Let’s clear off some issues which affected Wonderland on 29 January 2022. On-chain analyst zachxbt on his Twitter account claimed Michael Patryn is the Chief Financial Officer behind the DeFi project Wonderland. Patryn also happens to be the co-founder of the notorious Canadian crypto exchange QuadrigaCX, and he along with founder Gerald Cotten left many investors penniless after “scamming them of US$190 million.“
Wonderland crypto, which is governed by its native token TIME, plummeted by 33.71% after confirmation of the controversy. Michael Patryn expressed his sadness as “he is not confident that the vote will pass and is indeed heartbroken to leave the Wonderland project.”
Reviving customer confidence must have worked as the Wonderland project continued to operate despite the scandal. Today’s Wonderland price is $14.99 with a 24-hour trading volume of $242,746. Wonderland is down 1.70% in the last 24 hours. The current CoinMarketCap ranking is #3426, with a live market cap of not available. The circulating supply is not available and the max. supply is not available.
Because of its rising supply, TIME will almost certainly lose value over the long haul. In the near run, nevertheless, it could turn out to be a beneficial investment. The market price can rise if the DAO decides to raise the backing of each token. This is a guide on how to buy Wonderland TIME and not investment advice.
- How to Stake Wonderland (TIME)
- Wonderland CFO OxSifu exposed as ex-convict behind QuadrigaCx in Canada
- Crypto swindler exposé from Netflix`s true-crime documentary causes uproar among netizens
What is Wonderland?
Wonderland describes itself as a stablecoin that is not pegged. Each token’s worth is backed up by a treasury that is part of the token. With this type of backing, each token’s worth has an introductory price determined by the quantity of money in the treasury. The treasury holds a range of assets, allowing the price to change. Because traditional stablecoins like Tether (USDT) and USD Coin (USDC) are fiat currencies governed by governments, the creators think this technique is superior to them.
Wonderland seeks to establish a policy-controlled monetary system in the AVAX environment using several economic and game-theoretic dynamics. The ecology adopts TIME as its monetary system and unit of account.
The short-term objective of the token is to maximize growth and weather production. Time should eventually attain a stable value supported by a basket of things without fiat currency, not a fixed value like an algorithmic stablecoin.
Unlike OlympusDAO, whose native coin is built on the Ethereum network, Wonderland is a project based on the Avalanche network. Avalanche is speedier and has considerably cheaper costs than Ethereum. However, it presently lacks the latter’s extensive ecosystem.
In the same vein as OlympusDAO, Wonderland aims to establish a decentralized autonomous organization (DAO) that may aid the project’s expansion.
On project-related concerns, the DAO will have a vote. The quantity of TIME held will decide the number of votes. For instance, the DAO may decide to increase the amount of the treasury if it desires to raise the fundamental value of each TIME token.
Wonderland TIME History
TIME and Abracadabra are closely related, even though an unnamed team officially developed TIME. Using interest-bearing tokens, money, and a lending platform creates Magic Internet Money, an algorithmic stablecoin. The two platforms have the same operating principles, more or less.
Daniele Sestagalli, an Italian web3 developer who previously created Popsicle Finance and is regarded as one of the most significant programmers in the DeFi area, established Abracadabra.
Even though the two protocols don’t have formal agreements, they coexist in a competitive and complimentary fashion. Even though Wonderland attracted many of Olympus’ investors by providing more attractive returns, OHM investors can also borrow money using their collateral on Abracadabra.
In September 2021, TIME began operations. Entrepreneur Daniele Sestagalli, who has prior expertise in the cryptocurrency industry, launched it. Sestagalli came under fire in 2018 after one of his projects was compromised. The loss was over $25,000,000, and Sestagalli’s reputation suffered significantly. With Wonderland, Sestagalli hopes to alter how the crypto community views him.
Where to buy Wonderland TIME
You can still buy TIME by switching to a decentralized exchange (DEX). Users may trade any asset directly amongst one another via decentralized exchanges, which are online services that operate on blockchains like Avalanche.
The cutting edge of decentralized finance is expanded by Trader Joe, which offers customers a cutting-edge, one-of-a-kind trading experience that is frictionless, convenient, and powerful.
Utilize the most advanced and effective multi-functional decentralized reserve currency protocol. Only available on the Avalanche Blockchain.
Trader Joe’s is the most popular DEX to buy Wonderland.
Hotbit is the exchange where withdrawal costs are set, regardless of the number of cryptocurrencies withdrawn, and they vary for each cryptocurrency. The blockchain’s network cost, not the platform, governs the cost of a Hotbit withdrawal.
Avalanche-powered Pangolin is a community-driven decentralized exchange for Ethereum and Avalanche assets that offers a quick settlement, cheap transaction costs, and democratic distribution. You can identify and take advantage of Pangolin’s most significant trade chances.
You must use a cryptocurrency exchange or financial facility that accepts financing from your bank account or credit card to purchase Wonderland using USD.
How to Buy Wonderland TIME on Coinbase in 4 steps
Step 1: Setup your own Coinbase account
Although you may manage your account using the Coinbase iOS (iPhone) and Android apps, signing up for an account on their website is the simplest option. Once you arrive at their website, you must input your email address in the get started box.
You’ll need this email address to log in and manage your cryptocurrency, so make sure it’s one you have access to and one you deem the safest. Your first and last name, a confirmation of your email address, the creation of a password, and the state in which you reside are the following few account data that should appear.
Use your actual name since Coinbase will use it for account verification.
The next step in the sign-up process is for Coinbase to send you an email to confirm your email address. Once you click the link in the email you get, you should be able to access your Coinbase account.
After signing up and confirming your email address, you are ready to go. Sometimes the process continues differently, but often you are prompted for your cell phone number. You may set up two-factor authentication (2FA) to further safeguard your account since this is 100% true. We have never had a case where this was sent spam; instead, it is solely used to log you into your account and notify you of any significant account changes. Once you’re done setting up your account, it’s time to move on to e next step
Step 2: Add a payment method
You may either click on the “Add payment method” button that shows at the top of the Coinbase home page, or you can click on your profile photo, settings, and then payment methods to add a payment method to your account. Using a credit card is the quickest way to fill your account, but your maximum deposit amount will be less.
Check with your credit card company since some levy fees or the highest interest rates when buying cryptocurrencies with a credit card. You only need to choose your bank account, provide Coinbase with information about the account, and wait for the account to be confirmed to utilize a bank account.
Depending on the relationship Coinbase has with your financial institution, this verification may occasionally be automated. If not, it may take a few days since Coinbase may make minor deposits in your account that you’ll need to confirm. You will have more purchasing power when financing via a bank account rather than a credit card.
Step 3: Purchase Another Cryptocurrency
The next step is to simply buy a different cryptocurrency and transfer it to an exchange that currently allows trading in TIME. Since it is the most extensively used trading pair, it is safer to buy Bitcoin using USD on Coinbase.
To set up a wallet to receive your bitcoin, you must sign up for an account with another exchange if you don’t already have one. The best course of action is to register for an account with them to prove you can trade there, even though we realize this looks like a hassle as some exchanges do not let US people establish an account.
We need to buy one of the exchange’s supported currencies that Coinbase also supports. Once you have set up your account at another cryptocurrency exchange and have your individual currency’s wallet ID, head back there.
Buying a cryptocurrency with Coinbase was just as easy as opening an account overall, plus there’s almost no purchase time. All you have to do to get a list of all the available cryptocurrencies on Coinbase is click on the “Prices” option in the top menu. Scroll to TIME or enter the “Search all assets” box to find it. As soon as you click the “Trade” button next to the coin, a box similar to the one below will appear.
You have now used USD to buy your first cryptocurrency on Coinbase by entering the amount of US Dollar you wish to invest and clicking the “Buy” button. You must now transfer the cryptocurrency you just bought to your new exchange’s wallet.
Step 4: Buy Wonderland
You should start a trade of that particular cryptocurrency for Wonderland after the transfer of your cryptocurrency from Coinbase to your exchange’s wallet has been verified (TIME). We cannot provide step-by-step instructions on conducting the deal because every exchange is unique, but here are some key points.
The first is purchasing at the going rate. Wonderland is currently being sold for this amount. There is nothing wrong with buying at this price, but if you want to obtain it for a lower price or believe the price will drop, check at the limited price.
Limit pricing specifies that you wish to buy a set quantity of Wonderland (TIME) for a special price. Your order will be executed if the price of TIME reaches that level. Remember that there is no assurance that the price will decrease to your maximum price, given how unpredictable the market is. Following all these steps, you can buy Wonderland (TIME) through Coinbase.
How to Buy Wonderland TIME on Trader Joe in 5 steps
Step 1: Find A Decentralized Exchange
Make sure Wonderland can be exchanged for AVAX, the native asset of Avalanche, and locate TIME on a decentralized exchange. Trader Joe is the most often used DEX on Avalanche.
Step 2: Buy AVAX to trade TIME
Purchase AVAX and use an exchange like Crypto.com to swap it for TIME. You must buy enough AVAX to exchange for TIME and AVAX to cover the transaction costs on the Avalanche network. To estimate the current cost of gas fees, utilize a site like CoinTool. Gas prices typically hover at 5 cents each transaction, but during busy times they might reach 50 cents.
Step 3: Transfer AVAX to MetaMask
To access the DEX, transfer the AVAX into a web 3.0 wallet like MetaMask. Software wallets are online, yet users retain complete control over their assets.
One of the most popular and functional wallets is MetaMask. The wallet may be used in many contexts and adorned with various chains. Visit the MetaMask website and download the Chrome extension to get a wallet.
Step 4: Trade AVAX for TIME
Use the DEX of your choosing to exchange AVAX for TIME according to the on-screen directions. Keep enough AVAX in your wallet to cover gas costs.
Step 5: Finalize Transaction
The TIME tokens will appear in your wallet once you wait for the transaction to be completed. Once you see TIME currency in your wallet, you can use it however you like or stake it.
How to Sell, Trade, or Convert Wonderland (TIME)
Step 1: Convert TIME to AVAX
You essentially follow the identical procedures you used to purchase the token, but in reverse, to sell your TIME. You must first use the relevant pair on Gate.io to convert TIME back to AVAX or USDT. After that, your wallet will either contain AVAX or USDT.
Step 2: Send to Wallet
The “receive” button on your exchange for the token in your wallet can then be found. Copy the wallet address, then paste it into your wallet’s “send” field. Once the deal has been completed, your AVAX or USDT will be available on the trading site you first used.
Step 3: Finalize Transaction
Go to your position on the trading site once you have AVAX or USDT and sell as much as you want. You will then have your liquidated position saved in fiat (USD). After that, you may deposit this money into your bank.
Best Wallets to Store Wonderland (TIME)
Best Hardware Wallet
Ledger creates cold storage wallets for customers that desire greater security. They have actual devices that link to your PC in their wallets.
The gadget can only transmit bitcoin while it is connected. The Bluetooth-enabled hardware wallets Ledger Nano S and Ledger Nano X are only two of the company’s many products.
Best Software Wallet
Software wallets are online, yet users retain complete control over their assets. One of the most popular and functional wallets is MetaMask. The crypto wallet may be used in many different contexts and can be adorned with various chains.
Where to Trade Wonderland
Wonderland (TIME) can be traded on TraderJoe, Pangolin, and Gate.io.
Advantages of Buying Wonderland (TIME)
- The benefits of purchasing or minting TIME are enormous. You may frequently earn up to double-digit returns on investments in the short term for minting TIME. As Wonderland is embraced and the treasury increases, long-term investors in TIME may reap enormous returns over a year.
- The potential of Wonderland’s crypto project to increase backing per $TIME, maintain high APYs for stakers for extended periods, and invest in other protocols are its key benefits. For investors, Wonderland’s relative youth is a huge asset.
Despite having just been around for a short while, it has already produced some impressive outcomes, including 150K Twitter followers, $119,425,154 in treasury balance, a TVL of $6.4 million, and a community called Frog Nation.
- Wonderland is a solid choice for people looking to invest in the cryptocurrency market because its price has proven resiliency in recent falls. A treasury’s asset collection serves as the TIME token’s backing. Investors cannot lose more money than they initially put in the treasury since it cannot go below its inherent value.
- TIME is now accessible on several cryptocurrency exchanges because of the low transaction prices. Exchange Hotbit is one of the most well-liked exchanges to purchase it from. TIME may be purchased and sold on the open market at a price that is less than USDT, making this an excellent method to invest in TIME.
- Cryptocurrencies and other assets form the treasury that underpins the TIME token. A TIME-MIM liquidity pool that accepts both TIME and AVAX serves as its security. A variety of items may be staked using the TIME token. The Avalanche website provides access to the Wonderland treasury. The TIME coin is backed by the TIME-MIM cryptocurrency treasury, which should be noted.
Risks revolving around Wonderland TIME
- You should at least recover your initial TIME investment in some of the worst-case situations when the price of TIME drops by 50% or more and the APY drops to 10,000%. Once prices started to drop, many team members began to consider liquidation. Sifu, the Chief Financial Officer (CFO), is among them.
- Sifu abandoned the project and took $45 million from the Wonderland fund. Taking money out of the treasury, which was meant to be the foundation of the enterprise, caused the price to fall even more. In less than 48 hours, a popular tweet from the user revealed that Sifu was Michael Patryn, a criminal with a history of fraud who served as the project’s initial CFO as we’ve shared in the intro.
- The fact that a felon was administering their money and they had lost trust in the idea meant that TIME holders were not happy. From a decentralized autonomous organization (DAO) to a cryptocurrency venture capital fund, the team changed the project’s direction.
Should you buy Wonderland TIME?
The Wonderland team would find fresh cryptocurrency ventures, fund them, and provide ongoing assistance as they developed. Wonderland received money from the projects it invested in. Through an airdrop, some of these coins would be a bonus to the investors—a procedure for transferring unpaid coins into investors’ wallets.
Wonderland’s crew committed to carrying three airdrops in late December and early January have not been carried out. The crew has not yet provided a date or action plan, but they continue to pledge to show up. These facts conclude that the public and investors might lose confidence in the project and abandon it.
Because of its rising supply, TIME will almost certainly lose value over the long haul. In the near run, nevertheless, it could turn out to be a beneficial investment. The market price can rise if the DAO decides to raise the backing of each token. Through this write-up, you have by some means grasped the primary facts about the venture to make your investment selections.
The project is also very fresh. The price will increase if the token’s buzz can surpass its inflated supply. If these things happen, they probably won’t have much impact. TIME can offer it if you’re prepared to accept danger in exchange for a chance at a profit. However, it is always advised to do your research before investing in anything. Remember to research the crypto world thoroughly and never invest more than you can afford to lose.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.