PRESS RELEASE. The new initiative extends the Ethereum-based TimeWarp staking programme, which currently offers a yield of 224% APY.
The initiative enables holders to stake TIME, the native token of an ecosystem of blockchain-based products and services developed by Australian blockchain company Chrono.tech.
The TIME token has now been launched on Binance Smart Chain (BSC), with a growing number of Chrono.tech’s services also integrating the popular blockchain thanks to its low fees and compatibility with Ethereum’s smart contracts. TIME tokens can be swapped between Ethereum and BSC using a purpose-built bridge.
How TimeWarp works
Chrono.tech generates a constant stream of revenues from its services, which are collectively designed to streamline access to recruitment, work and payments.
A proportion of these revenues are converted to TIME tokens, which are bought on the open market. Since TIME has a limited supply (710,113 tokens) and they have all been issued, this creates constant demand and helps to increase price support. TIME tokens purchased in this way are paid out every week to holders who stake their TIME tokens in the TimeWarp smart contract.
Tokens locked in the contract are subject to a staking multiple, which is determined according to the period of time users commit to locking their tokens in advance. A user who commits to staking 100 TIME tokens for a year will receive higher payouts than one who locks 100 TIME for just a month, for example.
The BSC Pool for TIME staking is now open, in addition to the existing Ethereum staking pool, which has delivered returns of around 224% APY to date. ‘The low fees entailed in using Binance Smart Chain will allow holders to take more of those earnings home with them,’ says Sergei Sergienko, Founder of Chrono.tech and TimeWarp.
As well as receiving regular rewards, users who stake their TIME will be able to access Premium Account status on LaborX, a freelance work platform with cryptocurrency payments, including BSC tokens. Premium status allows users to earn more TIME as bonuses and fee rebates.
Fundamental analysis of the crypto markets is notoriously difficult, and many projects are over- or undervalued because DeFi lacks the well-established frameworks that exist in the traditional financial space.
‘Because TimeWarp rewards are based on real-world revenues from Chrono.tech’s services, this gives crypto investors a clear way to value the token, based on straightforward metrics like price/earnings ratios,’ explains Sergienko. ‘We aren’t simply creating and issuing new tokens, or releasing TIME from a treasury of reserved tokens, as many other projects do to bootstrap their user base.’
Founded in 2016, Chrono.tech is based in Sydney, Australia. The company provides a suite of blockchain-based resources for the HR and recruitment sector, enabling anyone, anywhere in the world to access work and payments. Products include:
LaborX: a cryptocurrency jobs platform that uses smart contracts to formalise work agreements between freelancers and customers, with automated cryptocurrency payments.
TimeX: an Australia-based crypto exchange that offers popular cryptocurrencies and an easy on- and off-ramp to the banking system.
PaymentX: a cryptocurrency payroll solution that integrates with existing accounts systems and enables businesses to make multiple automated crypto payments to employees and contractors.
AUDT: an Australian dollar linked stablecoin, fully compliant and regulated by AUSTRAC, Australia’s financial intelligence agency.
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