What’s the difference between staking time and wrap wmemo, for what we should wmemo or for what we shouldn’t?
Not sure I understand your question, but the APY is the same on wMEMO and MEMO (staked TIME). Regular (not staked) TIME, doesnt profit from the APY.
So why do wrap wmemo if we already staked time? so what is the benefit from wmemo?
May or may not help for taxes (ask a pro) and it allows you to bring it to another chain. Somes chains have wMEMO farm for extra rewards.
@snapdot now that sushi swap has a big wmemo/mim lp you should buy wmemo. it includes the rebases and is better for tax reasons, as your wmemo is gaining value over time rather than having memo thats basically airdropped to you continuously. also you dont have to spend as much on gas fees because wmemo is already staked (although it only costs like .001avax in gas fees anyways). wmemo is always the better choice.
I know you mean well, but please dont assume other people’s tax laws and say something like “it could have tax benefits, but you should talk to a pro”.
Thank you for the detailed information. I started hodl wmemo after your message
Another reason is that when we move it to wMemo we avoid the inflationary effect that rebase have on Time. In other words, is an opportunity to help the Frog Nation.
This Twitter was recommended by Dani explaining this effect. https://twitter.com/danielesesta/status/1479835938998177796?t=_wgC3FuSpGPMJjd6g1KRTg&s=19
Hii…so currently i am holding memo…Since it does not affect APY, can i just wrap my Memo just before unstaking in future and swap that wMemo with MIM/USDC for withdrawal?..or i have to wrap it now only?
@NalXes ok well its an interest gaining asset, which is taxed all around the world less than income which is what memo is