DCV - December 19, 2021
Hi, this post will detail how I staked the TIME token on the Wonderland Money DeFi app to take advantage of the 80,000+% APY interest rate. I will go through the entire process step by step from fiat all the way to staking.
In order to do this, I need a few things:
First, the TIME token lives on the Avalanche network which can be thought of as an alternative network to Ethereum with short transactions time and currently, lower fees.
So, in order to purchase TIME tokens to stake, I first need Avalanche tokens AKA AVAX tokens. I can buy AVAX on Coinbase Pro buy connecting my bank account, moving cash to Coinbase Pro and then buying AVAX.
I've already purchased some AVAX with fiat I already had and the tokens are sitting in my Coinbase account. Now, I need to transfer the AVAX coins to my Metamask Wallet.
In Coinbase Pro, I do this by clicking withdraw, selecting my AVAX balance, selecting withdraw to "Crypto Address", and paste in my Metamask wallet address into the AVAX wallet field. I enter the amount of AVAX I want to transfer and then click Withdrawal and confirm the transaction.
To confirm that everything worked, I can look at my Metamask wallet and check the balance to see that the funds have transferred. The transfer shouldn't take more than a few minutes to finish.
Now, on the Wonderland dashboard, I need to connect my Metamask wallet. I do this by clicking "Connect Wallet" and selecting Metamask. I should already be logged on to my wallet in the browser.
In order to see my TIME token balance in my wallet, I need to add the token to the wallet. I click TIME in the dropdown menu and then click "Add Token" in Metamask. Now, I can see that my TIME token balance is zero.
Next, I have to purchase TIME token on the TraderJoe website using my AVAX tokens. TraderJoe is a popular Avalanche DeFi exchange that has currently, around $2.5 billion of total value locked.
On TraderJoe, I need to first connect my Metamask wallet by clicking "Connect to a wallet" at the top right. I needed to refresh the page before my AVAX balance showed up.
I select the max funds I want to swap which is about 1.8 AVAX coins and click "Swap", then "Confirm Swap". Metamask will pop up to confirm the transaction.
After a few seconds, I can view the transaction on the Avalanche blockchain explorer, Snowtrace. The swap from AVAX to TIME tokens was successful and costed about 31 cents.
Now that I have some TIME token, I can stake it on the Wonderland app. I head to the staking section of the app. If this is my first time staking, I need to approve the staking process with my Metamask account. All subsequent stakes will not need this approval. Metamask will pop up to confirm this approval.
I need to refresh the page to continue staking. For the amount I want to stake, I'm selecting the max TIME tokens and then I click "Stake Time".
An error message pops up saying "execution reverted".
This is showing up because my AVAX balance in my Metamask wallet is not enough to pay for the transaction fee on the Avalanche network. I need to make sure that I have enough AVAX funds in my wallet before staking TIME.
So, in order to continue, I added some AVAX into my Metamask wallet. I select max, and then click "Stake Time". Metamask pops up to confirm the staking.
The transaction is now pending and after a little bit, the transaction is confirmed. I have to wait a few seconds to see the new staked balance on the Wonderland website. What I actually get is the MEMO token that can be redeemed for TIME token whenever. As long as I'm staked, I will continue to receive MEMO token every 8 hours or so. Unstaking will convert the MEMO tokens to TIME tokens.
And that's all it takes to stake TIME on Wonderland. Now, I'm ready to earn TIME coins at an insanely high APY rate. Check out the YouTube version of this blog post below: