It is compounded interest – so assuming the apy does not change you actually need to stake for a year to get that kind of interest. It is not a scam since there is backing for the tokens – at least 1 dollar per TIME so you have to weigh the insane apy against the possibility of the coin going down quite a bit. Looking at marketcap growth is useful in this respect. Personally I find it fascinating and I think these reserve coins have big potential but it is just as others already said: very experimental

It’s a fork of Olympus Dao a very popular DeFi protocol in ethereum. I’ve been completely fascinated by ohm and ohm forks and clones. Protocol owned liquidity is a great idea and I think it will either lead to projects like Olympus Dao and wonderland becoming fully decentralized banks or it will be regulated to death and everyone involved will lose a lot of money.

It’s also a fascinating social experiment as there are some ponziesque characteristics of the reward distribution but the incentives of the protocol and the user are very aligned so it will be interesting to see how it all plays out.

Im staking a small position just to to along for the ride.