Chrono.tech generates profits from business activities throughout its ecosystem of products and services. A proportion of these profits will be used to buy TIME tokens from the open market, which will be stored in a dedicated wallet: the Time Fund. At regular intervals (currently once a week) these TIME tokens will be distributed between users who have staked their TIME tokens in the TimeWarp smart contract.
How to start staking?
To start staking, install the MetaMask.io wallet browser extension for Google Chrome. (Apple's Safari browser for instance does not support interacting with DeFi applications at this point. And there are a few tutorials on YouTube about how to use MetaMask.)
Once set up, send TIME and some ETH (to pay for transaction fees) to the displayed MetaMask wallet address.
Now go to the TimeWarp pools site and MetaMask should either automatically ask you to connect and unlock your wallet or, if it doesn't, click on Connect wallet on the top right of the screen.
When you have your wallet connected, decide which pool you want to stake TIME in, open the Staking drop down menu and click Deposit. Choose the amount of TIME and the period you want to stake (Longer periods offer greater staking rewards) and click Approve. Your MetaMask wallet should now ask for a confirmation to approve that deposit. Confirm it and once the transactions has been mined, repeat the process, same amount and period and this time click Deposit. Confirm in MetaMask, wait for the transaction to be confirmed and done. Your TIME are now staked and will generate weekly staking rewards.
Which staking pools are available?
There are currently two staking pools available on the Ethereum network, a TIME pool, which allows users to stake TIME directly and a TIME-ETH pool, which allows users to stake the LP-TIME-ETH token one receives for providing liquidity in the TIME/ETH market on Uniswap.
Both pools share the same rewards which are distributed according to the total amount of TIME staked in each. Example: There are a total of 30 TIME staked, of which 20 TIME are staked in the TIME pool and 10 LP-TIME-ETH staked in the TIME-ETH pool. Therefore 2/3 of the staking rewards will be distributed within the TIME pool and 1/3 within the TIME-ETH pool.
There are also another two staking pools available on the Binance Smart Chain network which essentially have the same characteristics as their respective Ethereum pools.
Is it possible to stake TIME from TimeX exchange or LaborX?
No, TimeWarp is designed to be a standalone, self-custodial DeFi yield farming application. TIME held on TimeX or LaborX need to be transferred to a self-hosted wallet capable of interacting with decentralized applications (We recommend using MetaMask). TIME staked on TimeWarp will count towards a user's Premium account status on LaborX.
P.S: Definitely check outLaborX.com, our decentralized Jobs platform built upon a smart contracts architecture. LaborX features MetaMask login, too.
Will there be a minimum amount to be staked?
No, there is no minimum amount of TIME needed to be staked.
Will TIME be moved to a smart contract upon staking?
Yes, when a user chooses to stake TIME, a transaction will be made to the TimeWarp smart contract and TIME will be locked there. Those TIME will remain on that contract, linked to the deposit address, as long as the user does not choose to un-stake. Then TIME will be sent back to the user's deposit wallet.
When TIME is staked for a certain period, is there a possibility to un-stake early?
Upon staking TIME, a user chooses the staking period, minimum one hour and maximum two years, before which a user will not be able to un-stake the TIME. We have opted for the one hour minimum staking period for security reasons. If this would not be implemented, TimeWarp could become the target of flash loan attackers.
If Ethereum upgrades, or generally if a new staking contract is needed, how will it be done?
In case there will be a new staking contract needed, all staked TIME will be released and users can immediately reclaim control of their TIME. Then, once the new TimeWarp staking contract is set up, users may get back to staking their token from there.
What does the APY depend on and where can I find statistics?
The APY for staking TIME depends entirely on the amount of revenues generated by the Chrono.tech ecosystem. Statistics regarding the revenues generated from products in the Chrono.tech ecosystem can be found across the TimeWarp website dashboards. Note that the APY calculator on the TimeWarp site also takes into account the change of price per TIME.
Is KYC needed to use TimeWarp?
No, TimeWarp does not require KYC and can be used entirely self-custodial, just like most other DeFi applications.
What does 'Harvest' and 'Compound' mean in the context of TimeWarp staking pools?
Harvest means that all currently acquired staking rewards will be withdrawn to the user’s wallet. Compound means adding the currently acquired staking rewards to the total amount of TIME already staked from that wallet. Example: If a user locks 100 TIME and those generate 15 more TIME, choosing Harvest means 15 TIME will be withdrawn to the user’s wallet and 100 TIME will remain staked. If the user chooses Compound instead, the total amount staked will be increased to 115 TIME, while no staking rewards will be withdrawn to the user’s wallet.
How often will the acquired staking reward numbers be updated?
Currently, staking rewards are set to be distributed and thus updated once a week.
Could staking become available through other DeFi platforms or exchanges?
This is possible. If you are a project manager looking to offer TIME staking through your platform, please contact us [email protected]
What is Chrono.tech?
Chrono.tech provides blockchain-based solutions for recruitment, HR and payments processes, reducing the barriers to accessing work and transferring funds securely in the global labour marketplace.
Founded in 2016, Chrono.tech has offices in Sydney, Australia, but has employees around the world. The company’s suite of services is hosted on the Ethereum blockchain, and includes LaborX, a peer-to-peer freelancer marketplace; TimeX, a Plasma-based cryptocurrency exchange; AUDT, an Australian dollar-backed stablecoin; and PaymentX, a crypto invoicing and payroll solution.
How many TIME tokens are there?
There are a total of 710,113 TIME tokens – far less than the supply of tokens for most other major blockchain platforms.