Do you know how to stake Time in Wonderland?
If NOT then you have come to the right place.
In our previous guides, we have already explained how to buy Wonderland (Time) token and how the Memo to USD converter works.
If you have not read our guide on how to buy the Wonderland Time yet, be sure to read it now because you would not be able to stake Time on Wonderland without buying the Time token.
Before we walk you through the process of staking Time on Wonderland, let me explain what Staking is.
What is Staking on Wonderland?
Staking is a term used to describe a method allowing investors to claim rewards from their Cryptocurrency assets.
The process of locking Time tokens within a proof-of-stake blockchain to help validate transactions within the protocol of Wonderland is called Staking.
Upon each Staked Time token, users are given a token called Memo or MEMOries.
This liquidity provider token can be unstacked with an exchange rate of 1:1.
There are a total of two mechanisms that generate liquidity for Wonderland — Staking and Minting.
Staking is a process to incentivise liquidity provisions whereas Minting is something that generates profits.
Since this post is all about Staking, we will only talk about how to Stake Time on Wonderland in 2022.
How to Stake Wonderland Time?
To Stake Time on Wonderland, you will have to add the Avalance Network first and buy AVAX.
Once you have successfully purchased AVAX, you will need to switch it to TIME on Trader Joe.
Once Switched, you will have to Stake on Wonderland.
Once you have successfully staked on Wonderland, you will get a liquidity provider token, MEMO, whose exchange rate is 1:1.
Here’s how to Stake on Wonderland Time:
- First, create a Metamask Wallet if you have not already.
- To create a Wallet on Metamask, open it and click on the Ethereum Mainnet’ and then ‘Add Network’.
- When you click on it, you will be taken to a new page where you will need to provide the following details:
- Network Name: Avalanche Network
- RPC URL: https://api.avax.network/ext/bc/C/rpc
- Chain ID: 43114
- Currency Symbol: AVAX
- Block Explorer: https://cchain.explorer.avax.network/
- Once you have successfully created Avalanche Network, you will have to click on the ‘Import Tokens’ and enter the contract address — 0xb54f16fB19478766A268F172C9480f8da1a7c9C3.
- Once done, click on the Add Custom Token.
- Once you have successfully Imported Tokens, you will see TIME has been added to your Metamask wallet.
- Now, you will have to buy AVAX on a Crypto exchange and transfer it to your Metamask wallet.
- While transferring AVAX to your wallet, make sure to select the AVAX-C Network or the C-Chain of Avalance if you have multiple networks to select.
- Now, it is time to connect your Metamask Wallet to TraderJoe. Once you are on the site, click on the ‘Connect to Wallet’ button, which can be found at the top right corner of the screen.
- In a pop-up window, click on the Metamask option.
- Once you have successfully connected Metamask to Trader Joy, you will have your Metamask switched to AVAX.
- Now, you will have to visit the Wonderland website and connect your Metamask to Wonderland.
- When you are on the site, click on the Connect Wallet option as shown in the above picture.
- When you do so, two options will appear on the screen, select Metamask.
- When you do so, you will be asked to connect Wonder to Metamask.
- Click on the Next button to connect it.
- Once connected, enter the amount of TIME that you want to stake into the text field that says ‘Amount’.
- If you want to Stake all of your TIME, click on the Max button.
- Once entered, click on the Approve option.
- Once the Approve transaction is completed, click on the Stake TIME option.
- Now, you have successfully Staked Time on Wonderland.
- That’s it.
How to Unstake TIME On Wonderland?
To Unstake Time on Wonderland, you will have to follow a few simple steps:
- Visit the Stack page of Wonderland.
- When you are on the page, select the ‘Unstake’ tab.
- Enter the number of MEMOries and click on the MAX button.
- Click on the Approve option and wait until it is completed.
- Once completed, click on the ‘Unstake’ and sign the transaction.
Note: Approve transaction is only needed while Staking and Unstaking for the first time.
That’s everything you need to know about how to stake Wonderland Time in 2022.