Update: Max supply, #FarmRevolutions, and progress towards an L1 farm that doesn’t stop farming

Photo by Ramón Salinero on Unsplash

As a yield farm with a max supply, we’ve created a way to make farming continue even after all tokens are minted — without building additional layers.

Our Buyback-and-Make tokenomics buys back TIME from the market and deposits it in MasterChef (MC). The result? Farming emissions continue normally as if we never reached max supply to begin with.

To sustain this unique and circular way of farming, we’ve been working to balance the amount of TIME resupplied to MC and the amount of TIME emitted — so that we have a L1 farm that doesn’t stop farming.

Currently, the resupply of TIME to MC is done by:

  1. Auto-compounding vaults: 2.25% performance fees
  2. Wormholes:
  • High Risk: 5.62% performance fees
  • Medium Risk: 3.75% of performance fees
  • Low Risk: 3.75% performance fees

Soon, there will be two other things that add to the resupply of TIME:

  • Our upcoming #FarmRevolution feature, Dimension Pools (it’ll be more featured-packed than previously announced!)
  • A new take on our vaulting contracts that will further increase our TIME resupply as well as market cap. We’ve already got a hot lead with one of the more popular farms on Polygon, and are testing this for them.

Impact of Wormholes on TIME buybacks and resupply to MC

We’re happy to share that the launch of Wormholes 5 days ago has showed a significant impact on TIME buybacks and resupply to MC.

Here’s an example of Buyback-and-Make in action with minimal interference from human trading activity.

We also did a review of the amount of TIME resupplied back to MC over the past 7 days (where 2 batches of Wormholes were launched):

  • Sep 27: 8.751997888 TIME
  • Sep 28: 6.626862416 TIME
  • Sep 29: 16.84295807 TIME <= PolyQuail Wormhole Launch
  • Sep 30: 22.63714584 TIME <= PolyQuail Wormhole Launch
  • Oct 1: 16.49305873 TIME
  • Oct 2: 24.37540867 TIME <= PolyBeta Wormhole Launch
  • Oct 3: 51.57578335 TIME <= PolyBeta Wormhole Launch

With this, we can conclude that with every successful wormhole launch, there will usually be a spike in the amount of TIME resupplied before stabilizing once more.

This new direction will be key to growing our Buyback and Make model — and we’ll start going public with our upcoming Wormhole launches (happening in a few days).

Target TIME resupplied to MC and emission rates

As mentioned above, balancing TIME resupply to MC and TIME emissions is key to creating a sustainable L1 farm that doesn’t stop farming.

We’ve had good results with Wormholes, and we want to continue building on this progress. Our target is to hit an average daily MC balance of 2,160 TIME.

As such, we’ll be making a final round of adjustments to balance emissions with resupply before max supply is reached:

Emission rates will be reduced progressively as follows:

  • Oct 4, 6:30 PM UTC: From 0.0125 => 0.0100
  • Oct 5, 3:59 PM UTC: From 0.0100 => 0.0075
  • Oct 6, 3:59 PM UTC: From 0.0075 => 0.0050
  • Oct 7, 3:59 PM UTC: From 0.0050 => 0.0025
  • Oct 8, 3:59 PM UTC: From 0.0025 => 0.00125

After this final emission rate reduction, our MC will see a good balance between resupply and emissions — and farming can truly continue infinitely in an L1 farm with max supply!

Timeleaps (Liquidity pairs)

In line with this balancing exercise, multipliers for Timeleaps will be adjusted on Oct 8, 3:59 PM UTC:

  • TIME-USDC JetSwap LP (45x => 25x)
  • TIME-WETH JetSwap LP (45x => 25x)
  • TIME-WMATIC QuickSwap LP (No change)

We appreciate all of you liquidity providers who believe in the long term vision of this project and continue to support the #FarmRevolution that we’re building.

This is the final leg before we become the very first L1 farm with max supply and yet, infinite farming. Truly something to be proud of if you’ve journeyed with us from the start!

Plus, if you’re a liquidity provider, look forward to our upcoming Dimension Pools which will give you more rewards while incentivizing liquidity providing for the protocol. Stay tuned!

In the meantime, if you’re currently staked in Timeleaps, one option you can take is to move your stake over to TIME-WETH in Timeleap Vaults — we’re stacking liquidity in a bid to increase multiplers (which means higher APRs and APYs) from JetSwap!

Alright, now that we’ve covered Timeleaps, let’s talk about Capsules next.

Capsules (Single stake assets)

This is where we’re introducing more #FarmRevolutions.

TIME single stake

Multiplier will be reduced to 0x and the capsule will be moved to “Inactive” on Oct 8, 3:59 PM UTC.

A farm without a native single stake? Yup, it’s another #FarmRevolution.

We’re happy that many of you who are staked in this believe in the potential of TIME — but it’s also a known fact that TIME single stake doesn’t add utility by means of providing liquidity. And as we all know, liquidity providing is crucial for any farm.

If you’re staked in the TIME capsule, we’d encourage you to move your stake to Timeleap Vaults.

After all, 2.25% of performance fees coming from Vaults go towards TIME resupply — and the sooner we reach our resupply target, the sooner we’ll increase emission rates.

Non native capsules

We will no longer support the following capsules as they are undersubscribed. Multipliers will be reduced to 0x and the capsule will be moved to “Inactive” on Oct 8, 3:59 PM UTC. Please unstake from all retired Capsules as you will no longer be able to be able to harvest TIME via our UI.

  • DFYN
  • AAVE

We’ll also be upgrading the other non native capsules so that they auto-compound just like Wormholes on Oct 8, 3:59 PM UTC. This applies for:

  • USDC
  • USDT
  • DAI
  • WETH
  • WBTC
  • LINK

Here’s an example to illustrate what this means: If you stake WMATIC, auto-compounded rewards will be earned in TIME and sold for WMATIC. WMATIC will then be re-staked into the Wormhole.

And yes, because there’s auto-compounding for single staking, there will be:

  • No need for manual harvesting
  • Increased ROI because of APYs instead of just APRs

We recommend restaking in the new Capsules to auto-compound your single stake assets 😉

What does this mean for the demand & supply of TIME?

  1. If you’re worried about price drops from the selling of TIME, it actually allows our smart contracts to buy back even more TIME to be resupplied back to MasterChef — as per the main objective we mentioned at the start of the article. The sooner we reach our resupply target, the sooner we’ll increase emission rates.
  2. Earning TIME is no longer possible via Capsules. This creates scarcity and buying pressure as we keep launching new features and building utility for TIME. For instance, TIME will be used for:
  • The NFT DeFi game that we’re currently developing
  • The upcoming, upgraded Dimension Pools to grant enhanced ROI

If you’ve been with us for a while, you’ll already know that while we do things in an unorthodox manner, every decision made has always been for the long term sustainability of the protocol.

We’ve always emphasized that we’re in this for the long haul (this is our DeFi bank after all!), and we’re already busy building more #FarmRevolution features. In fact, we’ve never stopped.

Stick around and let’s make more revolutions together 😉

We’re building an action RPG that allows for social gaming, empowers gamers with assets that have real value, and provides a sustainable P2E experience.

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We’re building an action RPG that allows for social gaming, empowers gamers with assets that have real value, and provides a sustainable P2E experience.

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