What’s next: Roadmap for the next 2 weeks

Photo by Julian Hochgesang on Unsplash

We held really well when the whole market was in the red last week. As a token, TIME truly is the ultimate currency, and we want to make it even better.

This article is split into 4 main sections:

  1. New feature: Dimension Pools
  2. Upcoming changes to sustain a perpetual single layer farm
  3. Past and upcoming marketing efforts
  4. Call for contributors

Introducing Dimension Pools — a never-before-seen implementation of a dividend pool

We’ve written an article about Buyback Dividend LPs before, but the name was such a mouthful, we’ve decided to change it to Dimension Pools.

As you know, we do things differently here — from our innovative Buyback-and-Make Tokenomics to how we run our Telegram community.

We’ll be in heavy development for this upcoming feature over the coming week, and are intending to launch during the week of Sep 20–24.

Launching Dimension Pools will be truly game-changing, because it means that we’ll be able to reward TIME liquidity providers even further with dividend rewards.

Learn more about Dimension Pools in this updated article.

Upcoming changes to sustain a perpetual single layer farm

As we progressively approach max supply, we will be making changes to these aspects:

  1. Encouraging the use of our ATM vaults (Rebalanced Timeleap Multipliers)
  2. Native Capsule (TIME single asset farming): Increasing multipliers and implementing deposit fees of 4%
  3. Non-native Capsules: Increasing multipliers and reverting deposit fees to 4%

1. Encouraging the use of our ATM vaults (Rebalanced Timeleap Multipliers)

Our tokenomics rely heavily on our auto-compounding vaults’ ability to buy back sufficient TIME from the market and resupply it back to MasterChef.

This means that by increasing TVL in our vaults, we’ll not only contribute to additional buying pressure for TIME but also increase the amount of TIME that’s resupplied back into our MasterChef.

To encourage the use of our ATM vaults, we will be performing the following changes to farming multipliers across Timeleaps (aka liquidity pairs). This has been queued in our timelock and will be executed on Sep 13, 8:30 PM UTC.

  • TIME-WMATIC QuickSwap LP (multiplier 10x, no change)
  • TIME-USDC JetSwap LP (multiplier 75x => 45x)
  • TIME-WETH JetSwap LP (multiplier 75x => 45x)

We’d recommend moving your LP stake over to any of our auto-compounding Timeleap Vaults to continue farming at higher APYs.

At the time of writing, the APYs for our Timeleap Vaults are as follows:

  • USDC-TIME JetSwap Vault (32,436% APY)
  • TIME-WETH JetSwap Vault (21,378% APY)
  • TIME-WUSD WaultSwap Vault (7,117% APY)

Remember, there are absolutely no deposit / withdrawal fees when staking in our vaults. On top of which, we make things convenient for you by optimizing your yields with auto-compounding.

We will not be adjusting emissions as there’s still sufficient time left prior to max supply being hit (~23–25 days). We seek to review the balance between emissions and resupply twice per week to ensure that our protocol remains on-track as a successful single layer farm.

2. Native Capsule (TIME single asset farming): Increasing multipliers and implementing deposit fees of 4%

We noticed that many of you are staking TIME in our Capsules. There are pros and cons to this:

Pros:

  • Staking TIME helps prevent holders from dumping TIME (notice why the price of TIME usually stabilizes after every pump / dump?).

Cons:

  • It does not help to build long-term sustainability for our single-layered farm
  • It does not help to deepen the liquidity, and price impact causes a huge barrier of entry to new investors who’d like to buy TIME

We have evaluated this carefully and have decided to perform the following changes for TIME single asset farming. This change has been queued in our timelock and will be executed on Sep 13, 8:30 PM UTC.

  • TIME Single Asset Farming (multiplier 10x => 25x, deposit fee 0% => 4%)

While we want to stabilize the price floor (see pros above), liquidity providers are more important than holders (see cons above + they help to stabilize price floor too).

The next question is: What would happen to all the TIME that’s earned from deposit fees?

That’s simple. As devs, we will be staking the earned TIME in our native auto-compounding vaults as well, distributed across all existing native vaults with the highest APYs.

This will be done on a regular basis — and as part of our commitment towards transparency, we will share these transaction hashes whenever we do so.

More TIME-LPs staked in auto-compounding vaults = more TIME bought back = more TIME resupplied to Masterchef + more TIME locked away from circulation in our 28-day timelocked Treasury (similar effect to a burn).

If you haven’t read our Buyback-and-Make tokenomics, you should!

3. Non-native Capsules: Increasing multipliers and reverting deposit fees to 4%

In order for Timeleap to grow even further, more marketing budget needs to be raised.

Based on our project’s design, revenue that’s meant to cover operating costs such as marketing costs, buybacks, partnerships and product development come from these sources:

  • Capsule deposit fees
  • Auto-compounding controller fees (0.5% of every auto-compound)
  • 10% of all TIME emissions until max supply is reached

Even though we’ve stated that devs earn 10% of all TIME emissions (at least until max supply is reached), we have not sold a single piece of TIME.

It’s just too valuable for us to sell it because we know our commitment towards building additional utility for TIME. Selling TIME now as devs is akin to saying we hate money.

We will be making the following changes to our non-native Capsules to fund operating costs (mostly marketing related in order to grow). These changes have been queued in our timelock and will be executed on Sep 13, 8:30 PM UTC.

  • WMATIC (multiplier 1x => 10x, deposit fees 0% => 4%)
  • USDC (multiplier 1x => 10x, deposit fees 0% => 4%)
  • USDT (multiplier 1x => 10x, deposit fees 0% => 4%)
  • DAI (multiplier 1x => 10x, deposit fees 0% => 4%)
  • WETH (multiplier 1x => 10x, deposit fees 0% => 4%)
  • WBTC (multiplier 1x => 10x, deposit fees 0% => 4%)
  • QUICK (multiplier 1x => 2.5x, deposit fees 0% => 4%)
  • SUSHI (multiplier 1x => 2.5x, deposit fees 0% => 4%)
  • DFYN (multiplier 1x => 2.5x, deposit fees 0% => 4%)
  • AAVE (multiplier 1x => 2.5x, deposit fees 0% => 4%)
  • LINK (multiplier 1x => 2.5x, deposit fees 0% => 4%)

By increasing the multipliers, we’re encouraging more users to stake their non-natives at our project. The main benefit to this is to provide stronger investor confidence via the increased TVL at our farm.

Marketing

Ads

We’ve done ads on a variety of platforms:

  1. 0xTracker (ongoing)
  2. DappRadar (ongoing)
  3. PooCoin
  4. Dapp.com
  5. Tin.network

We’ve also analyzed the number of website visits we’ve gotten from each platform vs the amount it costs to advertise on said platform. This was done through a combination of our own website analytics and ad platform analytics (some ad platforms have their own analytics while some don’t).

There are still unknowns such as what percentage of website visitors convert to become holders, or how much do those converted from each platform actually invest.

However, we have selected a couple of the above platforms to continue advertising on, and our decision is based on the average cost per website visit.

Because of the nature of the DeFi space (where even our tagline was copied by a farm that rugged), we won’t be revealing the specific numbers here.

If you’ve been an active member in our community and would like to contribute to bring Timeleap further, please feel free to reach out and we’ll be happy to share.

Also, what we have realized from our advertising efforts is that while ads provide a steady “drip feed” sort of traffic, they do not provide an immense surge. This brings us to our next point.

Member adding services

It’s extremely common for projects to engage a service provider to add members to their Telegram group. It gives fast and highly visible results after all.

We wanted to put the idea to a test, and created a separate Telegram group just for this experiment.

We engaged a service provider to add 1,000 members to the experimental group. Members added were told that we actually had an official Telegram group (and encouraged to join), and that this experimental group was just meant to promote an upcoming new launch.

We wanted to know if people would join our official Telegram group, if the Telegram group owner account would get deleted / banned, and if the Telegram group would get deleted.

Interestingly, the Telegram group can get deleted (it did), and yes the owner’s account can receive a partial ban of sorts.

While we’ve heard that not all Telegram groups that use member adding services get deleted, it’s not a risk we want to take — given that we already had to restart our Telegram group once (when the group owner’s account got deleted for no good reason).

Airdrops / giveaways

Now, this is something that we know gives results fast and won’t cause any kind of account deletion / banning. We currently have two ongoing airdrops, and are planning to host more over the next 2 weeks.

Naturally, not everyone who joins an airdrop is going to be a holder, but we do have some sort of control — and we will need to rely on the community for this:

  • Give newcomers a warm welcome
  • Help each other out
  • Start topics and conversations! We’re probably the only project that allows any topic under the sun (with mutual respect of course)

Referrals

It’s common for farms to have a referral system, but most referral systems in yield farming work like a Ponzi scheme.

Let’s first understand more about a Ponzi scheme. A Ponzi scheme typically:

  • Promises sweet returns with little risk to investors, regardless of market conditions
  • Generates returns for earlier investors with money taken from later investors i.e. using new investors’ funds to pay the earlier backers
  • Relies on a constant flow of new investors to continue to provide returns to older investors. When this flow of new investors runs out or when a vast proportion of existing investors cash out, there isn’t enough money to go around and the scheme falls apart.

Let’s dissect this for the crypto world. Based on a dated research publication by Bakhshandeh et al. in 2011, it was found that the average distance of 1,500 random users in Twitter was 3.435 - given the prevalent usage of Twitter in 2021, we can expect this distance to be even smaller than before.

Their findings show that each user is only separated by an average of 3.435 connections. Let’s use this statistic as an assumption to simulate a typical yield farm’s referral system.

The typical yield farm’s referral system usually grants the referrer a share of emissions generated by the downlines.

Assuming that every referrer invites an average of 3.435 referees, and that all referees (level 1) are unique, the ponzi scheme can be averted as there will be no more level 2 referees to be invited.

However, in reality, referrers (level 0) will attempt to invite as many referees (level 1) as possible. This means that their share of gains will be exponentially higher than that of referees in level 1 and beyond.

Making matters worse, level 1 referees will have a lesser number of contacts to refer since level 0 referrers would have exhausted their networks that could overlap with those connected to level 1 (i.e. lesser potential number of people can be referred with each level down).

As a result, referrers (level 0) will eventually become whales by mid-stage of the project — their profit-taking would then result in major FUD which could dump projects down to zero.

TL;DR — an emissions-based referral system causes huge problems for projects during mid-stage due to early referrers taking profit.

The effects will be even more visible for single layer farms like Timeleap that do not practice layered farming.

For farms that do layered farming, they’ll run out of their native tokens and move on to the next layer. If the referral system continues in the next layer, it’ll at least reset the Ponzi scheme (albeit into a grander Ponzi).

Timeleap will have no such reset as there will be no layer (n).

So, here’s what we’re going to do instead:

We’ll be running a weekly and monthly airdrop for community members who recommend their friends to join our Telegram group.

1. Weekly airdrop: We will select 1 random lucky winner each week who will walk away with $50 in TIME. The winner will be selected every Monday (starting 20 Sep 2021). Once the winner selection is complete, the airdrop will reset for another week.

2. Monthly airdrop: The person who has the highest number of successful referrals in a month will receive $200 in TIME.

Submit this form to participate in the airdrop! We’ve also added a Telegram filter #referral, so that you can get access to this form whenever you want to make a submission.

Partnerships

We’d love to get the community’s help to recommend potential projects to partner. In line with that, we’ll be publishing another Medium article tomorrow on the types of partnerships that we’re looking for (if not this article is never going to end lol).

We’ll also be creating a form for partnership recommendations (with Telegram filter #partnership) for easy access.

Call for contributors

If you support Timeleap and would like to contribute to the project’s growth, we’re looking for support in the following areas:

  1. Business Development: Sourcing for and closing partnerships
  2. Frontend / dApp development: For our website UI revamp
  3. Marketing
  • Organic, “natural” shilling
  • Researching on viable platforms for marketing and doing the necessary coordination / content preparation / submissions
  • Conversation topic starters / facilitators on our Telegram

Feel free to reach out to @jkmoriarty or @cookiedeck_v2 on Telegram, but let us know on the official Telegram group that you’ve DM-ed us.

A big thank you to those of you who have already taken the initiative to support Timeleap in any way. It means the world to us!

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Timeleap

Timeleap

Action RPG that empowers gamers (with assets that have real value) and provides a sustainable play-and-earn experience.