would appreciate a quick insight about what is going on since I want to invest more.
A month ago I bought Avax and traded it to Time, now I have memo in staking process.
As I understand there is a shift to wmemo and time should be gone soon? Or will it still be an option to get time and then stake it?
If I buy avax and trade it to wmemo, how can I keep staking? Will the wmemo also be staked and become more over a period of time?
The whole purpose for me was to invest and get the interest each few hours so in a year it will be much more. Does this still work and will work in the future?
Would appreciate if someone could shed some light on this for me (and probably others too).
As I understand there is a shift to wmemo and time should be gone soon? Or will it still be an option to get time and then stake it?
You are correct, there is going (if not already) to be a shift to $wMEMO. That is not to say that $TIME will be gone. $TIME is the base and the price of $wMEMO is directly influenced by it. There will always be the option to unstake $MEMO to receive $TIME.
The value-add for $wMEMO is:
There is better liquidity in the $wMEMO/$MIM pool [sushiswap], than there is in the $TIME/$MIM [TJ]
You can sell $wMEMO directly instead of $MEMO → $TIME → $MIM
You can bridge it to other networks like FTM, Arbitrum and soon BSC
In the future, wonderland may have a feature called ‘revenue sharing’ where you can stake your wMEMO and get staking rewards.
*So do I need to wrap my memo into wMEMO?
No you don’t need to. There is no difference. If you’re happy to hold MEMO and have the balance accrue, that’s fine.
But consider the points above.
If I buy avax and trade it to wmemo, how can I keep staking? Will the wmemo also be staked and become more over a period of time?
So you know how your $MEMO balance increases every 8 hours? Well, in some countries, this is considered income, and so you would have to report this every 8 hours. Hard work right?
Well now there $wMEMO. Now on the dashboard on the Wonderland page, there is a wrap button that turns your $MEMO into $wMEMO. You will see a conversion rate. The conversion rate changes every 8 hours to include rebases.
To answer your answer question:
The $wMEMO that you hold WON’T change. But the conversion rateDOES.
So if you wrap now and decide to unwrap 8 hours+ later, you will receive:
$MEMO than you started plus additional $MEMO as if you were staking the whole time!
But now you don’t have to record every 8 hours (if you lived in country like i mentioned)
The whole purpose for me was to invest and get the interest each few hours so in a year it will be much more. Does this still work and will work in the future?
The whole purpose of Wonderland was that it was an experiment. This has grown to a unforeseen level.
Yes it does still work but no-one can guarentee if anything will work in the future. [Refer to the inflation rate in the US lol]
As of now, Moderators have stated that the APY is sustainable and you can tune in to Discord to ask questions when they are there doing AMA’s.
Do your own research, there are plently of Youtube guides that explain $wMEMO better than me.
Invest at your own risk.
in order to swap for wmemo, I buy Avax on coinbase for example and then connect my metamask to sushi. Is that right?
Yes, you can buy AVAX on coinbase. But then you’ll need to send that AVAX from Coinbase to your metamask address. Then connect to sushiswap. You can :
swap AVAX → wMEMO on sushiswap (not sure about the slippage fees)
or AVAX → MIM → wMEMO on sushiswap
or AVAX → MIM on traderjoe then MIM → wMEMO on sushiswap.
The choice is yours depending if your preference for fees and such
And the wmemo I get there adds to my already existing memo balance I have?
I didn’t understand that.
You’ll have an x amount of wMEMO and y amount of MEMO.
If you wrap your MEMO into wMEMO then yes, the wMEMO you get there adds to your exisiting wMEMO you have.
I used to stake time as memo. So now I can wrap my memo to wmemo right? I have no issues about tax. Do i have to wrap memo to wmemo? And now I have x amount of memo, when I wrap would it be x amount of wmemo? Is there a different rate?
And the last question is if I have wmemo i also use it for staking right?
Hasn’t it been said already that wmemo value increases over time? So to me it sounds like staking already or do you mean another „more risky“ method?
As far as I understood, wmemo is wrapped memo and if you unwrap it, it is staked memo…so basically staked memo is all inside the wmemo, or did I get it wrong
Yeah, well. It seems like advanced level, I am happy as it is. Will wait long time in hope to get good outcome it’s supposed to be the waiting game…so I will see how it plays out
