👷Worker
Last updated
Last updated
INTRODUCTION
Essentially, the Worker is a vault, following the specifications of the ERC-4626 standard, developed specifically for the Time is Up (TUP) token as an underlying asset. The Worker contract has two main objectives:
To provide more utility to the TUP token, enabling it to be utilized for greater yields.
To serve as a gateway for obtaining TIME on a large scale, facilitating the work of users who activate multiple addresses for TIME production.
CONTEXT
The TIME token is an inflationary asset obtained relatively easily, simply by activating address(es) and waiting for the opportune moment for production. More active users of the protocol take advantage of the multiplier effect by having multiple activated addresses to obtain more TIME within the same time interval, suggesting the idea of multiple workers performing tasks for the same requester to achieve greater results. In other words, a single investor, even manually, can activate multiple wallets and produce enough TIME to achieve their goals within the platform more quickly.
Recognizing this type of operation, as well as the need to enhance the valuation of both tokens on the platform (TIME and TUP), we envision the Worker.
FUNCTIONALITY
The Worker is responsible for activating multiple addresses for investors to produce TIME on a larger scale, automatically. To do so, it utilizes resources to activate simple contracts, called Minions, developed exclusively for TIME production.
Considering the utility of TIME, particularly as collateral for the TUP token, the Worker receives and reserves all TIME produced by the Minions to be consumed only for minting new TUP tokens. Furthermore, currently, when TUP is minted using TIME as collateral, it not only burns all the TIME used but also purchases additional TIME from the market to expand this burning process, partially reversing the inflationary effect of TIME. In other words, even if the Worker produces enough TIME to flood the market and reduce its underlying price, this will not occur, as it will only be used for burning and consequently increasing the value of both tokens on the platform.
However, for this to happen, investors wishing to produce TIME in larger quantities for TUP minting must lock a portion of their TUP holdings in the contract, which operates as an ERC-4626 vault. In this case, for each TUP deposited into the Worker, the user will receive a fraction, corresponding to the total deposited, equivalent in TIME available for TUP minting. As long as the user keeps their resources deposited, they can utilize this available fraction, which is updated as it is consumed.
The TUP lock is temporal and cannot be bypassed or anticipated by TIME under any circumstances, ensuring that resources are available for a sufficient time to generate value. Moreover, the resources used by the contract ensure that the user receives not only the ability to use the TIME produced but also to earn returns on the TUP deposited in the form of traditional staking. This is because the contract also obtains resources from other integrated sources.
TIME LOCK
The time lock is established in terms of blocks, where the value is obtained according to the following formula:
Where Bu is the block to release (unlock) the tokens, Bc is the current block, T is the total supply of TUP in the network; tb is the base timeframe, used as a reference (usually constant); and a is the amount of TUP deposited in the vault by the depositor.
It should be noted that the more TUP the depositor has in the vault, the shorter the time lock will be, meaning they will have to wait less time for the tokens to be unlocked. As a general rule: the more TUP deposited, the less time locked; the less TUP deposited, the more time locked.
OBSERVATIONS
Please note the Worker tab is enabled only for some networks.
CONCLUDING REMARKS
The developers of TIME Token Finance have always aimed to provide their users with the greatest potential for gains in DeFi as a community platform. And precisely for this reason, we actively work to ensure that assets appreciate inherently due to their characteristics.
