BASED Family, we are excited to announce several upcoming changes!
1. Our treasury will start deploying funds into a set of assets we believe have a very good future and great revenue potential. We will use partial fund deployments to avoid current volatility of markets and improve overall entry points into assets and have a good scope on possible new investment opportunities.
2. Currently our treasury has open positions in Uniswap V3 farming pools, which are already generating revenue that will be split between marketing campaigns, liquidity incentive boosts to our ecosystem token pairs, salary payouts and any arising matters.
3. We are repegging to FTM!
We have had to cover all bases to make sure transition is smooth and doesn’t go against our narrative. Lets start with the negative effects:
A. We might lose some tomb community support (what is left from it), this will negatively affect tomb use case since there will be no possibility of participation in incentivized pools that involve the tomb token. Our take on this issue — since we are not partners for quite some time now, we see no benefit to support any price action and add buy pressure to tomb ecosystem tokens.
B. BASED — TOMB LP providers lost lots of $ value by creating LP at launch of our V1 protocol. Now they have to break those LP positions. Our take on this — LP value will not be affected since current LP holders can break BASED — TOMB LP, acquire equivalent FTM worth of TOMB side and create LP on our DEX, resulting in no loss in LP value.
C. Based Peg will look very weak and low relatively to FTM price at this time. Our take on this — by pegging to FTM we remove the upper bracket of price ceiling since we believe FTM has a very bright future, we bring greater value to $BASED by having enough time to execute further burns and deploy very strong use cases to Based tokens to minimize sell pressure when we reach peg or stay above peg.
Now let’s talk about the positive effects of this huge change:
A. Pegging to FTM will expose us to the entire Fantom Community.
B. We will be able to keep shrinking $BASED supply and have all necessary tools in place ready to capture as many investors as we can when financial markets start reviving.
C. Based Finance will be the only tomb fork that outperformed its original protocol tokenomics and turned around the unnatural inflation of token supply that is at the core of this protocol.
D. Based Community will be able to accumulate gradually our ecosystem tokens without fearing of peg approaching too fast and unnatural pumps and dumps when close to peg.
E. Liquidity on BASED — FTM will get concentrated, since our treasury can eliminate unnecessary TOMB — FTM pair.
F. Our DEX will have better trading volume growth since we will absorb all swaps of our eco tokens within our own swap. More volume we catch — more revenue flows back into our assets.
G. DEX aggregators like FIREBIRD will have more optimized routes, calculations — less fees for users, more volumes for farmers.
With FVM imminent, copious solid protocols and Fantom ecosystems consistent building proving solid despite bear market conditions we believe in the future of $FTM.
The Based Labs team has been thinking about this for a long time, and with the help of our community we are finally able to make this BASED EVOLUTION!
Based Labs team actions:
- We will create BASED — FTM LP pair on our DEX and whitelist it.
DONE
2. Add liquidity to BASED — FTM pair
DONE
3. Liquidate TOMB — FTM pair on our DEX
DONE
4. Oracle deployment on BASED — FTM pair created via our DEX.
DONE
5. UI updates of $BASED price to reflect value in FTM, BASED — FTM LP price updates.
DONE
6. New pool will be added to Dead Pools contract — it will appear on V1 UI.
DONE
7. Existing current BASED — TOMB LP pool will be moved to expired pools section.
DONE
ALL UI CHANGES WILL HAPPEN ON OUR V1 PROTOCOL WEBSITE!
STEPS OUR INVESTORS NEED TO DO TO NOT MISS OUT ON FARMING OPPORTUNITIES:
1. Unstake your BASED — TOMB LP from dead pool.
2. Break your LP tokens using our DEX.
3. Swap your tomb to FTM
4. Create BASED — FTM LP on our DEX.
5. Stake your BASED — FTM LP tokens into new pool.
There is no rush to do all this since your pending rewards will not disappear and you will be able to claim them even if you show up 4 months later from this announcement, since we are not moving them between contracts. The only difference this will make is you will miss on potential farming rewards as soon as we change allocation points from old pool to new BASED — FTM pool.
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Based Labs will also be facilitating OTC swap of $BBOND to $BASED at rate of 1 $BBOND equivalent amount of $BASED equal to 1 TOMB. We are making sure all $BBOND holders who wanted to redeem their $BBONDs upon peg to TOMB can get their exit.
This will help our community to get rid of non-believers and speculators — win/win situation.
NOTE: Since $BASED is worth more than $TOMB — you will get respective amount of $BASED.
We will announce when Katastima becomes live and loaded with $BASED — this will be most likely a limited time exit opportunity.
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As always, stay tuned to the socials to keep up to date, like & share to help spread the news. Socials & links here: https://linktube.com/basedlabs
Stay $BASED and $SMELT $OBOL