Based Friday March 18th 2022 Update 3
Hello Based Community!
Welcome to our THIRD weekly news event: #BASEDFRIDAY.
This was an exciting past week, we continued to stay above peg and hit several key milestones including launching a new Agora farm using TombSwap Based-Mai pair. We are very excited about this as it is the first stable pair for $BASED, allowing for people to take profit through $MAI without selling into $TOMB and thus not hurting the peg. We have already hit a TVL of over $2.5M in this pool alone. We have also seen an amazing recovery for $FTM this past week as well as our partners $TOMB, who have nearly recovered peg.
Recently, we’ve hit some awesome milestones as a protocol:
- Reached 150 epochs
- Our TVL is back above $50M & Treasury is above $2M
- 8.5K $BSHARE locked in Acro
- $BASED expansion has reduced from 2% > 1.5%
- Based-Mai LP pool added
- Harry highlighting us on CryptoBanter (https://youtu.be/JBLpt6pgCGI?t=2561)
- Based Vaults on Autofarm (https://twitter.com/autofarmnetwork/status/1502188354993287170)
- Also we had our Short term roadmap out
And now for the news:
The ability to zap into our LP pairs is here! Contracts are audited and safe, just finishing up some final testing and ensuring all works as expected. You should be able to see them in action within a few days.
Launch Final Audit
Our final audit from Obelisk is ready. We will be able to share it around Monday.
Based-Mai LP Alloc Points Reallocation
This week we launched our new $BASED-$MAI stable LP and have reallocated some of the rewards from the $BASED-$BSHARE LP pool. We have decided not to retire the $BASED-$BSHARE pool but to let it continue with a lower rewards allocation. Currently it has 1.5% daily APR & will continue so for the near future. We have increased the APR for the $BASED-$MAI pair to 2.8% daily which is higher than all the other pools.
Unlike our other LP farms, this pair is made through TombSwap, and as a result $TOMB directly benefits from fees on the swap & shares some of it with us. Larger trade volume on this pool is great for $TOMB which in turn is great for $BASED.
We want to emphasize that this LP has some pretty amazing power to support our peg. Now when you want to take some profits, instead of going $BASED > $TOMB > $USDC (which hurts our peg), you can swap $BASED for $MAI directly (not impacting the peg).
Details of Profit-Sharing
Our upcoming profit-sharing feature is nearly ready for launch! The Treasury department has been hard at work sourcing the best yields and investments for our funds. As a result, a substantial amount of profit has been generated through the treasurys’ endeavors.
A few of the initially available rewards include:
Solid, Sex, Tshare, and Tomb. Stakers in this new pool will be eligible to receive all the rewards at the same time.
Some more facts about our new feature;
- The first profit distribution pool will be receipt tokens acquired from users staking $BASED-TOMB lp on beefy. Investors will be able to earn auto compounding rewards while also receiving a percentage of revenue generated by the Treasury.
- Deposit fees: 1% will be burned!
- Decaying withdrawal fees: 7% gradually reduced to 0% in 7 days to encourage people to lock in their assets for longer.
- $BSHARE boost — The liquidity pool will feature boosted rewards via additional $BSHARE given to bootstrap the initial deposit. The result is an even larger APR for the first few days of launch and unloyal stakers who withdraw after the boost will have to pay the decaying withdrawal fees which will increase the amount of $BASED burnt.
And finally, we would like to announce the results of the YouTube competition we posted this past week. Thank you all who submitted for supporting the project through your content.
Congratulations to: Arisa (https://www.youtube.com/watch?v=nWfVZs8HfKI) and Kip @CryptoCareC (https://www.youtube.com/watch?v=Jg0tawr-nnA). As per the rules of the submission you will need to provide proof of investing in $BASED at some point since launch.
We would like to take this opportunity to extend our thanks to our Based Community & the Tomb Finance team including Harry Yeh, Vinh Q. Vuong, and all the moderators from Tomb who have been supporting us throughout this journey.
Lastly, $TOMB on and Stay $BASED!