonderland is his latest successful project. The rest of the team behind Wonderland remains anonymous, but comes from the DeFI community. Wonderland is set to become a community-driven DAO.
The project itself has a solid foundation. Abracadabra is mentioned as a partner. The Wonderland protocol itself is fairly well put together. This is of course not surprising, given that it is a hard fork of Olympus DAO, which is already a proven system. However, Wonderland has yet to pass the audits to ensure safety. Olympus DAO has already had many audits, and Wonderland works with this foundation. This certainly does not give any guarantees, but it can give confidence. Nevertheless, in such projects it remains important to analyze risks properly and to only deploy assets that you can spare.
Wonderland also has an engaged community of DeFI enthusiasts. There are more than 40,000 active members on Discord, the Wonderland twitter account has more than 80,000 followers. Furthermore, Wonderland uses Telegram to communicate with the community. This involvement of a community is also no guarantee, but can again be a point that can give confidence. .
Future plans
What is the goal that the creators of Wonderland want to achieve with this DeFi platform?
Primarily, Wonderland's mission is to use TIME to create a Treasury backed token that is stable, creates and holds value.
Wonderland, as mentioned before, originated as a hard fork of Olympus DAO. This happened in the fall of 2021. Together with Popsicle Finance and Abracadabra.money, these are examples of successful DeFi 2.0 projects. Wonderland grew with a market cap of USD 1,181,331,527 in December 2021 onion t to the largest project on the Avalanche network. However, a clear roadmap or future plans are still lacking. The intention is that the protocol will eventually be controlled by a DAO. However, it is not known when the transfer of management to a Decentralized Autonomous Organization will take place.
However, if you follow Daniele Sestagalli, you can find more information. From conversations with him it appears that, despite the lack of a roadmap, much more is going to happen with Wonderland, and that these plans are also foreseen in the shorter term.
From treasury backed token to multiplayer game currency
One of the most important things that can be concluded from Sestagalli's words is that TIME will get more use cases! The properly functioning of the token is only a first phase in the plans of the team behind Wonderland.
Games
In addition to the function of a treasury-backed token, TIME will also become a utility token. This will offer access and possibilities in yet to be developed blockchain games on Wonderland. Sestagalli sees Wonderland as the base currency for multiplayer games. A layer will therefore be developed on which developers can easily develop games. The Wonderland team is already developing a game that uses TIME tokens as its base currency. This game will serve as a "Proof of Concept" to show other developers what is possible with Wonderland.
Sestagalli sees it as the currency for the Metaverse.
Wonderland should become the Minecraft of economics.
It offers the opportunities for everyone to build and grow here in their own way.
New partnerships being sought
In addition to expanding the Wonderland concept, new partners and collaborations are also being sought. Sestagalli says that there is also consultation with the team behind Superfarm and it is quite possible that the teams of the projects will also work together.
Conclusion
Wonderland brings the possibilities of DeFi 2.0 with TIME. And what we see now when we look at Wonderland seems to be just the beginning of the plans with this platform. While DeFi in general and new projects in particular can be risky, Wonderland also offers many possibilities and opportunities in this way.
The protocol and the mechanism with staking and minting are well put together. This means that the sensational start of this project can only be the tip of the iceberg.
Remember when Alice said in the movie; “Time is a gift”, I tend to say… "TIME is a gift that keeps on giving”.