TIME | An open letter to all Yield Farmers out there
Hello, fellow yield farmer.
It’s a parched landscape out there in Polygon, ain’t it? Why so many rugs? When will my funds ever be SAFU?
Greetings farmers, we’re yield farmers, just like you, and we were always in search of greener pastures where we can earn high APYs in a safe and sustainable yield farms.
Let’s be honest, there’s a lot to love about Polygon chain:
- Low gas fees
- Faster transaction processing speeds
- Massive variety of yield farms launching every other day
Times were good, farmers got good yields, discussed about impermanent loss, yield optimizers, and discussed price stability through mechanisms such as locked staking.
But alas, good times weren’t meant to last forever.
In June 2021, there were two main catalysts that inspired us to make Polygon great again:
- The complete collapse of the TITAN token and Iron Finance, or what was described by their dev team as “the world’s first large-scale crypto bank run”. Read the news and an excellent interpretation of what exactly happened.
- The PolyGold rugpull: The yield farming platform had experienced tremendous growth in total value locked, but its contracts were suddenly changed to reduce the minting of Polygold and dividends to zero, and Timelock period to two hours. Its lead developer had proclaimed “it’s over”.
Then it dawned upon us, why don’t we create something that we can finally trust?
Something that keeps inflation at bay, something that we can retire into.
Introducing Timeleap Finance
#ItsHarvestTime We definitely need more of these puns.
Timeleap Finance is THE new age, high APR farm created by yield farmers, for yield farmers.
We’re here to create an ecosystem of high yield assets on Polygon chain, built to last with sustainable tokenomics.
We set out to solve 3 main problems that plague yield farms:
- Inflationary Tokenomics of Yield Farming Tokens
- Emission rate drops to ZERO to control inflation / emulate Max Supply
- Buyback and burn hurts future governance
(1) Verifiable Max Supply of 86,400
Our improved smart contracts prevent any further minting of TIME tokens past the maximum supply once the TIME token contract is owned by the MasterChef contract.
We’ve also added a
finalMint() function that allows our MasterChef contract to mint all remaining unminted TIME tokens to itself - why? Because it gives us yield farmers a peace of mind that it truly is going to be a max supply of 86,400.
On top of which, we’ve removed any possibility to write into MasterChef to alter the max supply of TIME.
That’s right, it’s #LimitedTimeOnly
(2) Infinite Farming Potential
Woah, serious? Well, yes — while we may adjust emission rates in future, we will NEVER EVER drop emissions to ZERO.
This means that there will always be a farm you can come back to — that WE (yield farmers) can come back to.
Hang on, does this mean that inflation will go through the roof? No, because we’re limiting maximum supply.
Okay.. so if there’s a maximum supply, where does the additional TIME come from? Why wouldn’t the farm run out of time for distribution?
This leads us to…
(3) Continuous Buyback-and-Make
Ever wondered about token burns and how it hurts governance in a DAO? Sure most tokens come equipped with 18 decimals, but what happens when we run out of tokens to burn?
We think that burning makes no sense for the future implementation of our DAO and we stand by it, there will be NO TOKEN BURNS.
And in all seriousness, that is factually true as well — “Time is a cognitive function, not a property of the real world of vibrating energy.”
Instead, we will implement a series of auto-compounding strategies in our Strategy contract, all with the aim of buying back TIME from the open market. MasterChef gets a share of TIME and the rest goes to our Treasury contract for future utility by our protocol.
Still here? Good. Decided not to go with TL;DR because that would give rise to a ton of FUD.
Anyway, there’s a huge roadmap ahead of us and we’d definitely need all the support we can get in order to get this ecosystem up and running on Polygon.
Funds are SAFU
This has probably been repeated a number of times in order yield farms, but we’d like to assure you that:
- We’re a Goose + PolyCat fork, which is based on an established protocol on Binance Smart Chain (BSC). Our base code has already been audited numerous times. It’s secure and battle-tested code, which means your funds are protected.
- We’ve removed Migrator functions from our code (i.e. we can’t migrate tokens staked in MasterChef)
- We have implemented a timelock on MasterChef, which currently owns the Time Token contract. This means that we can’t make sudden, immediate changes. All changes are locked for a set period of time and can be monitored publicly.
LFG!! MOON TIME!!
Now now.. before you decide to ape in, we must warn you that this is NFA and please always DYOR.
- Learn more about our TIME Token
- Explore your inner nerd with our Theories on Tokenomics when we’re done with the initial phase of marketing. We love the conversations that we’ve had in other great groups such as Wault Finance and RugDoc, and we’d very much like to discuss them with yield farmers like yourselves.
View our Product Features
- Timeleaps & Capsules — Typical LP and Single Asset Farms
- Automated Buyback-and-Make (more details soon) — Automated yield optimizer that helps to add buying pressure for TIME
- Treasury (more details soon) — Stores TIME and will be drawn down for our very own custom AMM feature
- Crystallize (more details soon) — Our AMM but with a very special utility for TIME
Don’t forget to:
- Familiarize yourself with our Fees
- Geek out with our Contracts
- Finally, check out our progress with Audits (Paladin — Ongoing)
Stick around with us, build it with us, and watch us grow into an ecosystem that would stand the test of TIME =)