Hello Based Community!
Good Friday wishes from the Based Team to our community members who celebrate it. Past week was a challenging one for the general markets & for us. We have been battling the peg more often due to the lack of positive BTC momentum & crab markets. Yet with the help of our partners, our community & the treasury we have been maintaining healthy price action without drifting far off our peg. We hope this is the perfect time to let the community know more about our longer term road map & what we have started working on as part of our Phase 2.
Project Milestones Reached
It is a pleasure to share these milestones from this week
● Passed 260 epochs (250 was a major one)
● TVL is holding above 100mil
● Beefy Moonpot with boosted $BASED-$MAI pool launched
● Based 2 month anniversary
● Added new team member Erebus, new Titan & 2 new community moderators
● Whitelisted on Firebird Finance Dex
Treasury Restructuring & Team Mandatory Exposure
We would like to share some updates from our treasury & about our team wallets. The team at Based Finance have always put security at the forefront of our protocol. We have seen many protocols fall due to bad actors and malicious behavior and we pride ourselves for being able to provide a safe place for investors to put their hard earned money. As such we have recently undergone some restructuring of our treasury:
● We have created a new secure multisig wallet. The purpose of this wallet is to build up a ‘rainy-day’ emergency fund in the extreme case that our current treasury wallet was to be maliciously attacked.
● A starting sum (300,000$ USDC) has been transferred to this wallet, and a portion of future profits generated each week will be sent to this wallet and used to steadily build up the emergency fund.
● We have chosen this number to begin with to ensure we do not disrupt reward generation for our profit distribution feature.
● This wallet is secured by requiring 4 simultaneous signatories to operate.
Whilst the majority of our team have been heavy investors in based from the beginning, as the team is now growing we have decided to introduce a mandatory exposure requirement to $BASED and $BSHARE. The requirements are in place to advertise how much our core team has faith in Based Finance. The requirements are as follows:
● A minimum requirement of 15 $BSHARE for all members, Certain members have a higher minimum requirement of at least 45 $BSHARE
● A minimum requirement of 25k $BASED for all members, Certain members have a higher minimum requirement of at least 75k $BASED tokens.
The STATER allocations for the team members were also restructured & 1.5 STATER from each member was moved into the treasury leaving 1 each with team members.
Announcing Protocol GODS!
You are well aware that the Based team have always stressed on the fact that we are not just a ‘Tomb Fork’ but we will be releasing protocols which will be enriching & adding more value to our ecosystem & $BASED token. A core element of the BASED Ecosystem will be STATER which will share almost the same or even higher importance than the $BASED token. Owning STATER means owning a portion of the entire BASED ecosystem & getting a portion of revenue across all the protocols which will be released. For eg, currently STATER can be staked in our Agora to earn $BSHARE rewards.
Soon the community will be able to have access to STATER with the added benefit of it being an artistic marvel under Protocol GODS. Protocol GODS is a partnership between Based Finance & another veteran team on Fantom. You will get to own the GODS you are familiar with but would need $BASED to get them. These GODS will bestow upon you the benefits of STATER. Multiple announcements will be released on this in the coming week.
Announcing Protocol Drachma!
Protocol Drachma will be a separate standalone protocol which will be launched under the Based Ecosystem. It will have its own independent token & $BASED will be used by the protocol to boost its yield generation capabilities. It is too early to share more on this but $BASED, STATER & possible $TOMB will play significant roles in Protocol Drachma.
Team AMA
There are some other important developments going on in the extended Based-Tomb ecosystem which will be significantly beneficial to our community. We are super hyped about it & waiting for the greenlight to share the news. Meanwhile, the Based Team is considering doing an AMA. We will open a discord channel in order to collect feedback, potential questions & decide on how to do this as per the suggestions of the community.
Conclusion & upcoming Profit Distribution
This week the treasury has distributed profits worth 75,000 on Athena’s Spoils. We apologize for the confusing UI elements that were present in the previous Parthenon page. Although we are giving away free money on top of the beefy APR, we understand that the fees & the tax on withdrawal may have made some in our community uncomfortable. The team has decided to make significant changes to the Profit Distribution feature & will be opening a channel to collect community feedback on specific implementation details.
Here is a quick guide of the entire Based Finance Ecosystem as of now.
We hope the community stays BASED with us & helps us protect the peg thus making the protocol print for everyone.
So, $TOMB on and Stay $BASED!