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Based Friday | 3rd June 2022 | Update 14

Based Friday | 3rd June 2022 | Update 14

Hello Based Community!

Welcome to the first week of June with BTC trying to hold support & dao having to actively intervene to make us print after 6 days of extended zen. After some reallocation of native assets from Tarot, dao was able to mitigate some activities which were not allowing us to get above necessary TWAP for printing. We are aware that the market is in bear trend & our focus is on capital protection while making logical moves to keep the peg close.

In the following sections we would like to address various concerns of the community as well as clarify the dao’s position regarding important aspects.

Some project milestones achieved last week.

  • Curve pools & the $BASED-$USDC pool attracted more than 5Mil in TVL
  • 2Mil $BASED was converted to stables via Katastima
  • Treasury liquidated volatile positions to rebuild stable reserves

Healthy partnership with Tomb Finance & Harry Yeh

During our run, the dao’s plan was to make Based Finance an integral part of the Tomb Ecosystem. Irrespective of how the markets have been & the price action of ftm ecosystem tokens, we are proud to have succeeded in this plan. Core team members have met with our partners personally, worked on the specifics leading to a fruitful partnership with Tomb. As a result of the partnership, Tomb agreed to & has been helping us actively defend our peg. In return Acropolis allots a portion of prints to Tomb Dao & Based Dao actively procures from market & transfers a fixed amount of $BSHARE to them.

The benefits for us & our community doesn’t end there as we had the privilege to be listed on Felix with priority as well as to be considered to be a part of TombV2 & TombChain. More specifics on this would hopefully be released coming Tuesday.

Why Katastima & How it is doing

We have seen concerns among the community members about Katastima & some of you have questioned our motives behind offloading large amounts of BASED via OTC. We would like to address it & share the reasons behind this decision. The dao had to restructure after arriving at the decision to team up with Tomb & few of the former teammates had to retire. As all of them had huge exposure to our native tokens, the dao had to buy back their exposure at a premium so that there is no market impact if they decided to offload their exposure. This along with the procurement of necessary BSHARE for Tomb Dao & ofcourse the market, made the treasury balance take a huge hit.

The dao had to try and regain some purchasing power while making sure that it does not affect our PEG. 2Mil BASED was sold via Katastima to gain around 250k in stables while the peg remained stable. Dao also liquidated most of the volatile positions we had in order to protect capital during this bear trend. Currently Katastima is set to market buy 80% of the ask & would actively help the peg going forward. Please find the graph of our peg after Katastima started 10 days back.

Divine Olympians Prometheus

Enough seriousness for one Friday, time for some fun stuff. Based Labs is proud to release our first Omnichain utility NFT series depicting Mythological Greek Gods aligned with the theme used for our first protocol — Based Finance. Divine Olympians will potentially feature 14 GODs starting with Prometheus, Hercules & Ares. Each GOD in the series will have a cosmetic limited (<10) OG Edition as well as a Utility based generative collection of 1000 nfts. The Generative Edition will be available for public mint & will have traits which will be used in future protocols from Based Labs. All GODs will have a ‘Bonus’ trait with value anywhere between 5–30 which can be leveraged on future protocols.

Currently we are minting Prometheus series which has 2 additional special traits — ‘Health Bonus’ & ‘Elemental Damage’ with values, while some other special traits with a value of 0. Some of those missed special traits will have values for Hercules while Hercules will have ‘Health Bonus’ & ‘Elemental Damage’ of 0. Currently we are testing the mint & finalising date as well as the mint cost in order to kick start the marketing campaign.

Future moves by Based Labs

The dao wants to approach the bear market very cautiously & we hope that the community understands. Matter of fact, Protocol Drachma is deployed on chain & being tested as we speak, but we do not want to announce any launch dates at this point. With our degen background & experience, we are considering experimenting with more degen friendly protocols while we wait for an uptrend to launch serious protocols like Drachma. We are in contact with various teams to collaborate on different chains & are open to hear what the community would want us to try. Also it would be nice for the community to share which chain they would like us to explore first.

Meanwhile we are finalising designs for basedlabs.io & mint.omniportal.io & the nft marketplace development by pod town is on track.

Lastly, $TOMB on and Stay $BASED!

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