The Fall of My Favorite DeFi Passive Income: TIME WONDERLAND
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February 2022 Update: Sold the leftovers of my $Time position. I do not feel comfortable holding it or even posting about it.
After the scandal on Wonderland (TIME) people are very skeptical now with these DAO and passive income projects.
In my opinion, this is normal. In this space, I would expect that 6/10 projects will fail, and some of them will probably be due to scams, rugs, or the inefficiency of the team.
A few weeks ago I wrote an article on how much I like Wonderland and how it became one of my passive income streams. At that moment I was making around $40 per week with 0.15 TIME. Was loving it, so I decided to stop taking my weekly profit and let it grow to 0.30 TIME.
Well, now with 2x more TIME than what I had I am making around $15 per week due to the crash.
If you want to learn more about what happened I recommend watching this video.
My moves from here
Tons of influencers have been selling their position due to the dishonesty of Danielle (the founder). Having a criminal as the fund manager is a big thing. But we are still not sure if he really took money out of the treasury (I wouldn’t doubt it). So, that and some liquidations on people that took leverage position using TIME as their collateral has created a massive drop in the price.
It has found some support around the $400 area. Will it hold? Who knows!
My view on this is 50/50. My position is too small to really care. I will keep taking my weekly yield which is around 0.04 TIME and swap it for some AVAX.
My recommendations
After all this craziness I don’t think investing in TIME is still a good option. If you already have a bag, cash out with a loss, or play a do or die like me where you take some profits weekly and move it into a safer project.
Conclusion
Whenever you are investing in a passive income project your first main goal should be to cash out your initial investment, anything that comes after it will be free money. That is why I love the approach of taking a percent of the rewards generated weekly.
I beg you to not lose hope in crypto, nodes, and these Dao projects. Be safe, take small bets, and WAGMI.
Thank you for reading!
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@DefiChronicles
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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.
