Sifu said that we are going to remove TIME-MIM liquidity in favor of wMEMO-MIM.
As Zeus said:
“The whole thing is that one token trades and the other rebases. If you have the (wrapped) rebasing one trade then the rebases no longer exist. Ie what difference would it make if everyone’s time balance 10x’d tomorrow?”
If we will do that it will not matter anymore how much time we have 100 or 1000000 and it does not matter how high APY will be because TIME is going to have no liquidity and therefore no price.
This is important enough desicion and should be discussed and voted on.
But if the TIME and Memo token still exist, it will always be wrappable and sellable for equal price. So does it even matter?
Yes, they exist but you will not be able to trade them. You will be able to trade only wMEMO. So it does not matter 1 wMEMO = 50 TIME or 1 wMEMO = 5000 TIME because what matters is wMEMO price. You can have any APY and any amount of TIME in wMEMO, it does not affect wMEMO price. Maybe I am missing something, let’s discuss.
when they say they are removing liquidity they don’t mean the time token wont have liquidity to sell small amounts of TIME. so technically the $time token will be able to sold but probably not large amounts. So your TIME and non wrapped MEMO will still have 1 MEMO = 0.0234 wMEMO value as stated on the wonderland Wrap box and your MEMO tokens earning rebases are still taxable. Your TIME tokens (not staked) are not taxable and also not earning rebases. Your TIME can be staked turned into = MEMO and then you will still be able to wrap your MEMO turning into wMemo. Once turned into wMemo its then earning non taxable (0.6%) rebases every 8 hours as it is the price increasing and not your token amount so no longer a traditional and taxable rebase
There will be utility for time further down the road, it’ll be used in an RPG game. So it’s still relevant.
It is important that we have protocol owned liquidity in TIME-MIM pair because otherwise there is too little incentives for other people to provide it. Taxation is completely different topic, in my country there is no income tax.
It will take a lot of time to create a game. We will definitely not see it this year, and probably not in the next one.
Saw that conversation on Twitter too. My issue is we dont know what the whole plan is, so your point may or may not be valid. Would be nice to know before things are implemented ofc. I believe we will get to vote on these changes (we should) so we’ll see.
@CaptainDucko This is basicaly just speculation at this point. It has been mentioned quickly, but we have no real indication its gonna happen.
today it happened, time-mim liquidity 10 times lower than before