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  • daclothier

Getting started with Wonderland and those mouth watering APRs

Updated: Oct 20, 2021



One project that seems to be capturing everyone's imagination in the DE Fi space at the moment is Wonderland.


Wonderland is brought to us by the same team that created OlympusDAO - a highly successful Ethereum based project that currently has a balance of $392m on its books.


Wonderland is a fork on the Avalanche network and already just a few days has massed a balance of nearly $100m. What is getting a lot of attention is the dizzy returns that crypto investors are currently getting for staking in the project. The current APY is at 51,903.9%, which may sound totally crazy but its not that uncommon in the world of crypto.


In short you convert AVAX to get TIME tokens and then you stake TIME tokens in Wonderland to get the returns which are then compounded 3 times a day over time to get the amazing APRs that we see.


The challenge for many is that getting your investment into Wonderland can be a real struggle as you have to go through several steps to get your initial AVAX through to actively staking in Wonderland, but help is at hand as I will take you through each step below.


Here is the short version if you are in a hurry:


STEP 1 - Buy BTC on Coinbase

STEP 2 - Send BTC to Kucoin

STEP 3 - Trade BTC for AVAX

STEP 4 - Add Avalanche Network to Metamask

STEP 5 - Send AVAX from Kucoin to Metamask

STEP 6 - Go to Tradejoexyx.com and swap AVAX for TIME (Dont MAX!!)

STEP 7 - Go to app.wonderland.money and stake your TIME


Here is the more detailed explanation:


STEP 1 - Buy BTC on Coinbase.


Login into your Coinbase account (or if you don't have one you can sign up for one here). Once in your account you can either deposit fiat money onto your account and then convert it for bitcoin (BTC). Alternatively if you already have BTC on your account you can just skip to STEP 2.


STEP 2 - Send your BTC to Kucoin.


I'm assuming that you have a Kucoin account already but if not then I highly recommend you set one up. KuCoin is a Decentralised EXchange more commonly known as a DEX. KuCoin has one of the largest listings of cryptocurrency which is why so many people have a KuCoin account.


Kucoin is one of the few major trusted exchanges that lists AVAX so this is one f the best places to get it. If you don't have a KuCoin account its very simple and easy to set up one and you don't need all the ID verification that you would with a Coinbase account.


One you have your KuCoin account you send your BTC from Coinbase to KuCoin.


STEP 3 - Trade your BTC for AVAX


Now you are in your KuCoin account just follow these instructions:


  1. Click on the Trade button at the base of the screen if on mobile or click the Trade link from the main menu and then click Spot Trading from the drop down menu if on desktop.

  2. This will bring you in to the trading screen where you can now trade your BTC for Avalanche (AVAX). Click on the 3 lines up on the top left of on mobile and then type type in AVAX into the search bar. You should then see two options, select the AVAX/BTC option.




  1. Now the amount of BTC that you wish to trade for AVAX. As you put in your BTC you will see the amount of AVAX that will buy you a the bottom. Once you have got the amount of AVAX you want then just click on the Buy AVAX button.




At this point you now will have AVAX in your KuCoin wallet. However there is one thing that you need to do before you take the next step. Avalanche is a different blockchain to Ethereum or Binance so if you send it direct to MetaMask you may lose your money, if you dont add the Avalanche network to MetaMask first.


STEP 4 - Add Avalanche Network to MetaMask.


Open up Metamask, click on Wallet at the top of the app and then select the Custom RPC option from the drop down that appears. Then fill out the empty fields with the following information:



For security and transparency this information was taken from the Avalanche support page which is available here - https://support.avax.network/en/articles/4626956-how-do-i-set-up-metamask-on-avalanche (Always check links in articles and if doubt always go to the official as there are scams out there so please check if you are in any doubt!).


Once this is added you are now good to go to the next step.


STEP 5 - Send AVAX from Kucoin to Metamask


Now that you have AVAX n KuCoin and your MetaMask is set up for the Avalanche network you are good to go to move your AVAX across to MetaMask.


When moving crypto over for the first time I always send over a small amount first to ensure I don't lose all my money in case I have made a mistake. I suggest you send no more than 10% of your AVAX just to make sure it works fine. If after your "test" send its all good then send the rest.


STEP 6 - Go to Tradejoexyx.com and swap AVAX for TIME


TraderJoe is the one of the main Decentralised Exchanges (DEX) for the Avalanche network. Here you will need to swap your AVAX for the TIME token that is needed for staking on Wonderland.


Visit traderjoexyz.com and select AVAX and TIME in your SWAP list like below:


Please be careful here, I hit the max button and converted all my AVAX to TIME - which is normally fine however I left myself with no AVAX for gas fees which means I had repeat the whole process from Coinbase again just to be able to afford the $0.40c transaction fee. It was VERY ANNOYING!! But lesson learned for next time.


STEP 7 - Go to app.wonderland.money and stake your TIME


We are almost at our end destination! Go to https://wonderland.money in your browser and click on the "Enter App" option at the bottom of the page and this will take you to the staking page:



Now connect your wallet to wonderland and you will see the following screen:


Here you will finally be able to stake your TIME into the Wonderland platform.


Enter the amount of time you wish to stake - note you will have to do 2 transactions here - the first is to approve your TIME stake and the second is to actually stake it - don't do what I did and only have enough gas fees to approve the first approval transaction and then be $0.20 short for the $0.40 staking transaction fee.


Once this ha gone through you will then see your stake shown in the Your Staked Balance. It shows MEMO and not TIME as once you stake TIME in Wonderland it converts it to the MEMO token and stakes it in the pool as MEMO.


If you are worried about whether this project is legitimate please note that at the time of writing there were currently 74,342 people already invested in this project and the current treasury balance on the project was nearly $100m.


For transparency I staked 0.017702 TIME into Wonderland on Tuesday 12th October. I'll post a further update next week to see how this project is progressing.


Disclaimer


I write these articles as a way to help me better understand the cryptocurrency market, I share them as I hope that some people may find them helpful. They are for educational purposes only and are not to be taken as financial advice in any way. Remember always do your own research.







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