How to Stake Wonderland Time Cryptocurremcy – 2023 Guide

A closer examination of $TIME’s stability or dependability is necessary to understand how to stake Wonderland. Originally an OlympusDAO fork, WonderlandDAO is now a distinct and strong entity that has undergone a significant update to its home page to better reflect the protocol’s actual objectives.

Quick Steps:

1. Visit the Wonderland website’s Stake page. Select the “Stake” tab.
2. You can stake however much TIME you want by entering it in the input box. …
3. Click “Approve” and sign the transaction.
4. After the “Approve” transaction has been processed successfully, click “Stake” and sign the transaction.

What is Wonderland?

The Wonderland decentralized reserve money system is based on the Avalanche network. It essentially strives to become a reserve currency system built on an asset treasury. $TIME is the Wonderland currency and symbol.

The majority of people fall into one of two categories when it comes to Wonderland. The first group quickly discards Wonderland and other Olympus forks as frauds (over 80,000%) when they notice the absurdly high APYs for staking. The second group is drawn to the same APYs as the first group and desires a piece of the action.

How to Buy Wonderland (TIME)

Step 1. Please visit theTraderJoe.xyz swap page.

Step 2. Ensure that the output currency is TIME. To ensure that you are switching the right token, copy and paste the TIME contract address into the output currency box. The address for the TIME token on Avalanche is 0xb54f16fB19478766A268F172C9480f8da1a7c9C3.

Step 3. You can select any input currency depending on the available wallet balance. We suggest the pair AVAX-TIME for the greatest liquidity.

Step 4. Your choice of TIME depends on what you want to exchange. Then click “Approve” to complete the purchase and sign it.

Step 5. Click “Swap” and sign the transaction when the “Approve” transaction has been properly processed.

Step 6. TIME ought to appear in your wallet balance after the swap transaction is finished. The TIME contract address should be saved if you can’t find it in your wallet.

How to Stake TIME Using AVAX

Step 1 – Log into your Binance account and add the required amount of fiat to purchase AVAX tokens.

Step 2 – For your AVAX, use Binance’s Trade and Convert feature.

Step 3 – Send the AVAX by clicking on the “Withdraw” button to your Metamask wallet.

Step 4 – Since AVAX cannot be sent directly to your Metamask wallet, make your own Avalanche wallet.

Step 5 – To create your wallet and generate your key phrase, visit this website.

Step 6 – Click on “Access Wallet”.

Step 7 – Return to Binance and paste the address that has an x on it from your Avalanche wallet.

Step 8 – Within a few minutes of confirming the amount you want to transfer to your AVAX wallet, that amount will appear there. You need to access the cross-chain menu, where X is the source chain and C is the contract wallet, in order to send that AVAX to Metamask.

Step 10 – Transfer AVAX to the cross-chain, which will now serve as your source chain, after the initial transfer is complete.

Your Avalanche wallet ought to reflect that the transfer was successful.

Step 11 – Verify that the Avalanche Network is selected and open your Metamask wallet.

Step 12 – Choose the amount of AVAX for transfer, copypaste your Metamask address and click “Confirm.”

Step 13 – Wonderland staking is the next topic. By selecting the top right corner, you must purchase TIME.

Step 14 – The initial choice is to use the AVAX you bought to purchase TIME from TraderJoe.

2nd option is MINT TIME.

By minting, you can obtain TIME at a reduced price, but you must give yourself five days to use it. Just select the value of the amount of form of AVAX you want to mint and click “Mint”

Step 15 – You can Autostake while minting to reduce your gas consumption.

Step 16 – You can use the WMEMO that you received as payment for your staked TIME and bridge them to the Fantom network using AnySwap to stake the MEMO that you receive for staking TIME on the Fantom blockchain in order to earn more. Stake WMEMO in Grime Finance and MorpheusSwap to earn +50%APY.

How Does Wonderland (TIME) Staking Work?

The term “staking” refers to a strategy for profiting from bitcoin assets. While the process technically entails locking tokens within a Proof-of-Stake blockchain to help with transaction validation, many protocols now allow users to receive rewards in a variety of other ways.

Staking and minting are two essential tactics that Wonderland employs to promote adoption and produce liquidity. Staking encourages the provision of liquidity, whereas minting generates profits. To create TIME tokens, use the “bonding procedure.”

What Are the Incentives for Staking?

The Wonderland protocol is given TIME in exchange for liquidity provider tokens or other digital assets. By selling TIME below market value, the Wonderland protocol rewards customers. Treasury reserves rise as a result.

• A portion of the money made from minting goes to the stakers. Staking involves locking TIME tokens within the Wonderland system. For the purpose of securing liquidity and constructing the protocol’s treasury, investors can earn a compounding return on their investments.
• For each staked TIME token, a MEMOrie (MEMO) token is created and given to the liquidity provider. This cryptocurrency serves as a liquidity provider and is used to give out rewards. Its foundation is time value.
• Like Olympus DAO, the techniques adopted in Wonderland are called “(3,3)” and use game theory to assure stable protocol expansion while stakers enjoy large payouts.

What’s the Difference Between Minting Vs. Staking?

Staking entails buying bitcoin and holding it in a staking wallet for a predetermined period of time. By putting money in and keeping it there, you sufficiently protect the network and get benefits. Storing cryptocurrency in a staking wallet enables selection of the owner as a transaction validator.

Because all that is needed to stake is the locking of assets in a specific location, anyone could theoretically stake. The minimum amount needed to start staking is $1, but the exact amount ultimately depends on the type of currency you have. Following their staking, these coins are locked for a while. A user loses their opportunity to receive a reward when they take money out of their wallet too soon, but the reward yield does not change.

The amount and duration of your bets will affect your stake earnings. More coins are invested in the network as a result of higher incentive rates. The reward yield explains how much your staked OHM balance will increase on the following epoch. Another name for it is rebase rate.

Minting in Proof of Stake is the procedure of confirming transactions, creating new blocks, and logging data on the blockchain.

What’s a Validator?

The network selects validators in a pseudo-random manner to validate transactions. In PoW, validators are the equivalent of miners. One who actively participates in network security and verifies data on new blocks is known as a validator.

Typically, a validator must stake a certain amount of assets in the network. In addition to offering a greater incentive, keeping coins in the network enforces a punishment mechanism.

The punishment mechanism reduces validators’ staked bitcoin when they attempt to manipulate the system or validate false transactions. The fear of losing their holdings drives validators to honestly verify transactions.

Network transaction fees and stake incentives are used to compensate validators for their work. In some networks, validators are also rewarded with newly created currencies over time.

Rebasing

Every eight hours, the Wonderland system distributes profits by adding more TIME tokens to the staking contract. But since the two are supposed to be equal, this leads to an imbalance between the amount of TIME and the amount of MEMO.

Therefore, a rebase is required to correct the disparity. The TIME: MEMO supply is reset to 1:1 by the rebase. To align with the updated TIME supply, MEMO supply has been increased.

Due to the fact that all rebases are performed retrospectively, the following reward yield occurs eight hours after profit is generated. The delay allows users to see the APY they will receive after the next 8 hours. Users can also view the prizes they are expected to receive during this delay.

How to Stake Wonderland (TIME) Using MetaMask

Native AVAX coins are needed to finish the staking process and cover any associated gas costs because the Wonderland protocol runs on the Avalanche blockchain. It’s also necessary to use a Web 3.0 cryptocurrency wallet, like MetaMask.

To learn more, see our guide to Bitcoin wallets. The instructions below will show you how to purchase TIME on a DEX and stake it on the Wonderland blockchain. Every eight hours of staking generates a profit distribution under the Wonderland protocol, and the rewards are automatically increased.

Step 1: Purchase AVAX

You must first purchase AVAX on a centralized exchange like Binance, Kucoin, or Coinbase before you can purchase TIME on the Avalanche blockchain using a DEX. If you already own cryptocurrency, you can trade BTC or ETH for AVAX. As an alternative, you can purchase AVAX on a number of exchanges using fiat money.

Step 2: Create a Link Between Web 3.0 Wallet and Avalanche

To connect your MetaMask wallet to the Avalanche blockchain, you must enter a series of connection details. The MetaMask extension should be chosen. Click the Network drop-down menu located in the extension’s upper center. The “Custom RPC” option can be found on the menu. You can select a Web3 wallet right here.

Step 3: Create An Avalanche Wallet

Once you’ve connected to the Avalanche blockchain, you’ll need to create an Avalanche wallet on the network in order to send digital assets (AVAX) from your centralized exchange. This will serve as a conduit between your centralized bitcoin exchange and MetaMask. Go to https://wallet.avax.network/ and select ‘To create an Avalanche wallet, click Create New Wallet. Then, heed the instructions displayed on the screen. Keep in mind to safeguard all of your keyword information, just like MetaMask. (Read More: Is Staking Crypto Safe & Is It Worth Staking Crypto?)

Step 4: Withdraw AVAX from Exchange to Avalanche Wallet

Go back to the central exchange where you purchased AVAX. Withdraw AVAX from your Avalanche wallet, which you created in “Step 3.”

Step 5. Send AVAX from Avalanche Wallet to MetaMask Wallet.

AVAX cannot be transferred to your MetaMask wallet until it has been passed between the various Avalanche chains (each chain is used for a different procedure).

• Click the “Cross Chain” menu on the left side of the Avalanche wallet. Assign the source chain to “X-CHAIN” and the destination chain to “C-CHAIN.” Then enter the desired amount of currency in the input currency field, and then specify the destination currency in the output currency field. When you are happy, select “Confirm.”
• Click the “Send” menu on the left of the Upon transferring assets to the C CHAIN, the Avalanche wallet will display.
• Select “C” as a source chain in this box, and then enter the quantity of Your goal is to transfer AVAX. Then, navigate to your MetaMask wallet and copy your AVAX address there by clicking the address symbol and selecting “Copy to Clipboard.” Last but not least, confirm that your MetaMask wallet is still linked to the Avalanche Network.
• In the Avalanche wallet, paste the address in the “To Address” field.
• To make sure the address is accurate, send a small amount.
• Click “Confirm” once you are confident in every detail.’

Step 6: Replace AVAX With TIME

If you’re using an Avalanche-based DEX likeTraderjo.com, you’ll need to convert your Prior to implementing the Wonderland protocol, AVAX tokens to TIME

Step 7: Invest in TIME in Wonderland

To stake your newly acquired TIME, go to the Wonderland official website. The first step is to connect your MetaMask wallet; this requires permission from within MetaMask. Then, select “Stake” from the menu on the left-hand side of the website once you’ve joined.

Enter the amount of TIME you want to stake, then click “Stake” to finalize the transaction. The transaction also requires authorization from your MetaMask wallet. This transaction will be subject to AVAX gas surcharges.

After the transaction has been completed across the Avalanche network, you can begin staking TIME tokens within the Wonderland protocol. By staking TIME tokens, you will receive MEMO, which serves as the 1:1 liquidity provider for TIME.

MEMO is a transfer-restricted rebase token, so its only purpose is to be held and used to obtain rebase incentives. As long as MEMO is unstaked, it is desired that the TIME supply remain unchanged. It functions like a coupon in that it gives you access to rewards, but it also allows you to redeem TIME at any time.

The Wonderland staking process will accrue rewards every eight hours. In the MetaMask wallet, you can view the staked balance.

Memo staking can be done in a variety of ways.

How to Unstake TIME

Step 1. Visit the Stake page of the Wonderland website. The “Unstake” tab should be selected.

Step 2. The quantity of MEMORIES you wish to unstake should be entered in the input field. Then, press the “Max” button to unstake all of your MEMOries, and your entire balance of available MEMOries will be entered into the input field.

Step 3. Sign the transaction by clicking “Approve.”

Step 4. Click “Unstake” and sign the transaction when the “Approve” transaction has been properly executed.

Benefits of Staking TIME

• Fortunately, neither Wonderland nor Olympus DAO have experienced any significant cyberattacks or security breaches.
• It is amazing that the protocol has amassed a total locked value of US$1.5 billion in such a short period of time.
• Although the community is driving it and everyone is contributing to the protocol’s development, some investors may be put off by the lack of clarity regarding leadership.
• While there are no overt warning signs for Wonderland, you should only invest money you can afford to lose with any cryptocurrency.

Risks of Staking TIME

• As of December 2021, Wonderland had only been operating for about five months, so it hasn’t yet proven to be worthwhile. Despite the fact that there haven’t been any issues yet, there are a few risks associated with the process that some investors may view as warning signs.
• The Ethereum-based Olympus DAO program, which has only been running for about nine months, is the foundation upon which the protocol’s code is built.
• The Wonderland code has not undergone a thorough audit, in contrast to Olympus DAO. The native documentation for Wonderland makes it clear that the protocol has not yet undergone an audit.
• TIME (Wonderland.money) founder Daniel Sestagalli discusses TIME’s future goals and how the APY is calculated.
• Wonderland’s TIME tokens fell 32% in European hours after blockchain sleuths revealed “Sifu,” a core member of the founding team, is allegedly a long-time serial scammer, with a conviction and deportation on his record. In addition, he was a founding partner of the defunct Canadian cryptocurrency exchange QuadrigaCX.

Recap

Will TIME follow TerraLUNA when UST was de-pegged? The $MIM peg has only fallen to.98 cents so far before rising.

Last week, the SPELL token of Abracadabra crashed after it emerged that Sifu, the CFO of the company’s proposed merger project Wonderland, was concealing a sinister secret. We cannot directly blame the Sifu thing for Wonderland collapsing. At that point, it was already a mess, and every other (3,3) also ended in failure. So why is TIME still in business? Leave it to the community,

FAQs About Staking Wonderland