Yes, you read that correctly, at the time of writing this 18/02/2022, a crypto currency called TIME (MEMO – Wonderland) offers 82,000% APY when you stake your coins. Never heard what staking is?
Staking is a version of crypto that seeks to support the blockchain network and confirm transactions. You ‘stake’ your assets in a particular cryptocurrency and earn rewards on it once the staking time is over.
So, how is the wildly large number even possible? In traditional finance worlds, it simply wouldn’t be. But an 80,000% APY with crypto and DeFi is not unheard of. There are a few DAOs (decentralised autonomous organisations) in DeFi that provide returns like this. Some examples include Wonderland, Olympus, or Jade Protocol. In this article, we’ll focus on Wonderland as that’s what we’re most familiar with. Buckle up, and let’s get to the good stuff.
The website is called The Defi Wonderland “Financial tools to grow your wealth – stake and earn compounding interest”.
How do I get involved?
Just before we get into the ins and outs of staking, just remember crypto is highly volatile and that means you may completely lose your investment. As the saying goes, don’t put all your eggs in one basket and that is the same with crypto. Now this article is not investment advice, but simply a guide on how to stake your crypto with Wonderland.
To join this crazy almost outlandish stake, you’ll need to complete a few simple steps. Some of these steps might sound like you’re doubling up, however this is not the case. Make sure you follow each step carefully.
Create an account on an exchange
There are many exchanges that you can use. However, I chose to use Binance as it’s very simple and has a large range of coins available for purchase. You can sign up to Binance through this link. This is a referral link and if you sign up we both get a bonus!
Once you’ve signed up to Binance, the next step will be verifying your account and depositing some funds. Binance has a really good step by step process for this. If you get stuck at all just drop a line in the comments section below.
Purchase the right cryptocurrency to buy coins to use with Wonderland
Okay, now you’re ready to purchase the right crypto to be used to stake on Wonderland. The coin to purchase is called AVAX. Depending on how much money you want to invest in the Wonderland will determine how much AVAX you purchase. For this article’s sake let’s say $100 dollars.
Navigate to the Buy Crypto menu item and click on Credit/debit card.
Now select AVAX and put in the amount you want to purchase. There are gas fees when moving your crypto to other wallets and protocols, so it’s always worth buying a little more than you need.
Well done! You’re on your way to joining the Wonderland Defi world.
Create a decentralised wallet
This can be a little more tricky, however if you stick to these steps all should go well. I prefer to use Meta Mask as my wallet, I think it’s super simple and integrates really well with most protocols.
- Navigate to the Meta Mask website https://metamask.io/ and simply click ‘Download now’
- Install the Meta Mask wallet to your chrome browser or whatever browser you’re choosing to use. Meta Mask supports Chrome, Firefox, Brave and Edge browsers.
- Once downloaded, create an account and write down your secret word code and save it somewhere very special. If you forget your password and lose this code then all is lost. I repeat all is LOST.
Adding a network to your Meta Mask wallet
You may only see Ethereum on your networks so we want to add a completely new network called Avalanche Network.
Once you click add network you should see something like this.
Add in these details below
- Network Name: Avalanche Network
- New RPC URL: https://api.avax.network/ext/bc/C/rpc
- ChainID: 43114
- Symbol: AVAX
- Explorer: https://snowtrace.io/
Once you’ve added these values click Save.
Transfer money from your Binance account to your meta mask wallet.
First up – copy your address from MetaMask. That means opening the MetaMask extension on Chrome by clicking the puzzle icon in the top right corner of the browser.
Then click the MetaMask extension.
Once you’ve logged into your wallet, make sure that the “Avalanche” network is selected.
Then, click the duplicate icon to copy your account address.
Now login into your Binance account
Navigate to your fiat and spot wallet
From the homepage, you’ll need to head to the fiat and spot wallet where your AVAX wallet is located. Click on “Wallet” in the top navigation bar. This will open a navigation drawer with multiple options.
Click “Fiat and Spot” to get to the right place.
Click on “Withdraw” next to “AVAX”
On this page, you’ll see your fiat and spot balance. Navigate down the page to the “Crypto Balance” header. From here, you need to find “AVAX”. On your AVAX balance, you’ll be able to buy, deposit, withdraw, trade, earn, or convert your AVAX. Click on withdraw, and it will take you to a page like this.
In the address field paste in your meta mask account address. In the Network field choose the AVAXC network
The funds should take a few minutes to arrive in your meta mask wallet. Well done, we’re almost there. Can’t see your funds in the Meta Mask wallet? Navigate to the import tokens link which you will see if you open your Meta Mask wallet and scroll down.
Use a decentralised trading platform to buy TIME coin
Okay, now we have our AVAX coins and our Meta Mask wallet, we’re ready to buy the right coins to stake.
Let’s navigate over to Trader Joe https://traderjoexyz.com/home#/. This is a one stop shop for decentralised trading on the Avalanche network.
- Connect your metamask wallet to Trader Joe
- Search for the TIME token
- Swap your AVAX for TIME, make sure you leave enough for the gas fees. So don’t do MAX.
- Once you’ve traded the token you should see it appear in your MetaMask wallet after a few minutes
Stake your coin in the Wonderland app
The final step… We are so close!
- Head over to the Wonderland app https://www.wonderland.money/ (click enter app) and connect your Meta Mask wallet.
- Hover over wMEMO and add TIME to your wallet (image below).
- You will now see the the staked balance as MEMO.
- If you only see your balance as TIME and it hasn’t moved to MEMO, click max again and then stake.
You’ve done it!
So you’ve made it, this is a bit of a lengthy process and if you got stuck at all on the way, drop a comment below.
When I first bought TIME the price was $8,000 AUD, it has since dropped to around $450 AUD. This could be a great time to invest.
Give yourself a pat on the back and let the reward amounts build up and try not to check the reward amount every day.
To give you an idea of what your earnings could be. If all the amounts stay constant, if you purchased one TIME coin and staked it for 365 days it could be worth around $272,568.66.
Now just remember crypto is highly volatile and like any investment, it comes with its risks. Happy investing!
Disclosure: The links provided in this blog are affiliate links. Helium Miners Australia will be paid a commission if you use these links to make a purchase.