 So there's been a lot of confusion lately with Wonderland. A few days ago, things hit the fan, and Wonderland's price dropped by 62% in one day. Worse than that, Wonderland's price is currently down 93% from its all-time highs. Things got so bad that we even went below the backing price on Wonderland, but they did buy it up below the backing price to shoot the price back up over it. So the protocol definitely worked the way it was supposed to at that point. But of course, this drop led to a lot of liquidations and price cascading, and it was just a whole mess. The main confusion right now within the community is that Wonderland is trying to move away from time and move everyone into wonderful memories, aka wrapped memo. So in today's video, we're going to be discussing exactly what is wrapped memo, what are the benefits of wrapping your memo, why Deniali wants us to wrap it, and of course, how to actually wrap your memo. So let's go ahead and jump into today's video. All right, so first, let's understand what wrapping is and what it means. To put it simply, when you wrap any token, it basically gives it more functionality. With wrapped tokens, you can take them onto different blockchains and use them on different blockchains. So you can actually take, for example, Bitcoin, and there's something that exists called wrapped Bitcoin. So what's the point of someone taking their Bitcoin and wrapping it? So once you wrap your Bitcoin, then you can actually take that Bitcoin and move it over to the theorem blockchain, for example, and start using it in decentralized exchanges or any type of decentralized applications. You can go onto places like AIV, for example, where now you can use your wrapped Bitcoin as collateral and take out a loan. Other reasons you would do it is to earn interest, for staking, yield farming, and of course, even to leverage your Bitcoin. So you could take your Bitcoin, you can wrap it, you could borrow against it, and you could buy more Bitcoin. You could also wrap your Ethereum, you could wrap many different coins. So now let's bring it back over to Wonderland and wrapped memo. And let's talk about what the difference is between time, memo, and wrapped memo. So time, of course, is the original token that you would buy in order to stake on Wonderland. Once you buy your time and you stake it, the staked token is no longer time. Once you stake it, that turns into what's called memo or memories. Through memo is how you get your rebases every eight hours and now wrapped memo is basically taking that memo, wrapping it the same way that you could do with Bitcoin and Ethereum. And what wrapped memo is, is just memo that's already being staked. So to simplify everything basically, you can actually just buy wrapped memo on SushiSwap instead of buying time, then go into Wonderland and then staking it for memo. So wrapped memo is already staked. So you don't have to do the staking part. So basically the original token time, there's really no need for it because it does nothing. The price doesn't really reflect its true value. So now the next question is, why would you wrap your memo instead of just having the regular memo? And this goes back to why we would wrap our Bitcoin or our Ethereum for more functionality with the memo. Memo is what gets rebased and it's what you have when you stake your time. Now you can't move that anywhere, right? So that's it, it's just stuck there. Now if instead you just wrap your memo, now you don't need to have that staked there because it's already automatically being staked. So now you can take the wrapped memo and do different things with it. You can use it as collateral, for example, take money out, borrow funds, right? You can use it to stake on other platforms for basically more money. You can use it to leverage your position. You could borrow against your wrapped memo and buy more wrapped memo. So again, it has more functionality. If you go to the Wonderland documents, you will see here that it says W memo is a wrapped version of memo. Memo increases in amount over time while wrapped memo increases in price. So when you unwrap your wrapped memo tokens, you get back your original memo plus any other memo gained due to rebasing. So by having your memo wrapped, it is gaining those rebases every eight hours. Here's an illustration of exactly how wrapped memo works. You can see that wrapped memo is a container that holds all of time memo gained through staking and rebasing. Then here you can see how the price of wrapped memo is calculated. So as your time amount increases at rebase, it gets put into your wrapped memo. So the value of your wrapped memo goes up. So the benefits of wrapped memo, like we said, gives you more functionality. You can bridge it to the phantom network, to Ethereum. You can use it in liquidity pools for more yield. You can use it as collateral to borrow against it. And soon you will be able to get revenue share profits from Wonderland's investments, as long as you have wrapped memo. So Danielli is incentivizing everyone to wrap their memo. So with the majority of people having their memo wrapped, this will also help with the price of memo because it will be a more accurate reflection of what the price actually is, what the value of memo actually is. So overall, the price would be more accurate. Another benefit of wrapping your memo, depending on where you're located, how the taxes in your country works, for me, for example, in the United States, we're taxed every rebase, right? So every eight hours, every time we receive that, basically to dividend, right? We're taxed each and every time. However, if we have wrapped memo, then the value of that is going up. So it's just like holding a stock, right? Holding Bitcoin. As the value goes up, we're not taxed when the value's going up. We're only taxed if we sell. So this will definitely help with that aspect of it as well when the time comes to do your taxes. You can unwrap it anytime you want. There's a lot more liquidity now in wrapped memo. And you don't have to stake and un-stake. You could just trade it on sushi swap. Now, do you have to wrap your memo? You don't have to do it. You could just keep doing it the regular way. But you will be missing out on the revenue sharing program that they have coming up. The entire protocol is going to now shift their focus into wrapped memo. So I think it's just easier to switch and adapt to it since that will be the norm from now on. All right, so hopefully I've answered most of your questions and concerns. And now let's go ahead and wrap our memo together. So it's actually very simple. If you already have memo staked, all you gotta do is come up here and hit wrap. Once you hit wrap, you just hit the amount that you want. I'm just gonna hit max and it will convert it into wrapped memo. So this is how much I will have once I wrap my memo. So let's go ahead and hit approve. Your MetaMask wallet is going to come up. You have to pay the gas fee, 12 cents. I love the Avalanche network. And now it is pending. Transaction was successfully sent because it was our first time wrapping memo. We have to first confirm the spend limit. And then once you confirm the spend limit, you have to once again, do the same thing, hit wrap, put the amount that you want, hit wrap again and then confirm this here. So once again, it is pending. All right, so I'm getting the confirmations right now. It says your balance will update soon. It's on the bottom right, so you guys can't see it. It's right there. And now it says balance was successfully updated. So let's go ahead now and refresh. And there we go. Now you see that we no longer have a memo state. What we now have is a wrapped balance and our memo is now wrapped. So now you see that we don't know exactly what our next reward is. So that's kind of what people are complaining about. It's kind of the downside to having your memo wrapped. People like to see the amount of rewards that they will be getting every eight hours, right? It's natural to want to see that. It's that hit of dopamine. Another thing that you're going to want to do is right here where it says W memo, just make sure to hit where it says W memo and add the token to your MetaMask. So I already have it added on, but if you haven't done this yet, just go ahead and hit add. Once you do that, you can open up your MetaMask, go down and you're going to see the memo, the amount of memo that you have right here under wrapped memo. So that is basically it guys. We have officially wrapped our memo and we're ready to go. If you guys enjoyed this video, make sure to smash the like button also. If you're new to the channel, don't forget to subscribe and turn on notifications. I'll see you guys on the next one. As always, peace and love.