Written in January 24, 2022
Wonderland
1/ @Wonderland_fi is the first decentralized reserve currency protocol on the $AVAX network. $TIME token is backed by a basket of assets (e.g. $MIM, $TIME-$AVAX LP token, etc). Introducing economic and game theory into the market through #staking and #minting.
https://app.wonderland.money/#/stake
2/ Wonderland has a vision of being the ‘gold standard’ backed by the cryptocurrencies itself. Instead of dollar-backed crypto, controlled by the US government. $TIME leverages algorithmic technology that allows the token to have a free-floating value – not a stablecoin, per se.
3/ IMPORTANT NOTE: $TIME is backed not pegged. Each TIME is backed by 1 Wonderland’s stablecoin (MIM). The protocol would #buyback and #burn when it trades below $MIM.
4/ $TIME employs the game theory strategy, in which (🎩, 🎩) would generate the greatest benefit for everyone and (❌, ❌) the worst strategy.
5/ Staking and Minting: staking (🎩, 🎩) here is slightly different from the PoS consensus mechanism, since its main goal is not to run lightning speed transactions. Staking $TIME would earn the user token $MEMO 1:1. MEMO would be burnt when the user unstake its TIME in the network.
6/ Minting (🫖, 🫖) is the secondary accrual value, similar to @OlympusDAO. Minting here is when users purchase a discounted price of $TIME with a vesting timeframe. Minting has its own liquidity pool called POL; more POL would ensure there is locked exit liquidity.
7/ wMEMO is the wrapped version of MEMO! $MEMO increases in amount over time, whereas $wMEMO increases in price over time.
8/ Bridging in Wonderland relies on @MultichainOrg (previously AnySwap). Currently, Wonderland allows bridging through $FTM, $ETH, $AVAX, and @arbitrum.
9/ 5% of the circulating supply of $TIME tokens is reserved as team allocation. Disbursement to the DAO is in the form of $TIME. Team takes no cash salary from the project.
10/ Users holding a $TIME token have the power to join the governance proposals. Following the flow of General Discussion to determine interest and community, [RFC] Request for Comment is for community voting, and [WIP] Wonderland Improvement Proposal is the finalization.
11/ Metrics: Current Index (How much $TIME earned for 1 TIME staked since TGE), Backing per $TIME (Cryptocurrency basket aggregated price back to TIME), Runway (How long APY stays that amount given there is no minting)
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15/ Wonderland is a fork of @OlympusDAO; $TIME for the $AVAX network and $OHM for the $ETH network. Hence, Wonderland’s direct competitor is Olympus DAO. Despite being on the lower market cap wise blockchain, Wonderland is still comparable to OHM with most of the metrics being close to 1:1.
16/ Wonderland has decided to merge with the Abracadabra network. The partnership benefits both side: Wonderland’s $MIM with a more adoption rate and Abracadabra increases in TVL (image below)
17/ In recent news, Wonderland enters the #Metaverse by investing in @CrossTheAges
https://medium.com/the-defi-wonderland/wonderland-enters-the-metaverse-bec1ad6091d1
18/ Roadmap: Phase 1 ✅ – community growth and treasury diversification → Phase 2 ✅ – governance proposals → Phase 3 – capital deployment (NFT, P2E, and Gaming) → Phase 4 – eliminating distribution ($wMEMO becomes capped) → Phase 5 – multichain integration
19/ The rebase in $TIME is a mechanism which staked TIME would increase automatically. It follows an algorithm as such associated to the staking system in Wonderland.
20/ More information could be accessed here:
https://medium.com/the-defi-wonderland