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Based Friday April 1st 2022 Update 5

Based Friday April 1st 2022 Update 5

Hello Based Community!

Wow, yet another week with $BASED remaining well above peg! The community never fails to amaze us with the support they are showing for the project. The final phase of expansion was reached this week, further reducing the inflation of $BASED. Once again we tested our peg and unsurprisingly we immediately shot back above the peg without the need for team/treasury intervention. The treasury is growing exponentially, and in the unlikely case that $BASED goes under-peg for an extended period of time the team has generated ample funds for support. Once again, Thank you everyone for your continued love and support.

Project Milestones for this week:

● Zap contracts completed

Completed audit with Obelisk

● Last phase of expansion

● Hit epoch 200

Profit Distribution:

The long awaited profit distribution feature is nearly here!

Profit Distribution Guide:

(do NOT attempt to follow the steps now, feature is not yet available)

Detailed steps on how you can earn with profit distribution:

  1. Make based-tomb lp on spookyswap: https://spookyswap.finance/add/0x6c021Ae822BEa943b2E66552bDe1D2696a53fbB7/0 x8D7d3409881b51466B483B11Ea1B8A03cdEd89ae
  2. Deposit in beefy vaults: https://app.beefy.finance/#/fantom/vault/based-based-tomb Alternatively you may use the zap function to bypass step 1. Users will be able to zap with $TOMB or $BASED.
  3. Users will receive the mooBased-Tomb receipt tokens, which auto-accrue interest; currently (6000%apy)
  4. Users should deposit mooBased-Tomb receipt tokens into the Profit Distribution contract (via the relevant staking pool on our UI), and will pay 1% deposit fees. Users will now be able to earn a share of the treasury’s profits which are currently: $SOLID, $TOMB, $TSHARE, and $BSHARE. On top of this, stakers will still be taking advantage of the high APY and auto compounding of the mooBased-Tomb LP on Beefy Finance.
  5. Click claim to claim all 4 tokens to your wallet. We will be distributing the rewards multiple times throughout the day.
  6. Users will be able to choose the amount of time they wish to keep their lp in the pool. However, to maximize rewards we recommend keeping tokens in the pool for a sufficient amount of time to avoid paying steep withdrawal tax (7% decaying to 0% over 7 days). If you decide to exit early, you have to burn these tokens and pay the fees!
  7. All the fees will auto-burn the mooTokens. MooTokens accrue rewards in real time so they will become a blackhole that grows forever => the amount of liquidity burned will grow forever over time.

Beefy Moonpot:

Did you think that was the last bit of excitement for Based Friday? Just wait, we have some alpha left to share…

Many of you have asked about our MAI pools being added to TombSwap. Well our new partnership with Beefy Moonpot will provide this possibility, plus incentives to drive more liquidity to the pair! More news will come later this week as the team finishes up some final steps.

UI:

We also have a complete revamp of our website UI on its way. It may be happening closer to the release of our new protocols, but we can guarantee that it’s 🔥

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There is something the devs are working on soon to create a utility for Based. Something that has to do with Staters, Nfts & may be something more to have fun with… Any guesses?

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Conclusion:

Our partnership with $TOMB continues to grow stronger, especially with our upcoming addition of MAI pools to TombSwap. We have over $100M TVL, nearly 12k $BSHARE locked in the acropolis, and TWAP has almost entirely remained above 1.1. $TOMB has been flirting with its peg all week and is continuing to see healthy growth. Huge thanks to our community and our team members for another successful week!

Lastly, $TOMB on and Stay $BASED!

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