📄Tokenomics

TIME, as the name suggests, represents and tokenizes time. In EVM networks, time is a resource that can be measured and accessed through the global variables block.timestamp or block.number. Although the timestamp provides a more precise numerical value, we choose to use the block number because the timestamp can be manipulated by miners/validators, while the block number cannot. Therefore, our team consider tokenized time to be represented in the form of blocks. This means that tokenized time is converted into regular time by analyzing the time interval used for block registration by the underlying network of the TIME token contract.

Despite being discretized in blocks, we propose to represent tokenized time in the same way as it exists in real life: available to everyone, meaning that everyone (behind an Externally Owned Account - EOA - address) has 24 hours a day and can use that time to perform activities and trade it for other resources. Although it is an abundant resource, it is not necessarily infinite. People do not have all the time they want to exchange or to accomplish the tasks they would like. Therefore, we assume that the same applies here...

We present a solution, written in the form of a smart contract under the ERC-20 standard, that enables the use of time in DeFi for various types of use cases. You can find the details of the TIME Token here.

Due to its inflationary nature, we need to prevent the token from being obtained without any value. To achieve this, we restrict access to the contract to those who assume an entry fee to the protocol. In this way, the resources used for the fee payment are allocated towards creating value and market liquidity for TIME.