Update to Time Wonderland
The market had been rather unforgiving for the past month or two and rebase tokens had it the worst. It was as BTC hit its peak, all the Olympus forks started to pop up and the crazy APY lured so many degenerates in and as BTC started to correct, everything came crashing down.
Even though the initial decline in price for TIME has got to do with the correction but about a week ago it was revealed that 0xSifu, the treasury manager of Wonderland was a fraud that ran away with hundreds of millions when he co-founded QuadrigaCX, a Canadian centralized exchange. This really crushed the price of Time and basically killed the project.
They are currently having a vote to dissolve the project and have the treasury be distributed back to wMEMO holders. At the time of writing, the vote is really close and no clear direction is made yet but this whole snapshot is done so poorly. The current LP for wMEMO or TIME is still available on sushiswap and people can still actively trade it and vote. If you are voting to dissolve the treasury then by buying a wMEMO for approximately $23,000 will net you at least a 50% profit as the backing per wMEMO token is at $37,000. On top of that, the treasury holds over 42million worth of wMEMO so if you burn that off, you’ll probably get a bit more per wMEMO token.
Why wouldn’t they pause or take down the LP before commencing with such an important vote or at least clarify if the distribution of treasury will only affect people that held longer than a certain duration to avoid such an arbitrage opportunity? At this point it just seem like both Dani and 0xSifu is done with this project and have zero intentions of continuing with it and hope that things fall apart they can use it as an excuse for their exit.
Using frogs as their exit liquidity indirectly but still making themselves look like they are nice because everyone gets a tiny bit of their money back.
Silly me, believing in the project and how they’ll create a complete defi ecosystem around it.