Based Finance : Safety Measures
$BASED, the unruggable platform.
Over the past few weeks, many of our team members have unfortunately been rugged by numerous Tomb Forks consisting of Shovel finance, Frozen, Casper, etc.. and before that a large majority of us fell victim to major OHM rugs. As a result of this, we want to create a safe environment for investors to use their hard earned gains without the looming fear of being exploited. Thus, we are going to implement the following features to effectively reduce the rug-risk to a negligible amount:
Tomb forks rely heavily on user-provided liquidity so the possibility of a soft-rug is small. However, we are still going to lock a percentage of our initial liquidity users’ peace of mind. We will send tokens to a dead address which will be visible to the community.
Instead of allocating $BASED tokens straight to our teams, we are going to be distributing lp tokens instead. The lp distribution transaction will be provided to the public and uploaded onto our social media sites and in the relevant documents section.
•Renounce token contract
Tomb forks are infamous for devs minting thousands tokens and dumping on users (since a liquidity rug is not really possible, so they mint and dump). To counteract this, our team has decided to mint all tokens at once and place them in the farm contracts. After that we will completely renounce the token contract, therefore being unable to mint any more tokens. Funds are SAFU!
‘‘Know Your Consumer’ (KYC) is yet another security protocol we will be undertaking. We have chosen KYC to Assure Defi as their proven track record and thorough process will provide reassurance to our investors. By KYC’ing the head developer of Based Finance, this protects the consumer against possible rug attempts as if this were to happen, our team would be ‘doxxed’ to the public.
As a large and successful team, we have no reason to take your money. We have spent tremendous amounts of time and effort to build this protocol so rugging would be inconsequential. Our primary objective is to give back to the community who made us what we are today!