.Wonderland_fi's TIME token set a record low of $420 on Wednesday after a sell-off. By shauryamalwa
– in return for yields – are subject to liquidations when protocols automatically sell holdings if prices of staked assets drop below a threshold. This, in turn, causes prices to fall further, creating a ‘liquidation cascade.’
Wonderland’s TIME tokens are backed by a basket of assets issued over the Avalanche blockchain, giving the tokens an intrinsic value. TIME is what the platform calls “money” – a wholly decentralized means of value backed by liquidity provided by the platform’s users. Wednesday’s plunge saw developers conduct a $5 million buyback during the Asian morning. “Looks like the bots and limit orders ran out of funds. I’m replenishing now and just did a $5mm buyback,” Wonderland developer SifuThe previous buyback occurred earlier this month, when TIME prices fell to under $830 from $1,400.
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