Difference between revisions of "Wonderland"

Wonderland (view source)

Revision as of 01:08, 3 May 2022

2,198 bytes added , 01:08, 3 May 2022

tokens

Moleman

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 On January 17th, Sifu tweeted that Wonderland would buy back at the backing price unlike most others.<ref>https://twitter.com/0xSifu/status/1483245303750873090</ref> While the token did rally the day after this tweet, in the next 10 days the token price fell more than 70%.<ref name=":0" />
-It was eventually revealed on January 25th that the liquidation cascades causing the price decline were somewhat due to Daniele and Sifu's wallets.<ref>https://liquidated.fyi/address/0x8A7f7C5b556B1298a74c0e89df46Eba117A2F6c1</ref> A mere 2 days later, [[zachxbt]] revealed Telegram direct messages from Daniele that alleged the CFO of Wonderland, [[Sifu]], was Michael Patryn.<ref name=":2" /> This bombshell shocked crypto twitter and ended up producing many memes, such as "Funds are Sifu." [[Sifugate]], as this event is commonly referred to as, also caused damage to Daniele's other projects.
+It was eventually revealed on January 25th that the liquidation cascades causing the price decline were somewhat due to Daniele and Sifu's wallets.<ref>https://liquidated.fyi/address/0x8A7f7C5b556B1298a74c0e89df46Eba117A2F6c1</ref> A mere 2 days later, [[zachxbt]] revealed Telegram direct messages from Daniele that alleged the CFO of Wonderland, [[Sifu]], was Michael Patryn.<ref name=":2" /> This bombshell shocked crypto twitter and ended up producing many memes, such as "Funds are Sifu." [[Sifugate]], as this event is commonly referred to as, also caused damage to Daniele's other projects [[Abracadabra]], Spell, and Popsicle Finance.
+== Tokens and design ==
+=== TIME ===
+TIME was the base token of Wonderland. Users staked time to receive MEMO. Eventually, the protocol deprecated the liquidity for TIME and transitioned fully to wMEMO.<ref>https://medium.com/the-defi-wonderland/wonderland-update-transition-to-wmemo-d57845560832</ref>
+=== MEMO ===
+MEMO was the rebasing token users received after staking their TIME in the Wonderland protocol. MEMO means MEMOries.
+=== wMEMO ''(current token)'' ===
+wMEMO is the active token of the protocol. wMEMO, short for wrapped MEMO and Wonderful MEMOries, it does not rebase in the traditional form. As described in the Wonderland docs:<blockquote>wMEMO. wMEMO is '''a wrapped version of MEMO'''. Users can wrap their MEMO into wMEMO, and receive their rebase as an increase in the value of wMEMO rather than an increase in the amount of MEMO. wMEMO can be used as collateral on Abracadabra as well as bridged towards other chains.</blockquote>
+=== Minting ===
+Wonderland renamed bonding, as seen in [[Olympus DAO|Olympus]], to minting. By exchanging the desired bonding asset for TIME, the user received a discount (ideally) and the protocol received assets that they directly own. There were various mints available, one example from December 5th 2021:
+{| class="wikitable"
+|+Wonderland Mint discounts Dec 2021<ref>https://www.youtube.com/watch?v=HA9oUckmnho</ref>
+!Asset
+!Discount
+|-
+|TIME-AVAX LP
+|7.57%
+|-
+|wAVAX
+|5.81%
+|-
+|TIME-MIM LP
+|1.12%
+|-
+|MIM
+| -2.19%
+|}
+So at this time, users bonding TIME-AVAX LP tokens would receive a 7.5% discount on TIME. MIM was a negative discount essentially because the protocol decided their treasury had enough MIM at the time.
+=== Staking ===
+Just as Olympus and all of the forks did, Wonderland was known for a wildly high APY in the early days. Users staked their TIME and received MEMO, which was an automatic rebasing token. In the same example above, Wonderland had 88,000%+ APY in early December 2021. This was a 5-day ROI of 9.7% (return in TIME, not dollars.) The protocol had over $2.0b total value locked (TVL) at this time as well.<ref>https://defillama.com/protocol/wonderland</ref>
 == References ==