Are you in love with blockchain technology? Are you an enthusiast who just loves how blockchain technology is taking over the financial world, especially through Defi (Decentralized finance)? Or would you just like to earn some quick bucks in order to pay back your debts and get rich in a few months? There can be many reasons why you want to invest in Wonderland and buy $TIME tokens, but the real question is – should you do it? Is it worth it? Here I will share some of my thoughts about the project that might help you make a better decision.
There are so many cryptocurrency projects on the market that it is easy to get lost. And there are so many forks of projects, meaning that they use the same code as other projects, only making some minor changes, giving it a new name, and maybe implementing more functions. That is why it is easy to get lost in the jungle of cryptocurrencies. But, when you visit the website of Wonderland at wonderland.money, you will quickly be attracted by the APY presented.
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Do you see the same as I see? At the time I made the screenshot above, the APY of the project was 40,200%. That is just crazy, and it is probably too good to be true. So, as a good researcher, you started to do your own research in order to find out if this is a scam project or not. And here you are. Welcome! But, what is there to know about the project?
Since we first wrote this article, the APY has actually increased, and as of November 2021, it is actually somewhere around 90,000%. Besides that, there are more than 100,000 active people staking on the platform as of November 20th in 2021.
First of all, by the time you read this article, the APY will probably decrease. As more people stake their $TIME tokens, the APY will decrease. But, it will still remain high and there is an incredible potential for high income here. So, what should you know before you enter the race?
Wonderland – all sorts of information
Wonderland with its $TIME and $MEMO tokens is located on the Avalanche blockchain. This is a blockchain just like Ethereum, Cardano, Cosmos, Solana, and several others. An advantage of this fact is that doing transactions is very cheap and very quick, meaning that you can buy tokens on TraderJoe, stake them, and also unstake tokens paying less than a Dollar in fees. That is VERY different from doing transactions on the Ethereum blockchain right now.
The Time token was first made available on September 4th on TraderJoe and it launched with a price of approximately $750. It has slowly grown in value since then, and currently, it is trading at around $2600 per token. It reached its current top of $3600 on September 22nd in 2021.
The liquidity pool for the AVAX/TIME trading pair on TraderJoe currently has tokens worth $19,000,000 in it, and the daily trading volume has been around $8,000,000 daily in the last few days. But, a liquidity pool and volume don’t mean that it is a project worth investing in. People invested in Bitconnect back in 2017, and we all know how that went in the end. So, let us dig a little bit deeper to learn more about Wonderland.
But, what is Wonderland all about? Wonderland is an OlympusDAO fork.
Wonderland is a fork of OlympusDAO, a very popular project running on the Ethereum blockchain. I suggest you take a look at their website, and if you do some more digging, you will quickly discover that the two pages are almost identical. Not only are they very similar in design, but if you start to look at the documentation for both projects, you will see that Wonderland has mostly copied and pasted all the text, and then just changed the names to Wonderland, and to $TIME and $MEMO instead of OlympusDAO, $OHM, and $sOHM.
I have already written an article about whether or not you should invest in OlympusDAO, so no matter what you do, take a look at that article as well, because everything that is written in that article somehow deals with Wonderland as well since it is a copy of OlympusDAO, just running on a different blockchain.
Now, the fact that they have forked the code might make you skeptical, but it doesn’t have to. After all, if you look at all the different decentralized exchanges like Uniswap, PancakeSwap, TraderJoe, Pangolin, SushiSwap, and so many others, you will quickly see that they are almost identical, simply because they are forks of one another. So, a fork doesn’t have to be bad… but there is no guarantee that it is good either!
One thing that is important to know is that Wonderland is NOT backed by the OlympusDAO team. In other words, they do not support this project, nor do they endorse the project.
The goal of the project is to create a crypto-backed stable coin that will be protected by its own treasury. Whenever someone by bonds, the size of the treasury will increase, and this is used to give strength and back the value of the coin in the future. When you buy bonds at the Wonderland website, you will get some discount on the $TIME tokens that you buy, and at the same time, your money will be sent to the treasury and strengthen the project in the future. You can also buy tokens directly at TraderJoe, but the price is then a little bit higher.
What is the goal here? The goal is to have crypto pegged, not to the Dollar like most stable coins today, but to the $TIME token (on Avalanche).
Investors are attracted by the fantastic APY
Everyone with money wants to make more money. So when we read about a project with an APY of 40,000%, we all want to invest. This is kind of the key with the project, that they need lots of investors to invest, thus strengthening the token and the project. A part of the game is the fact that the APY will decrease, and most likely also the value of the token as the investors own more and more tokens, but at the same time, even if the price drops to $260, you will still be in a giant plus if you have 20x more tokens than you had at the start. These are all things worth taking into consideration.
To get started, simply purchase some AVAX tokens on Binance (for example), send them to your wallet on the Avalanche blockchain (I use MetaMask), go to TraderJoe, buy some TIME tokens, go to the Wonderland website, click Approve, reload the page, and then stake the amount of Time tokens you have. You don’t need to own an entire Time token to do this, you can easily stake 0,1 $TIME or whatever amount you would like to stake.
While you are staking your tokens, you will no longer see the $TIME tokens in your wallet, but you will instead see the $MEMO tokens in your wallet and also at the Wonderland website (in the application).
You will be handed out rewards three times a day (approximately), and based on the rate of interest, you should own approximately 8,5% more tokens after five days compared to at the time of the original investment. The great thing is that you continuously compound the interest, meaning that whatever you earn is automatically added to your staked amount, thus increasing your balance and giving you higher and higher rewards for every day passing by (on which you do not unstake anything at all).
So far, so good! It is all easy to understand. But, is this a project that will suddenly disappear and show up as a giant scam in the crypto world? Or can we trust Wonderland to be around in years from now, making sure that your current investment will be worth hundreds of thousands of Dollars in years from now?
An example of how much you can earn with Wonderland (TIME)
So, what does an APY of 40,000% actually mean? It will, of course, decrease, but still – let me give you a little example of what you can expect if you decide to invest and buy 1 TIME token and stake it for approximately one year.
|Initial investment||1 TIME|
|After 30 days||1.6 TIME (MEMO)|
|After 90 days||4.3 TIME (MEMO)|
|After 180 days||18.7 TIME (MEMO)|
|After 365 days||379 TIME (MEMO)|
|After 730 days||140,000 TIME (MEMO)|
So, these numbers are just crazy, and of course, you cannot trust them entirely, because the APY will decrease with time. But, it is very important to understand that even with a price decrease of 99% and if the price will decrease to the level supported by the treasury, you will still be in a GIANT PLUS, if this all works down and the project doesn’t shut down, rug-pull, or anything like that.
- If you want to play around and see what you can expect from the future as you stake $TIME tokens, take a look at the Wonderland staking calculator right here.
Can we trust Wonderland ($TIME)? Is it a scam?
At the present stage, it is impossible to say whether or not Wonderland is a scam or not. The fact that it is a fork of OlympusDAO doesn’t have to mean anything. This can be positive, as a similar project now has turned available on the Avalanche blockchain. But, let me share a couple of things that you should definitely take into consideration.
- We don’t know the persons behind OlympusDAO, but it is very interesting that we actually do know more about the team behind Wonderland. The project is led by Daniele Sestagalli, an Italian with a high temper and a long experience with projects in the blockchain industry. He is also the leading character of other blockchain projects such as Popsicle Finance and Abracadabra. The fact that he is the face of the project actually comes as a big plus to me, because he is taking responsibility for the project, and if it should fall apart, we know who to blame.
- You can unstake your tokens at any time and the fees are incredibly low. In other words, if you start to stake today, you can easily unstake it all and leave the project completely tomorrow. You do not lock up your tokens for any set amount of time. This is good!
- It sounds too good to be true… does it have to make it a scam or bad? It doesn’t have to… but you and I should be careful!
- It would be great to see some sort of other big players in the cryptoworld speak about the project, endorse the project… it would give it more credibility. Right now it is just another forked project in the crypto jungle.
What do you make of all this? It is a great opportunity and I have invested myself. I cannot guarantee anything, but just like with OlympusDAO, I want to be a part of it if it actually turns out to be awesome. The fact that we actually have some knowledge about the leader of the project (Daniele Sesta) comes as a big plus to me, and knowing that he has taken responsibility when other of his projects experienced trouble earlier (Popsicle Finance was hacked in August 2021), means that I deem him to be a trustable person.
But, I have decided to give the project a chance myself, just for the sake of doing so. I do not advise you to do so yourself, but if you decide to do so, only invest money that you can afford to lose. And if you invest more, why don’t you let it run for 40-50 days. By that time, your original investment has most likely doubled. You can then self half the tokens, and hopefully, you have covered the initial investment. After that, you can sit back and relax, knowing that you haven’t lost any money at all, and whatever happens from here on forwarding will be a positive plus!
- I just discovered this article written by a hardcore Wonderland fan giving you a thorough introduction to the project. It digs even deeper and explains how the treasury works and goes deeper on several other details as well. If you want to do thorough research, I think this is a piece of work you should read as well.
What are your thoughts about Wonderland ($TIME)?
I have tried to share some of my thoughts about Wonderland in this article. What are your thoughts? What questions do you have? Do you agree with me or do you disagree? I would love to read your questions, hear about your experience, and whether or not you will invest in the project or not!
If you want to read about other platforms and projects that can help you grow passive income, click the link for a very interesting article I wrote some weeks ago!
Write your comments below. I look forward to reading whatever you have in your heart!