Based Friday | 10th June 2022 | Update 12
Hello Based Community!
We truly believe that our community is knowledgeable and can withstand the bear market, the FUD, and anything bad that tests our commitment to the BASED project.
Let’s be realistic — the world economy is not doing well right now, and there is a lot of uncertainty regarding upcoming regulations.
It might seem that nothing is currently working. But those of you who lived through previous market pitfalls know that this it is a temporary event.
Based Finance does not stop developing and innovating our protocol to achieve the best results. We firmly believe that our protocol will remain in the DEFI space for a very long time. We will be constantly innovating the DEFI ecosystem, and make sure that Based Finance becomes an unshakable pillar of DEFI!
We will be here, we will keep working, we have 0 doubt that this will pass and that Based Finance will come out stronger than ever.
The night is darkest just before dawn!
Protocol Status — New Pool
As many of you know a traditional tomb fork protocol has a bond mechanism that is not very useful and often does not help the protocol to keep its balance. We are bringing back the true utility of Bbonds by incentivizing it through our Bshare Reward Pool. This is how it will work:
Bbonds burn based in circulation until they are redeemed. By incentivizing Bbonds to a certain point we are making redeeming Bbonds unattractive. Which will essentially keep our based circulation supply low.
Our team decided to add a bit of confidence to buy bonds to balance the protocol. Those who read the documentation know — the total amount of Bbonds is set to 35% of the total supply of Based, this number can be adjusted. We will reduce this number accordingly in the nearest future to create demand for Bbonds.
DAO holds 700 000 Bbonds now which are not staked, and we have no intentions of staking it. We will keep incentives at a very attractive number to reward those who truly support the protocol and buy Bbonds.
We plan to lower the circulating supply of based and make the re-pegging process very smooth by avoiding any dumps and trader speculations.
What did our Bbond pool achieve so far:
We have 3 million Bbonds in circulation, which means 3 million based was burnt!
We have a single staking pool of Burned Based tokens (Bbonds) — which just sounds and feels based AF! — and it pays 0.8% APR DAILY!!
Currently, we have 36 mil based in circulation and 3 mil Bbonds. We will be slowly building up the numbers to create enough natural buying pressure of based and achieve balance.
DAO will keep buying Bbonds to keep supply low and for future burns of bbonds.
Keep in mind, that we are experimenting with the mechanics to achieve the best effect and longevity of the future seigniorage protocols.
Protocol Status — pool increased incentives
Based / USDC pool increased incentives to 300% Yearly Apr. We are watching the markets and adjusting allocations on the fly to keep paying competitive interest to those who are invested and to the new investors.
Protocol Status — vision of our future
We are very excited to keep supporting Tomb Finance and be a part of the Tomb Ecosystem. The based token was announced to be in one of the genesis pools of Lif3! More exciting news to come soon, please keep an eye out for announcements in Tomb socials channels to get the info first!
We are ready to be a part of something bigger. Both Based and Tomb have a farseeing vision for the development of this space and the stability of the ecosystem!
As we stated before — we have formed Based Labs. It will focus on innovations, experiments, and the groundbreaking tech that exists on the market today.
We plan to bring the best practices and most effective mechanics and tools back to Tomb Ecosystem.
Protocol Status — new discord channel
Speaking of Based Labs!
We just launched our socials and we are in preparation for the launch of our first protocol — GODS! Our Landing page is under work. The Discord server is already up.
GODS are ready to INVADE! Any future information regarding our NFT launch will be posted on Based Labs’ socials.
Please visit our tweeter for more info: https://twitter.com/BasedDEFI.
And to wrap things up, please remember, we will never lie to you to keep your hopes up by falsely promising and underdelivering. DEFI space is ever-changing. But we are here and we keep pushing.
We have 0 doubt that the bear market will pass and that Based Finance will come out stronger than ever. Your support during these hard times is paramount. We are stronger together and we will withstand!
The night is darkest just before dawn! TOMB ON and STAY BASED!