Based Friday April 29th 2022 Update 9
Hello Based Community!
As the markets continue their extreme volatility, we would like to continue emphasizing that we appreciate our awesome community! We’re thrilled to be able to continue offering relatively safe and high yields during these turbulent times. It’s because of you, our BASED community, that our peg remains protected.
New Project Milestones
● We reached epoch 300!
● ~25M $BASED in circulation
● ~23K $BSHARE in circulation (70% in the Acropolis)
Protocol GODS — Alpha
As we announced last week, Protocol GODS will allow our investors to use $BASED to mint, buy & sell NFTs on the new marketplace in development with Pod Town.
As our pilot mint with Titan God of Fire, Prometheus, drags closer and closer; we’re thrilled to share a little sneak peak at what’s to come: *NOT A FINAL PRODUCT, ARTWORK USED IS FILLER
Again, we are working with Arkin Tyagi, an extremely talented & well known artist in NFT circles. Things are well in motion and we know you’re all going to love this totally rad art that’s in production!
Instagram arkin tyagi (@_artkin_) • Instagram photos and videos Artstation ArtStation — Arkin Tyagi
Behance arkin tyagi on Behance
Twitter artkin (@ArkinTyagi) / Twitter
His nft project DeusX (deusxnft.com)
We’re absolutely thrilled about how everything is coming together and couldn’t be more excited to announce more, but that’s all we can share for now. Expect more updates and sneak peaks of the artwork in the near future.
Community Proposal #4: Parthenon Revamp
Thank you everyone for providing so many helpful suggestions for our profit-sharing feature in parthenon-suggestions. If you’ve been attentive to the discord thus far you may have seen this proposal by now:
OPTION A : Profit distribution
1 POOL — Deposit receipt tokens in it, keep getting rewards
Lock period: choice of 1 week, 2 weeks, 4 weeks
Deposit tax: 1 Week lock — 1%, 2 weeks lock — 0.5%, 4 weeks lock — 0%
Withdrawal tax: 1 Week lock — 7% to 0% overtime , 2 weeks lock — 14% to 0% overtime , 4 week lock — 28% to 0% overtime
Rewards will be distributed once per week
OPTION B: Battle
MULTIPLE POOLS — Deposit in the pools and only 1 pool gets all rewards for the week (distribution once per week)
Lock period: 1 week | 2 weeks | 4 weeks
Deposit tax: 0 for all pools
Withdrawal tax: 1 week — 7% to 0 | 2 weeks — 14% to 0 | 4 weeks — 28% to 0
(BIGGEST TVL POOL WINS ) Win ratio can be calculated using multiplier:
1 Week lock pool — 1x multiplier | 2 weeks lock pool — 2x multiplier | 4 weeks lock pool — 4x multiplier (RANDOM POOL WINS)
Multipliers are the same as for TVL win scenario
By an overwhelming majority, OPTION A has won the vote on discord. Some of the team feels that the options were worded oddly and that may call for a revote with a proposal that makes things a little bit easier to understand. We’re also concerned that of all 3,990 BSHARE holders, we got less than 200 total votes on the proposal. We’ll be going over this in our AMA tomorrow about how we will move forward.
We appreciate the community being so patient as we continue working hard to ship you better experiences and new opportunities to benefit from the Based Finance ecosystem.
Some Market News
$BSHARE has been getting lots of love from the top 1,000 FTM Whales! We’re consistently smashing that top 10 volume on FTM network. The Based Finance team is so proud that we’re providing consistent value to the community and that large investors appreciate what our protocol has to offer. We’ll continue pushing harder and stronger to provide better and higher quality experiences for all of our community.
UI Updates Coming
Here’s a little teaser for everyone on some design updates we have coming. These are unfinished samples, just a taste of what’s to come. We’re pushing to have a sleek and unique user experience that makes our protocol easy to understand and navigate. Expect more on this in the very near future.
We’re proud to announce that our very own OTC swapper will be going live within the next week. This will allow you to purchase and sell tokens on the market with 0 fees and will even be able to set standards such as a transaction that’s 50% bought on the market and 50% OTC. We’ll be waiting to hear from the community about what assets you want to be able to trade on our OTC market and will ship a detailed update when Katastima goes live.
Reminder of our guide to help you in these turbulent times.
We are still working hard on Protocol Drachma in the background. We’re going to be shipping more information in the coming weeks. I know that statement might sound like a broken record but we’re building something awesome and appreciate you all sticking with us. The utility for $BASED will continue to grow!
The team, treasury, community, and our partners are constantly working at keeping the peg close. Thanks again to everyone for the continued support. If you’re interested in some more alpha and a little bigger taste of what we’re working on, join us in our Discord tomorrow (April 30th, 2022) for a live voice AMA from a couple members of the team.
Lastly, $TOMB on and Stay $BASED!