1. What is $BASED and why FTM and TOMB?
$BASED is an algorithmic token pegged to $TOMB. The protocol’s underlying mechanism dynamically adjusts $BASED supply, pushing its price up or down relative to the price of $TOMB. Based finance is a multi-token protocol which consists of the following three tokens:
-BASED Shares ($BSHARE)
-BASED Bonds ($BBOND)
We are not a traditional fork of $TOMB. Following recent rugs from protocols such as: Frozen Finance, Shovel, Casper, etc.. and the low effort, copy-paste forks which, due to their poor tokenomics and lack of fundementals are plaguing the market, we believe that we have created something completely revolutionary. This has been done by merging the successful existing seigniorage algorithms with our enhanced tokenomics and launch procedure, as well as multiple use cases for our main token $BASED.
2. Pegged to TOMB
TOMB is the original seigniorage system that has been successfully running for months. As such, we want to support their protocol by pegging $BASED to $TOMB, henceforth providing new use cases for $TOMB, as well as increasing $TOMB’s liquidity on the Fantom ecosystem. Consequently, exposing ourselves to $TOMB also means exposing us to its recent success. As a strong $TOMB supporter, we can attract investors that originated from $TOMB, by providing space for their $TOMB lp’s in Based Finance. Furthermore, endorsements from key figures in the community such as Harry Yeh or FTMalerts will push our success even further. Yes, $TOMB is $BASED and $BASED is $TOMB
3. Launching on FTM
The $BASED algorithmic token serves as the backbone of a rapidly growing ecosystem aimed towards bringing liquidity and new use cases to the Opera network. Following the recent hype on FTM with Daniele and Andre Cronje Launching ve(3,3) (a protocol aimed at supporting upcoming DApp’s in the ecosystem), we believe that now is the perfect time to launch. That being said, we are not simply borrowing this hype to bootstrap our protocol, we aim to become at least a Top 20 player and will ensure that the Fantom Network keeps thriving.
4. Simply not a Tomb Fork?
As our team consists of successful investors in DeFi, we understand that Tomb’s success was hard fought as they originally faced major setbacks. Still, there were 2 main reasons why they ultimately succeeded.
Harry Yeh’s continuous backing and development on TOMB’s use cases. The majority of Tomb forks currently active may seem as if they are doing well due to their ponzi APRs, but this is not sustainable as incoming capital will be outweighed by inflation if use cases are not being introduced. A good effort to stop this inevitable outcome is 2omb finance’s implementation of more LPs options as well as partnership with Beefy and their future launch of 3omb.
However, Based Finance’s use cases will greatly outshine any others that you have seen! Firstly, we are building a launchpad for our first supporting meme token, $CHAD. $CHAD will have a liquidity pair with $BASED, meaning that you need to Hold $BASED to purchase $CHAD. Furthermore, it shall be a reflection token following a DeFi 3.0 model, emitting rewards such as: $TOMB, $BOO, $SPIRIT, $HEC, $SPA, $BEET, $ATLAS, $KEK, $BSGG, etc. We are also planning on implementing a new bonding system that brings us protocol-owned liquidity. Disclaimer, we will not simply fork OHM as we believe the market is already saturated with OHM features. We are going to build a completely new mechanism, which will come out in the next month(s) if our protocol succeeds. All the new protocols will have $BASED as liquidity and will require $BASED to participate in the presale or trading, immensely improving $BASED utility. More info on use cases will be provided in future articles and updates!