Wonderland is the decentralized reserve currency protocol that is available on the avalanche network based on the time token, where each token is backed by a basket of assets in the wonderland treasury. It gives it an intrinsic value that cannot fall below. TIME is the native token of Wonderland and How to wrap memo in wonderland depends on the time token. It is a reserve back currency, meaning that a basket of assets backs each TIME in the Wonderland treasury.
The TIME token is at the heart of the protocol and it allows its holders to keep their purchasing power with some of the most impressive and sustainable yields in all of Defi. Wonderland also helps in market staking and mining by introducing economic and game-theoretic dynamics into the market. Now let us see how to wrap memo in wonderland.
What is a wrapped memo?
Wrapped memo or wMEMO is the wrapped version of the MEMO token. It is a token that represents the price of time plus all its rebates. Wrapping up a memo helps in utilizing it in ways that cannot be done by a regular MEMO.MEMO increases in amount over time and wMEMO increases in the price over time . When a wrapped memo wMEMO is unwrapped you get the original MEMO plus any other memo token that is gained during rebasing. Now after understanding the concept of wrapping and unwrapping the memo we need to check how to wrap memo in wonderland time protocol.
How to wrap a memo in wonderland?
Staking allows earning TIME passively through auto-compounding. By staking your TIME with Wonderland, you can receive MEMOries (staked TIME) in return at a 1:1 ratio because of which your MEMO balance will increase after every 8 hours based on the current APY.
Wrapping of the memo is an incredibly simple process. The steps involved in the wrapping of the memo in wonderland are as follows.
- First, click on the WRAP option in the top right corner of the dashboard.
- Select the number of MEMO tokens that you would like to wrap.
- Next click on confirm tab to complete the transaction.
If this is the first time you are wrapping a memo, then you would also need approval for the memo spending and you can use these tokens as collateral on partner platforms. We can do this process without losing your rebalances.
If they stake you on the wonderland app, then unwrapping is fine and if in case they do not stake you, then make sure that the MEMO is not sitting on your wallet
Wonderland has achieved quite ridiculous yields with TIME in all honesty, but you should do your own research before investing in MEMO. MEMO is very easy fast and better for the community.