Wonderland Time, also known as $TIME, is the native currency and token of the Wonderland Money protocol. To understand how Wonderland Time works, let's delve into the key aspects of this decentralized reserve currency system built on the Avalanche network.
Backed by a Treasury of Assets: Unlike traditional stablecoins that are pegged to a specific value, Wonderland Time is backed by a basket of assets held in the protocol's treasury. These assets include MIM (the decentralized stablecoin), TIME-AVAX LP tokens, and more. The value of each $TIME token is derived from the assets in the treasury, giving it an intrinsic value that cannot fall below a certain threshold.
Reserve Currency System: Wonderland aims to be a reserve currency system built from its treasury of assets. This means that $TIME tokens can be used as a global unit-of-account and medium-of-exchange currency. The protocol seeks to provide stability and consistency in the long term.
Fork of Olympus DAO: Wonderland Money is a fork of Olympus DAO, a pioneering DeFi 2.0 protocol. By building on the Avalanche network, Wonderland offers faster speeds and lower transaction fees compared to Olympus DAO, which is built on Ethereum.
High APYs and Minting: Wonderland has gained attention due to its high Annual Percentage Yields (APYs) for staking, which can exceed 80,000%. These high APYs are sustained through a minting mechanism. Minters buy TIME tokens at a discount and contribute to the protocol's treasury balance, which in turn increases the backing per $TIME token and helps sustain the high reward APYs for stakers.
Staking and Minting: Users can participate in the Wonderland Money protocol through staking and minting.
Staking: Staking involves trading for $TIME tokens on a separate DeFi exchange and staking them on Wonderland Money. When staking, users automatically earn reward yields every eight hours, thanks to the protocol's rebase mechanism. The rewards are compounded, allowing for automatic growth of staked $TIME tokens.
Minting: Minting requires users to sell certain assets, such as TIME-MIM liquidity pools or wrapped AVAX, to Wonderland Money. Minters can buy new TIME tokens at a discounted price, but these tokens have a five-day vesting period. Minters can claim and restake their tokens over the course of five days. Minting also contributes to the protocol's treasury balance, which helps sustain the high APYs for stakers and allows for further growth and investment.
Future Prospects: Wonderland Money has already achieved significant results, amassing a treasury of over US$820 million and a Total Value Locked (TVL) of US$1.8 billion. The protocol has a growing community and has shown resilience during market corrections. The founder, Daniele Sesta, has hinted at future plans to evolve Wonderland into a gaming project, which could further enhance its prospects.
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