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Description: As big supporters of TOMB the seigniorage system that has been successfully running for months. 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. BASED is an algorithmic token pegged to TOMB. The protocol’s underlying mechanism dynamically adjusts BASED supply, trading 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).
Launch (Genesis Pools)
Based Finance has decided to use TOMB Finances’ idea of implementing Genesis pools to provide initial token allocations of BASED. We believe Genesis pools provide the best bot protection, and will also incentivize user added liquidity which is extremely beneficial for a new protocol. Team will provide LP for BASED-TOMB. This LP will be locked and all TXS will be public.
BASED - Based Token
BASED token is designed to be used as a medium of exchange. The built-in stability mechanism in the protocol aims to maintain BASED peg to 1 Tomb (TOMB) token in the long run.
Note that BASED actively pegs via the algorithm, it does not mean it will be valued at 1 TOMB all times as it is not collaterized . BASED is not to be confused for a crypto or fiat-backed stable-coin.
BSHARE - Based Share
Based Shares (BSHARE) are one of the ways to measure the value of the BASED Protocol and shareholder trust in its ability to maintain BASED close to peg. During epoch expansions the protocol mints BASED and distributes it proportionally to all BSHARE holders who have staked their tokens in the Acropolis (boardroom). BSHARE holders have voting rights (governance) on proposals to improve the protocol and future use cases within the Based finance ecosystem.
BBOND - Based Bonds
Based Bonds (BBOND) main job is to help incentivize changes in BASED supply during an epoch contraction period. When the TWAP (Time Weighted Average Price) of BASED falls below 1 TOMB, BBONDs are issued and can be bought with BASED at the current price. Exchanging BASED for BBOND burns BASED tokens, taking them out of circulation (deflation) and helping to get the price back up to 1 TOMB. These BBOND can be redeemed for BASED when the price is above peg in the future, plus an extra incentive for the longer they are held above peg. This amounts to inflation and sell pressure for BASED when it is above peg, helping to push it back toward 1 TOMB. Contrary to early algorithmic protocols, BBONDs do not have expiration dates. All holders are able to redeem their BBOND for BASED tokens as long as the Treasury has a positive BASED balance, which typically happens when the protocol is in epoch expansion periods.
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