The time has nearly come! Based V2 (Next Gen) Genesis is wrapping up after 10 days of OBOL distribution. Shortly after, farming of SMELT will begin (lasting for two years) and any SMELT earned or pre-purchased through the exchange can be staked in the Boardroom (the V2 Agora) for rewards in OBOL. Remember, OBOL is a pegless token so the boardroom will print regardless of the token price.
Here is a rundown of the most important aspects for after Genesis.
Projected Tokenomics
Expected token emissions over the next 2 Years & 69 Days:
SMELT Emissions: Capped at 90K from the Farms
OBOL Emissions: Expansion % is variable, but Emissions from the Boardroom are expected to be < 28M
Boardroom
(Formerly Acropolis)
The Boardroom is where users can stake SMELT in order to earn OBOL each epoch (regardless of token prices).
1 Epoch is 24 Hours Long
Staked SMELT will be locked for 3 Epochs (72 Hours) and rewards will be locked for 1 Epoch (24 Hours). Any interaction with the Boardroom (Staking / Unstaking / Claiming Rewards) will reset the lock times.
OBOL Emissions will fluctuate around 1% daily; depending on market conditions and demand the protocol Emissions can be adjusted from 0.1% to 10% (Daily).
Up to a Maximum of 20% of these OBOL Emissions will go to the Protocol Fund and the team will receive up to a maximum of 5%.
Farming
(Formerly Agora)
Users can farm their Based Labs NFTs and protocol LP tokens here to earn SMELT as it is emitted.
Emissions are constant (unlike the boardroom which only prints every Epoch) over the next two years & 69 days, however pool allocations can be adjusted as farming pools are added in future developments.
Initial Pools:
OBOL — FTM LP
SMELT — FTM LP
Based Labs NFTs
NFT Pools are projected to have minimum 200% APR subject to market forces.
Exchange
(Tax Free Swapping from V1 to V2)
The Exchange (which many of you have already started using) allows for certain tokens to be swapped for SMELT without paying the 10% buy tax.
Initially BSHARE-FTM LP (from V1) was the only token that could be Exchanged. Now you can Exchange your BBONDs as well! Don’t forget that these can also be used in larger quantities to purchase Based Labs NFTs ($500 each).
Based Labs NFTs
Our NFTs provide a unique way to reduce the supply of V1 tokens while allowing farmers to maintain a consistent value (NFTs are always evaluated at $500).
Previously the mint was only through BBONS, now it will become available for BASED-TOMB LPs as well. Remember, minting burns the tokens used, so using V1 LPs will essentially lock up a portion of the V1 liquidity.
Boiler Room
(Tax Collection)
Here is where the tokens are collected from the V2 taxes (on OBOL and SMELT).
The Protocol Fund will use this to grow protocol owned liquidity for maintaining stability, growth and longevity.
Protocol Fund
The Protocol Fund will be used at the Core Teams’ discretion, including but not limited to investments in other projects, development, audits, competitions, giveaways, etc.
The Treasury will not sell any SMELT into the market from Initial 10K minted. This will only be used for the Exchange (as intended).
The Treasury will match the amount of SMELT staked in the Boardroom until it runs out of SMELT that is not intended to be loaded to Exchange. This is to ensure sustainable expansion of OBOL and avoid dangerous market dilution in the initial stages of farming.
Conclusion
We hope you all are just as excited as we are for Genesis to end and farming to start. Our team has put many hours into building and tweaking this project, but we wouldn’t be here at all if it wasn’t for you, our community.
Our humble thanks to our Based Soldiers. You know who you are.
Stay $BASED and $SMELT $OBOL!