Based Friday April 8th 2022 Update 6
Hello Based Community!
First off, we would like to congratulate our partners at $TOMB for successfully reaching above peg this week. We are very excited about TombChain L2 & looking forward to the $TOMB staking feature. Positive price action on $TOMB is always beneficial to $BASED, being pegged to it.
Our peg was under challenge this week, but team members, our partner & our treasury intervened in a timely manner to defend the peg. Treasury managers are efficiently using limit orders on TombSwap & Gelato to handle peg defense effectively. $BASED has seen over 230 epochs of printing, and while the market is down our project & our project fundamentals have not changed! The Based devs continue to work hard behind the scenes to provide further utility for $BASED. More on that later.
This update will focus on some features you can expect to see for the $BASED ecosystem soon as well as a reminder of the importance of the TombSwap pools.
Project Milestones Reached
Our project milestones reached this week:
● 15M $BASED in circulation
● 18K $BSHARE in circulation, nearly 13K of which are locked in the Acropolis
- Remember how we teased our Beefy Moonpot partnership last week? On Monday you will be able to start staking your TombSwap Based-Mai LP on Moonpot! Moonpot pays you interest on your LP, and once you are in a pot you are also entered in for a weekly prize draw. Read up more in the Moonpot docs: https://docs.moonpot.com/
- This is in line with our efforts to drive more liquidity to the BASED-MAI pool on TombSwap and to this effect our friends at Summit DeFi (S U M M I T (summitdefi.com)) will be launching the Based-Mai pool tomorrow at a 3x Multiplier.
We have some very exciting news for everyone — our profit distribution feature is finally here! Stake your beefy based-tomb LP receipt tokens on the Parthenon now to earn a share of Athena’s war spoils! Profits from our $5M treasury investment will be distributed to those staked in the Parthenon (on top of the auto-compounding rewards from staking your based-tomb LP on beefy!)
Detailed steps on how you can earn with profit distribution:
A system to redistribute based to our investors at a discount will soon be implemented for treasury to accumulate assets such as usdc, dai, tomb. This will be an upgraded version of the normal ohm bond mechanism to ensure fairness and boost community engagement. More info on this feature will be released next week!
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The profit distribution feature & bond marks the end of Phase 1 of the $BASED ecosystem. Afterwards we will be moving onto Phase 2, focused on creating and growing utility for $BASED. You can expect to see additional protocols pushed out increasing the use cases for $BASED. More on this in future announcements!
Our team will be welcoming an experienced senior discord moderator on Monday. Please extend a warm welcome to our next tier of senior moderators — The TITANS!
Now that we are near peg we would like to remind everyone of the proper ways to exit without hurting peg while providing trading fees to both $TOMB and $BASED.
BASED-TOMB and BASED-MAI pairings are live on Tomb Swap with staking in the Agora. We are excited about this for numerous reasons as one of the major benefits is that it will help Based’s peg and liquidity by pairing BASED-TOMB/MAI on TombSwap along with fees and liquidity staying within our Tomb/Based ecosystem. BASED-MAI-LP ($MAI is pegged to USD) is the most important LP on the market enabling further liquidity and stability for our ecosystem and its investors. If $TOMB goes down you are automatically accumulating more $BASED by LP rebalancing. If $TOMB goes up you are automatically taking profits in MAI thus Increasing buying pressure and reducing selling pressure on $BASED. Always make sure you are using the BASED-MAI pool to exit to stables & to use the BASED-TOMB pool when buying back into $BASED.
Lastly, $TOMB on and Stay $BASED!