WONDERLAND
Wonderland is a community of like-minded individuals who direct a diversified treasury through a governance framework.
Overview
Wonderland is a decentralized autonomous organization (DAO) controlled by its governance token, $TIME.
To participate in the DAO, users need to buy wMEMO (Wrapped Memories) tokens from the open market. These tokens can be used to vote on protocol proposals and direct the future of the project. Active participants can voice their opinion and vote on capital allocations and Wonderland Improvement Proposals.
The concept is to create a decentralized currency backed by a basket of crypto assets, to detach cryptocurrency from fiat currency.
History
First launched on the Avalanche Network, Daniele Sestagalli founded Wonderland in September 2021 as a copy (fork) of Olympus DAO, the rest of most of the team is anonymous. It was initially meant to be a mega-ICO that distributes tokens to holders over time, well it’s now known as a community-owned investment fund.
Controversial history: Defi on-chain analyst zachXBT tweeted in a series of tweets on Jan 27th that the pseudonymous Wonderland treasurer “Sifu” was in fact Michael Patryn, the co-founder of the fraudulent cryptocurrency exchange QuadrigaCX.
In the days prior to Sifu’s unmasking as Patryn, Wonderland fell by as much as 40% in a 24-hour period, dropping as far as 95% off its highs. The price action took another hit with Patryn’s revealing. In an interview with CoinDesk, Sestagalli said he had known Patryn’s identity for a number of weeks but choose to continue working with him.
PRODUCTS
STAKING
Staking is the primary value accrual strategy of Wonderland. Stakers stake their $TIME token to earn rebase rewards. The highlight of their staking feature remains in the stability of the value of your rewards. Remember wMEMO tokens from our overview? when you stake $time you receive the exact amount in wMEMO and if the value in price drops, if you stake long enough the increase in value would eventually outpace in fall in price.
When you unstake, you burn wMEMOs and receive an equal amount of $TIME tokens. Unstaking means you will forfeit the upcoming rebase reward. Note that the forfeited reward is only applicable to the unstaked amount; the remaining staked $TIME (if any) will continue to receive rebase rewards.
MINTING
The minting action creates bonds that take roughly 15 epochs to vest (about 5 days), and $TIME tokens are vested linearly to the user over that period. Liquidity minting helps the protocol to accumulate and lock liquidity, while reserve minting allows the protocol to grow its treasury, and thus its Backing per TIME faster.
Here you can purchase $TIME with different assets. If you go to the “Mint” page of the website, you will be able to mint $TIME tokens, effectively selling your assets for discounted $TIME tokens. If you are familiar with the process of bonding on Olympus DAO you would notice it’s basically the same process as minting on Wonderland, they are in fact the same.
Assets used to mint $TIME:
i. MIM
ii. TIME-MIM LP
iii. TIME-AVAX LP
iv. wAVAX
SELLING
It is considered detrimental to sell, as staking & minting are the two go-to practices to perform on Wonderful. Thus, given two actors, all scenarios of what they could do and the effect on the protocol are shown here:
- If we both stake (🎩, 🎩), it is the best thing for both of us and the protocol (both users get The Mad Hatter’s hat).
- If one of us stakes and the other one bonds, it is also great because staking takes TIME off the market and put it into the protocol, while bonding provides liquidity and MIM for the treasury.
- When one of us sells, it diminishes the effort of the other one who stakes or bonds.
- When we both sell, it creates the worst outcome for both of us and the protocol.
V2
BETSWAP.GG
Betswap.gg is a truly decentralized and permissionless peer-to-peer matching engine of bets. This decentralized sports trading exchange connects makers and takers globally to allow bets on all sporting and e-sporting events.
LIQUID STAKING PRODUCT
Wonderland funded its own liquid staking solution for the Avalanche and Fantom network. The team plans to build and launch the product on testnet in February 2022, with a targeted Mainnet deployment in March 2022.
GAMING
The DAO is aiming to position itself in the quickly growing play to earn gaming industry.
NFT
In 2021, users have sent at least $44.2 billion worth of cryptocurrency to ERC-721 and ERC-1155 contracts. Wonderland looks to actively participate and invest in NFT projects, including infrastructure.
DEFI
The DAO is constantly looking for new opportunities in defi. Actively building new money legos and taking advantage of new vault opportunities.
LAYER 1/ LAYER 2 INFRASTRUCTURE
Wonderland aims at Investing in the foundation of the L1 ecosystem and promising new L2 solutions.
GOVERNANCE
Launched on December 12 2021, Wonderland members can participate in their governance forum and contribute as a stakeholder by expressing their opinion and voting on the upcoming Wonderland Improvement Proposals.
