Dubai, United Arab Emirates - April 12, 2022 —
The Based Finance token, $BASED, is an algorithmic token pegged to $TOMB built on the $FTM network. The protocol’s underlying mechanism dynamically adjusts $BASED supply, pushing its price up or down relative to the price of $TOMB. Based Finance is a multi-token protocol which consists of the following three tokens:
- BASED ($BASED).
- BASED Shares ($BSHARE)
- BASED Bonds ($BBOND)
The price of $BASED is pegged to that of $TOMB, and through our LP farms $BSHARE is produced as a reward. When the price of $BASED is above that of $TOMB, $BSHARE tokens can be locked (for at least 24 hours) in the Acropolis in order to earn further rewards in $BASED (inflationary). If the price of $BASED goes below 1 $TOMB, the Acropolis stops printing to prevent further inflation and $BASED can now be burned in exchange for $BBOND (deflationary). $BBOND can be swapped back for $BASED (+ a holding incentive) from the DAO treasury once $BASED is back above its peg.
Milestones & Innovations
Over $10M USD was locked on basedfinance.io for staking/farming after the first 24 hours. Currently, about 2 months since launch, over $100M USD is locked on the platform. On February 22nd, Based Finance officially partnered with Tomb Finance, a major achievement especially within the first 3 weeks. Given various external market pressures we saw a downtrend in TVL following this, however TVL has been steadily increasing again since March 15th. Recent additions of our TombSwap LP farms have furthered our partnership with Tomb Finance, and additional collaborations are continually in development.
Early on in the project two major innovations were added in the form of the Curve Geist receipt pool (DAI/USDC/USDT staking) and the Curve Tricrypto receipt pool (USDT/BTC/ETH staking). Both of these farms have steadily returned~36% APR paid out in $BSHARE, on top of the APR from the curve pool itself. Recent APR for our protocol LP farms have held stable around 400% - 650% depending on the farm (paid out in $BSHARE), and around 1000% for staking $BSHARE in the Acropolis (paid in $BASED). These rewards can be significantly increased through auto-compounding/leveraging using our partnered platforms: Tarot, Beefy, YieldWolf, Beluga, Autofarm, Matrix Farm, Grim Finance, Pain Finance, Devil Finance, and Podtown.
Further Information
You can find a more detailed breakdown of the project and tokenomics here, and if you want to read up more on the team behind the scenes see here, or come chat with us in our discord/telegram channels. Weekly news is released ever Friday for our “Based Fridays”; through which we have given away over $40k in giveaways and competitions so be sure to stay tuned!
Our multiple innovations, our strong and growing partnership with Tomb Finance, our large TVL and our stable, high APRs set us apart from the competition. We have also been fully audited by Obelisk, KYC’ed by AssureDeFi, and reviewed by RugDoc. Based Finance aims to grow as an ecosystem of protocols each providing utility to $BASED. You may even start to see additional protocols releasing as early as May-June…
For now however, $TOMB on and stay $BASED!
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Contact Info:
Name: Based Finance
Email: Send Email
Organization: Based Finance
Website: https://basedfinance.io/
Release ID: 89072789
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