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Based Friday | 23rd July 2022 | Update 17

Based Friday | 23rd July 2022 | Update 17

Hello Based Community, Happy Based Friday! 

Finally some market relief in the crypto sphere! Just in time for our NFT mint and launch of Based V2. We have a few things to cover today regarding this, but before that, a quick reminder to be wary of fake Telegram / Discord Groups / Channels offering fake giveaways. We will never make a new channel or giveaway without an official announcement, and we will never DM you first. Stay safe out there everyone.

Now for the news.

V1 Recap

Based V1 (BASED/BSHARE/BBOND) was very successful during the bull market but has felt the shared pain of the bear market of late. We successfully completed emissions, one of the first to do so on FTM, and we are excited to see the future success for V1 as part of the Based Ecosystem thanks to our NFTs and Based V2. We are now in a transition stage where our V1 supporters will soon be able to move into V2 if desired. This will build the protocol owned liquidity for V1 (through limited-time, tax-free exchanges into V2) as well as burn a large amount of BASED (through BBOND buys for NFTs). So far we have burned 700K BASED tokens in the initial mint alone!

A reminder that V1 is an accelerated fork. After July 24th all liquidity incentives are coming to an end. Acropolis will continue operate as normal.

This is how you can transfer your investments to v2:

1. BASED & BBOND — Through NFT staking

2. BSHARE — LP redemption to new share tokens. The LPs will become part of treasury to regulate supply and acquire Protocol owned liquidity.

Based V2 | Based Next Gen

This week we released our Based V2 (OBOL/SMELT) documentation, so make sure you take some time to read through that and come to the discussion channel in Discord with any questions.

You can peruse the documentation here:

https://basedfinance.gitbook.io/based-finance-v2/

OBOL is a pegless asset, SMELT will perpetually print OBOL regardless of the price action. Sell & Buy taxes and Ecosystem Utilities (such as the NFTs) will be used to support the price instead, and there are several aspects we can adjust and model within the protocol to keep both tokens in check and balanced. Genesis pools for OBOL will launch Monday on July 25th 2PM UTC, and our NFTs will be among the highest yield earning assets so pick some up if you are interested in pulling in the greatest amount of OBOL in genesis. Staked NFTs will yield a minimum of 1.2% daily and can only be minted by BBOND and BBOND supply is limited so don’t miss out frens.

Communication Overhaul

Given that our Based Ecosystem and community continues to grow, we have decided to clean up how we communicate and reduce redundancy. We will be ending our Based Finance Telegram Discussion group in order to move the discussion fully to Discord. The TG announcement group will remain active however, as we know some prefer that over Discord.

The Based Labs Discord & Socials will be used for future development and NFTs (Discussions in Discord & Announcements via our Socials, while the Based Finance will be for anything regarding the Based Protocol. Make sure you describe to the new Based Labs Discord in order to stay up to date! https://discord.gg/JjjusZeAhX

This will also be the final Based Friday we release, as we are moving back to dynamic announcements. We have already transitioned to a mix of both, and given the recent market stagnation, we don’t want the community to feel like we are just providing fluff pieces and instead want to provide updates of substance.. This will be the last Based Friday announcement so don’t forget to follow our other Socials here: https://linktube/basedlabs

That wraps up our Based Friday this week. Based V2 is on the horizon.

And lastly, $TOMB on, Stay $BASED & $SMELT $OBOL!

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