Timeleap Finance — AMA with MATIC.NEWS
Hey everyone, we did our first Telegram AMA on 13th August, 3pm UTC. For those of you who didn’t manage to attend, here’s what went down!
Let’s kickstart with an introduction of you and your team. What are your past experiences and roles?
Hey everyone! @jkmoriarty and I form the core team members of Timeleap.
While we do work with others, we’re the main two people who started this project. We’ve known each other for about 11 years now, and have worked together on multiple projects since then.
For myself, I’ve been involved in running my own business for the past 7 years, building it from scratch. This includes everything across team management, product development, sales / marketing, client / investor management, and business operations.
I’ve recently exited, and for Timeleap, I’m in charge of marketing + PR while JK is in charge of tokenomics + development.
Besides that, both of us also actively interact with our awesome TG community on a daily basis!
As for me, I’m first a Physicist, then a self-taught programmer to bring home the bacon. I left academia 11 years ago to pursue impact through business. Pretty much learnt everything the hard way and ran a couple of startups before @cookiedeck and I decided to join forces.
I’ve been a crypto trader who built algorithmic trading bots that interface with Binance Futures. Got rekt.
I was a moonshot ape with a very bad case of analysis paralysis. Got rekt.
And now, I’ve become a degenerate yield farmer who got sick of moving funds around and getting rugged. Got rekt.
No damps sers, not gonna get rekt this time.
Why did you choose this name?
Timeleap as a name was JK’s idea — he has been obsessed with the concept of time for the longest time (lol), so I shall let him explain.
I was originally headed down my career path as a physicist and was rather fascinated by how the concept of time depends on its point of reference. That being said, everything we know about time travel is vastly inaccurate, but that’s not what we’re here to discuss today.
After “some” real-world research into pop-culture and sci-fi, we finally decided on a concept that’s closer to being possible as compared to far-fetched ideas on time.
Time Leap (as defined by pop-scifi)
Definition: Traveling through time, in your own timeline, be it forwards or backwards in time, without accounting for positional displacement.
By combining economics + financial investments + time, we think a time leap is a suitable representation of you waking up to more money in your wallet every day, thus the name Timeleap Finance.
On a more frivolous note, I gotta admit that part of the reason why we chose this name was also because of the number of TIME puns we could come up with.
And I must say, the community has had a puntastic time. I mean… just look at this lol
If someone does not know about Timeleap, why should they invest in it instead of the thousands of other farms?
I’d say the first reason is because:
We’re just like the lot of you out there. We got tired of constantly researching for safe and sustainable yield farms — I mean, just look at the number of rugs?!
In June 2021, there were 2 things that happened that really inspired us to start our own:
1. The 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”
2. PolyGold’s “emotional” soft rug
Together, the both of us lost about a quarter mil. It was devastating, and we decided that This. Was. It.
It was TIME to build our own so that we’ll never get rugged again.
We actually wrote an Open Letter on why we started Timeleap here.
But to sum it up, we wanted to solve the 3 main problems that yield farms are plagued with:
- Hyperinflation of Yield Farming Tokens (those with unlimited supply)
- Emission rate drops to ZERO to control inflation / emulate max supply (Lack of incentive to continue providing liquidity)
- Buyback and burning of low supply cap capital assets are troublesome for governance (inequitable for late adopters)
Point 3 (Automated TIME Machine) is something that we’re super excited to launch next week, but we’ll talk more about that later on in this AMA!
I think that the other reasons that really set us apart from other farms would be our communication and transparency with the community.
- We report everything
- If we screw up, we own up and fix it
- We run polls if there’s something serious that requires the community to vote on
- We function very much like a DAO because we’re educating our community on how to make the best decisions for a DAO in future
I mean, you don’t have to just take our word for it. Just check out what some of our community members have to say!
Are there any plans to expand LP to other DEXs? At the moment you use QuickSwap, ApeSwap, and JetSwap.
Yes, but only if viable partnership terms are met. Our initial liquidity was added on QuickSwap (largest DEX on Polygon). We’re in the midst of pursuing a partnership on their Dragon’s Lair program which requires sufficient liquidity and volume to be supplied.
As for ApeSwap and JetSwap, it was more of an experiment to see if we can cut through the red tapes to work out an official partnership. We’ll definitely keep pursuing this. After all, we did get their attention when we launched those LPs and I’m actively talking to them on DMs!
Do tell us about the use cases of $TIME.
The TIME token is the governance token of Timeleap Finance. It’s also meant to be a high yielding asset that will support collateralization through integration with our lending protocol — which is the next big thing we’ll be building after the launch of our Buyback-and-Make next week!
I think there are many questions that relate to use cases which can be better explained in the tokenomics of our Automated TIME Machine (which we’ll talk about later).
But based off what we understand from our community, it seems that there’s belief in price stability through sustainable tokenomics. This would definitely create very interesting use cases for TIME as an asset class poised for credit.
Just check out what some of them have said 😄
Explain to us your concept of yield farming.
I can’t speak for other yield farmers, and I presume this isn’t a question about our theoretical concept of “yield farming”. So I’m going to have to go with my personal opinion instead.
Let’s get real. As yield farmers, we’re not:
Crypto Traders — We don’t want to spend all 16–18 hours a day staring at charts, spotting patterns, exploring algorithmic trading bots only to get rekt
Moonshot Apes — We don’t want to snipe new moonshots only to get burnt by frontrunner bots that buy in when liquidity is added
All we really want is to retire with a daily stipend of 2~5% APRD so that we can get out of this never-ending rat race of reality.
When we first started out, we had spreadsheets that tracked our average ape-in price and our daily earnings + how long more it would take for us to buy that dream home or get out of debt.
We just wanted to head over to our wallet tracker (0xTracker.app), and grin at it every single time when we’re in the green.
Do we even need to elaborate further on the anxiety of moving funds from one farm to another just to chase insane APRs? No one likes to deal with the constant fear of a newsworthy rugpull — which could be the next farm you’d ape into.
Why will the Automated TIME Machine be an important update?
So we wrote a Medium article introducing the concept here.
It’s a bit like a thesis lol, but for those of you who wanna geek out, you can have a good read!
But in a nutshell, this is what the Automated TIME Machine is about:
I believe the image above sums up the main reasons why it’s an important update.
Our Buyback-and-Make tokenomics is meant to resupply $TIME balance in the MasterChef contract. We’ve got endless buying pressure and there won’t be a need for layer (n) or burns — thereby creating a sustainable and circular ecosystem.
- L1 farming never ends, there will always be LP rewards to be earned by liquidity providers
- TIME will always be liquid, holders can always swap TIME with minimal slippage due to available liquidity
- Price of TIME will keep increasing due to buying pressure and lockups in the treasury
- Holders are motivated to continue holding TIME, which then assures competitive APRs for liquidity providers
- Increasing price of TIME + Steady APRs for liquidity = encourages more users to buy and hold TIME
- TIME that’s bought back is sent to a Treasury contract that will behave like a burn address, only to be utilized as collateral for future utility = reduce circulating supply = increase in price floor
All of the above happens with the certainty of a max supply cap for TIME.
As a yield farmer, this is a game changer because we no longer have to worry about the typical issues that plague yield farms, namely:
2. 0 liquidity (unable to exit)
The beauty of “Make” lies in the fact that our Buyback-and-Make tokenomics is not destructive to the market cap the way burning can so easily be. It is a permanent incentive model that creates continuous issuance of TIME while still keeping to its promised maximum supply of 86,400.
By recycling bought-back TIME into constant rewards and liquidity, we ensure there is always an incentive to continuously capitalize the system.
This essentially allows our protocol to perpetually leverage the benefits of issuance, while keeping the economic benefits of buybacks and the certainty of a known max supply.
OR IN OTHER WORDS,
Special thanks to community member Jan for the contribution of this user generated content 😂
Tell us about your tokenomics and why you decided on such.
We had DAO in mind and were following in the footsteps of Yearn Finance, so we decided to do a fair launch without any initial allocation of team tokens.
- Max supply of 86,400 TIME, estimated to be reached around end August 2021
- Emission rate is: 0.05 TIME/block. That’s about 2,160 TIME/day
- 10% of TIME minted for pool rewards (0.005 TIME) sent to devAddress will be used for marketing, partnerships & future development
- Initial liquidity of 3,600 TIME — 3,600 WMATIC supplied and locked in a 1-year DxLock.
Feel free to check out our docs as well.
We find that a token with a low supply cap and low emissions really help with mental math. I mean, how many of you can actually convert gwei to finney without using the unit converter?
We settled on 86,400 because that’s the number of seconds in a day. The low emission of 0.05 TIME / block was calculated as a fraction of real world time that’s slowed down (i.e. time dilation, 1 hour in the real world = 90 TIME in timeleap)
10% of TIME minted for pool rewards being sent to devs is a typical way for most farms to pay their core team. It also helps the team remain committed to delivering the project for the community.
Oh, and we’ve not sold a single piece of TIME. Feel free to check the devAddress on our MC to verify this claim!
How is revenue being generated for the project that could be used for future development?
We’re completely self-funded and bootstrapped, so at this point in time, we’re funded using fees that are collected from single asset staking pools.
Our upcoming ATM does come with a withdrawal fee, and auto-compounding does generate dust which will be added to our feeAddress, all of which will be used as revenue to further enhance the ecosystem.
Everyday in MATIC.NEWS, we cover multiple projects, some of them are scams or just not safe. How safe is your project? Are there any audits done?
We’re serious about making sure funds are SAFU.
That being said, this is the first time we’re launching a DeFi project, and that means we’ll encounter certain bumps along the way. We’re not going to deny that we’ve made some mistakes to submit our published code for audit, only to realize that it cannot be fixed.
We had to work with certain experts in the community (thanks RugDoc) to find the right means to help keep our community safe from exploits.
In terms of audits, we’ve done a Paladin audit for our Masterchef.
We’ve also published our response to the Paladin audit on Medium and have pushed out more SAFU updates recently — basically renouncing our MasterChef ownership to a SafeOwner contract and making the following upgrades:
1. We hard-coded a requirement for a maximum of 4% fees on our MasterChef. This was previously overlooked when we forked our Masterchef contract from Polycat, but not anymore!
2. Updating of addresses such as dev / fee addresses now require non-zero addresses. This helps to prevent our Masterchef contract from malfunctioning due to incorrect data input.
3. Previously raised by Paladin Audits, we’ve also hard-coded a maximum allowable emission rate to be set, which is the current rate of our MasterChef contract (0.05 TIME / block).
4. And to ensure that our users have sufficient time to react to any changes to the MasterChef, we’ve also transferred the ownership of our SafeOwner contract over to a 24-hour Timelock.
Oh, and we have a second Paladin audit being processed for our Automated TIME machine right now.
Funds are definitely SAFU!
What is the final goal of your project? Do you have a road map or long term plans that you can share with us?
Well, the community thinks the final goal is a private island lol
TL;DR, Time is money, and TIME is meant to replace money (because fiat is an inflationary currency).
We want to create an ecosystem of financial products that are equitable, sustainable and utilitarian. TIME is the first product in this ecosystem and will be the keystone to other products that we will launch in future.
As we all know, a day in the real world probably feels like a week in crypto, so our “near-term” final goals for this project would be:
- Completing the build of a sustainable yield farm that never ever needs to be replaced by a layer 2
- Prove that sustainability can help prevent hyperinflation of native tokens
- Be the community-owned private DeFi bank that you’ll always want to come back to
And last question, what do you think about the Polygon network?
I think that MATIC chain’s main attraction is its relationship with ETH chain. We were initially thinking of launching on BSC before MATIC chain’s value proposition caught our attention.
Given that we’re intending to build an ecosystem of capitalized assets, being able to easily map our tokens cross-chain back with ETH is extremely important to us.
Especially since the ETH chain is very much the first on/off-ramp that most retail crypto enthusiasts would explore when they enter the DeFi space. And much later in the game, institutional investors will still enter/exit via ETH as their main go-to for DeFi.
As mentioned earlier, MATIC chain also has a fast growing dev community due to spillover effects from ETH chain. As we all know, larger community = growth at a larger scale. The learning opportunities offered by the community would be immense as compared to other chains out there.
Honestly, there are many benefits that have yet to be realized and will be in time to come!