The Reality of Staking in Wonderland Dao for 15 days.
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Wonderland is a Dao (Decentralized Autonomous Organization). It is a fork of the Olympus Dao built on Avalanche Blockchain. By fork, we mean copying the code and moving it to another blockchain.
Their main token is named TIME.
There are famous for offering one of the craziest APY, 80,000%. Yes, you read that right! 80%000.
On December 12th I decided to give it a shoot allocating a very small percentage of my portfolio. Bought $100 worth of AVAX and sent it to my Metamask wallet, then I swap $95 of AVAX for TIME, then went to the Wonderland Website to stake it.
12/12/2021– 0.021195 TIME
12/27/2021- 0.027855
Conclusion:
TIME price is super volatile. Yesterday it was at $4,200 but as for now, it's sitting at $3,700.
In 15 days I receive 0.00666 TIME as staking rewards. That is $24 in profit. BUT because it dropped so much since I bought it my overall holding is worth $103.
The good
- TIME has a massive community behind it
- Its creator “Daniel Sesta” is a public figure and is a very smart kid.
- Between all the Dao this one has been holding its current APY very good. Sometimes offering even more than 80,000%.
The bad
- TIME price is extremely volatile, even though you can double your holding it will not matter if TIME drops to 1k (Which is highly possible).
- TIME depends on the community, if everybody keeps staking the APY will hold, but if they start unstacking and selling, you and I are fucked.
Overall I do like the project, I see it as an experiment where I have fun and learn. Will leave it staking for the long run and maybe if it holds for a year I will be able to cash out a nice 100k.
My goal is to create $10,000 in passive income with DeFi starting from $800.
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Disclaimer: This is not financial advice, I am just a guy with a laptop sharing his opinions and experience. This is for entertainment purposes only. Always Do your own research before investing.
