Based Friday May 13th 2022 Update 11
Hello Based Community!
Friday the 13th — that sets the mood right for what happened during the past week. We have seen an abrupt end to a well established blue chip protocol leading to cascading effects on the entire crypto market. Stocks have also incurred comparable or worse hits across the board. Essentially a brutal bloodbath! Fantom suffered a tremendous blow along with our partner Tomb & us. The team acknowledges the fact that during the past week we have realized a 90% correction in price for $BASED. We stay humbled by the markets & the sentiment. But…
This is a big BUT, we are still here! Fact is, our peg to Tomb remained very close during the whole down trend. Our community & team both were calm & matured facing the realities of the market. We are grateful to you, our based community, you guys give meaning to the words ‘Stay Based’. The Based Core team has this to say to you — ‘We get hit, we go down, but if there is the faintest of beats left, WE WILL GET BACK UP’!
In this spirit we would like to share a tribute created by MrGoodBarz titled Based Baby. This is a small section of the rap done by the artist with the lyrics written by Based_Erebus. Some may say the visuals are outrageous, but we all know we deserve this 🙂
Protocol Status — New UI, New Dashboard
There are no milestones to share for the week, but the team has kept on working. We are happy to release the new UI for Based Finance. You will find a new dashboard which conveniently collects essential information in a single page. On the new dashboard you can collect all the rewards across all Agora pools quickly and easily. The new UI is live now.
The Katastima OTC feature is complete & ready for deployment. But we all know that the market conditions are not exactly suitable for the feature. We would like to iterate the fact that we are not losing any stride while the market does what it does, we are building the most feature rich codebase ready for deployment whenever & wherever need be. Parthenon features will also be revisited once the market stabilises.
We are looking forward to having $BASED available on Felix, the premier CeX on the Fantom chain. We are working closely with the Binance Cloud listing team, Felix Team & Tomb team for this to happen. We have cleared all the necessary legal checks required to be listed on the CeX & confident that we will be part of the next Felix listing announcements.
Protocols GODs — Divine Olympians
We are happy to share that Arkin Tyagi has completed all the necessary art required for our first Divine Olympian — Prometheus! The smart contracts required for the nft mint have also been completed by our partners at Pod Town. We are currently working hard to finalize the Audit, testing & deployment of our NFT vertical.
The Prometheus mint will be exclusive and will not exceed 300 pieces. Changed market conditions have forced us to revisit sharing STATER with the NFT & we are considering adding future utility directly for the NFT. Additional details regarding this will be shared closer to mint. As our NFT technology is Omnichain, we have reserved the domain omniportal.io for our NFT vertical.
The vision we have for Protocol Drachma could be realised in various ways.
One path which requires an explicit license is being pursued as the first option. All the smart contracts necessary for this are ready & we are working towards creating the UI for it. Alternative paths involve creating additional smart contracts atop some established & successful ILP protocols. Our devs are currently working on finalising the best architecture for the project. We receive support & guidance from Harry Yeh & the Tomb team for pursuing both directions.
With the upcoming full launch of Felix & impending arrival of TombChain, the Team at Based Finance has been working more closely with our partners at Tomb Finance. Under the guidance of Harry we will be working almost as a single unit going forward. In order to facilitate this integration the Based Team has undergone some reorganising wherein a Core Group was formed. The core group will be working with Tomb on all our future ventures. This core group will adhere to the accountability and quality standards that Harry Yeh has always advocated.
We are becoming much stronger with this alliance & we are confident that both protocols will be at peg considering all the wonderful things that are being built.
So, $TOMB on and Stay $BASED!