An Intro To WonderLand On Avalanche 📈 Olympus DAO Fork 73,000%+ APY
Olympus DAO's success has spawned many forks/clones on various networks, but the one leading the pack is Wonderland with its TIME token.
What Is WonderLand❓
I'm pretty good with words, but not so much in the crypto-sphere, so it's probably better to share with you the way Wonderland would like itself described, so I pulled the following description from the introduction section of WonderLand's White Paper...
Wonderland is the first decentralized reserve currency protocol available on the Avalanche Network based on the TIME token. Each TIME token is backed by a basket of assets (e.g., MIM, TIME-AVAX LP Tokens etc etc) in the Wonderland treasury, giving it an intrinsic value that it cannot fall below. Wonderland also introduces economic and game-theoretic dynamics into the market through staking and minting.
In the process of educating myself about this project, I watched several videos, and the one below is the most useful in my opinion. I highly recommend you watch it if you're considering investing in WonderLand, and he even walks you through the docs section of the site. My intention with this post is to show you how to get started on Wonderland, and I am definitely not the guy to talk in-depth about this project.
You'll Need AVAX First
If you're not on the Avalanche blockchain already, the native AVAX token is hard to bridge for your initial gas fees, and there is also no AVAX faucet, so I recommend you check out this post which will help you cover your first several transactions on Avalanche.
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[ElkFinance 🦌 An Easy Polygon 💱 Avalanche Bridge](https://leofinance.io/@justinparke/elkfinance-an-easy-polygon-avalanche-bridge)
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Got AVAX On Avalanche Already? Use xPollinate
Now that I'm already in the Avalanche-osphere, I have AVAX for gas fees and I don't need to use ElkFinance anymore. For this reason my second investment into WonderLand was via xPollinate after selling some bLEO for USDC. USDT, USDC, and DAI are the token options for transferring funds from BSC to Avalanche. I bridged $105.10 USDC on this transaction, easy-peasy and only pennies in gas fees.
Buying TIME On TraderJoe
Once my arrrived $104.63 USDC.e arrived on the Avalanche chain, I used the TraderJoe site to swap it for 0.0115017 TIME. The site is basically QuickSwap for the Avalanche chain, easy to use and navigate, plus lightning fast.
The gas fees on Avalanche are cheap, but the first-time token approval fees are a little steep, $0.89 worth of AVAX in my case to approve USDC.e for swapping on the site. Keep that in mind and always keep enough AVAX in your wallet to cover any surprise approval fees.
Once approved, the swapping process is just like any other chain, and I had my TIME in a matter of seconds. If you notice my screenshots are showing the transaction fees in BNB, Metamask can be a little buggy sometimes, but I assure you it's actually AVAX being used.
We've Arrived At WonderLand, Let's Stake
The interface of WonderLand is dead simple, so you won't be in confusion about what to do with your TIME tokens. Do not that after staking, your TIME tokens become MEMO, and the interest is auto-compounded, so set it and forget it.
As you can see my TIME balance has gone to zero after staking and the tokens are now staked MEMO. There is nothing left do now but put a few several hundred more dollars in and see if I am a millionaire after a year. I don't tend to get hopeful about things like this, but if the 73,000%+ APY holds, and TIME holds its value, I may just be retiring at the end of the next year.
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Dad
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Mom
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🙏 GIVE THANKS 🙏
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Srey-Yuu
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Monkey B
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Posted Using LeoFinance Beta
