#FarmRevolution: Introducing Wormholes
This article is part of the #FarmRevolution series where we talk about what Timeleap does differently and why.
This has probably happened to you
You slog hard at your job. At month’s end, your employer deposits your salary into your bank account.
A month later, you open up your bank statement and notice that a measly 0.02% interest has been credited to your account. Or worse, you didn’t meet the terms and conditions set out by your bank. No interest then.
You wonder to yourself — isn’t your money supposed to work for you when you’re asleep? At least, that’s what everyone is preaching about these days.
But damn, what lousy interest rates. How do you even retire on bank interest? Is it time to work some extra hours at McDonalds?
Wait, what about DeFi? Your friends are raving about it. Your parents don’t believe in it and your girlfriend falls asleep when you talk about it. But heck, with the amount that you deposit into your bank account, it’d probably pay for your meals every day.
And with that, you enter DeFi
You DYOR, but it’s hard to trust projects and easy to lose money. You encounter hard rugs, soft rugs, and exploits.
You lose the capital that you put in.
In fact, you’re just one of the many whose funds make up the astounding number reported on REKT Database. Perhaps it might be a better idea to put your hard-earned money in a bank account and work for the rest of your life. Or maybe just stake on stable coins like USDC — APRs are low at 5~30%, but they’re still better than banks. Not enough for retirement though.
What if there’s a better way to invest your fiat?
The latest product feature in Timeleap’s #FarmRevolution, think of Wormholes as a bank account, but with very high interest.
- Interest is paid out every hour, instead of every month or year
- Money is not locked, so you get to move your funds around any time
- You get to choose your investment vehicles and diversify your risk (each wormhole is classified according to its risk level / returns)
We simplify the process for you:
- Stake stable coins or large caps (e.g. WBTC, WETH, WMATIC)
- Watch your investment grow with juicy APYs (yes, it’s auto-compounded by our vaults)
- You’ll be able to see how many shares you hold in a Wormhole, along with its corresponding USD amount
- And whenever you’d like, withdraw even more of the same stable coins or large caps you’d initially invested
APRs and APYs
Investment vehicles with different risk levels have their corresponding APRs and APYs.
APRs on our Wormholes are 50~500%, and when we boost it exponentially via our auto-compounding vaults, you can expect APYs of 100~14,000%.
Such APRs and APYs are unheard of for stable coins and large caps in the DeFi space.
Risks and fees
Wormholes are based off our Vault contracts which have been audited by Paladin (yes, we passed with flying colours). If you’re unsure, just join our Telegram and speak to us.
Risk ratings will be indicated for each Wormhole and risk factors for a particular Wormhole project can be read in a separate Medium article (linked out from card UI). Read them before you stake.
Our Wormholes will launch with the following risk levels:
- High risk: 10% performance fee (2.5% for operating cost & marketing, 7.5% for TIME buybacks to MasterChef and treasury)
- Medium risk: 7.5% performance fee (2.5% for operating cost & marketing, 5% for TIME buybacks to MasterChef and treasury)
- Low risk: 7.5% performance fee (2.5% for operating cost & marketing, 5% for TIME buybacks to MasterChef and treasury)
Do also note that certain Wormholes may involve a deposit fee. This is not paid to us, but to the project itself, and you’ll be able to see the deposit fees in the individual Wormhole card UI.
One thing’s for sure — with such high APRs and APYs, you’ll be able to earn your deposit fees back within days, in USDC / chain native / large cap of your choice.
We’ve written a separate Medium article for FAQs, and will continue populating it when new FAQs arise.
A private DeFi bank
When we launched Timeleap, we wanted to do 2 things:
- To create our own personal bank
- To start a #FarmRevolution and not be a copy and paste farm — you can read more about this in our other Medium articles:
Wormholes are the next part of our #FarmRevolution. Highest stable coin / large cap APRs and APYs across all of DeFi? Challenge accepted.
Our official launch will be some time between 27 Sep to 1 Oct. Stay tuned.