A Guide To Staking TIME On TimeWarp
TimeWarp enables holders of TIME to stake their tokens, or their TIME LP tokens for popular decentralised exchanges, and earn a weekly share of rewards from the project’s revenues.
The TIME token is the native currency of the Chrono.tech ecosystem. As well as using TIME to access different services and rewards on LaborX and TimeX, you can stake your tokens to generate passive income.
What Is TimeWarp?
TimeWarp is Chrono.tech’s staking programme for TIME. Chrono.tech has launched several blockchain services, including the LaborX freelance work platform and TimeX crypto exchange. All of the revenues generated by these services are used to buy TIME tokens off the open market. These tokens are distributed each week to everyone who has locked their TIME in the TimeWarp smart contract. Recipients can either ‘harvest’ their TIME income to spend, or ‘compound’ them to increase their earnings.
Because rewards are paid using tokens bought from the open market, one of the unusual features of TimeWarp is that it is non-inflationary: total supply stays fixed at 710,113 TIME. This is in contrast to most staking programmes, in which new tokens are created to pay stakers, diluting supply and often pushing down prices for everyone.
How To Stake Your TIME
Getting started and staking TIME tokens is a quick and easy process:
- If you don’t already have some TIME tokens, you can buy them from a conventional exchange like TimeX, or a decentralised exchange like Uniswap. TIME tokens are available on three blockchains – Ethereum mainnet, Polygon, and Binance Smart Chain – and you can find a full list of supporting exchanges at TimeWarp.Finance. Due to the high gas fees entailed when using Ethereum mainnet, unless you’re buying a large amount of TIME it’s probably better to go with Polygon or BSC. If you want to move your TIME from one chain to another (for example, to consolidate your holdings on a single chain), you can use the TIME Bridge. Learn more about buying TIME, and how to connect MetaMask to Polygon or BSC.
- TimeWarp is designed to be used with MetaMask or WalletConnect, so if you’re withdrawing from a crypto exchange like TimeX, make sure you use one of these. If you buy TIME on a DEX, you’ll be interacting with the AMM directly from your wallet. MetaMask is very easy to use and is the standard in the DeFi space, so is recommended. Hardware wallets are also supported.
- Head over to the Pools page of the TimeWarp website. You’ll see a list of supported blockchains, and the pools available for each. You can choose either to stake your TIME, or to provide liquidity for one of the decentralised exchanges on which TIME is traded, and stake the liquidity provider (LP) tokens you receive as a receipt. If you provide liquidity, you’ll also need to deposit an equal value of ETH, BNB, or CGU tokens to the DEX’s liquidity pool. You’ll earn trading fees as well as TimeWarp staking income, but you may incur impermanent loss if you withdraw your tokens at a bad time. Find out more about providing liquidity for TIME pairs.
- Select your pool: choose the blockchain on which you’re holding your TIME, and either the single-sided TIME pool, or an LP pool (TIME-ETH on Uniswap for Ethereum mainnet, TIME-BNB or TIME-CGU on PancakeSwap for BSC, and TIME-WETH on Quickswap for Polygon).
- Decide how many TIME you want to stake, and how long you want to stake your tokens. You can select a lock-up period of up to two years, which will increase the ‘multiplier’ for your stake. You won’t be able to access your TIME during this period, but the longer you commit to locking your tokens, the more you’ll be paid every week. For example, locking your TIME for two years will double the reward multiple compared to locking your tokens for just an hour. Learn more about TIME staking multipliers.
- Click Deposit and enter the number of tokens and lock-up period, then confirm the transaction with MetaMask. Make sure you have enough gas to pay the contract fee (this will be higher for Ethereum mainnet than for Polygon and BSC).
- That’s it! You’ll receive weekly payouts that will vary depending on how much TIME (or LP tokens) you have locked, how long you locked them for, and the revenues generated by Chrono.tech over the previous week. You can choose to harvest (withdraw) your weekly rewards, or compound them to increase your earnings. Either of these can be done with a single click and confirmation using MetaMask (again, make sure you have enough gas for the contract fees).
Find out more about how the TIME token is used with the Chrono.Tech ecosystem, and learn more about staking by reading the TimeWarp documentation.
