based blockchain
Welcome to game theory for degenerates.

The BASED Protocol is a DeFi game of chicken designed to shake out weak hands and yield the highest gains for those who understand the rules.

The $BASED token combines a simplified version of Ampleforth’s economic policy with YFI’s distribution mechanism.

The result is a post-modern economic game that continually resets. The barrier of entry is fair and balanced for all participants.

The only rule of BASED is that no one can change the rules. There are no owners, and because the private keys have been burned, the contracts cannot be changed. This makes an exit scam impossible.

Proof of Burn:
TX 1:
TX 2:
TX 3:
TX 4:

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Get Based

$BASED is a digital token asset. Every 24 hours, the BASED Protocol adjusts the supply of $BASED tokens to target the value of 1 $BASED to 1 $sUSD.

Bitcoin has a stable supply, but the price is extremely volatile. For $BASED, the relationship is the opposite: a volatile supply targeting a stable price.

These changes apply to all $BASED holders. If you own 1% of the supply, you will always own 1% of the supply – regardless of changes to the market cap.

The Science of Number Go Up

As the demand for $BASED tokens increases, the number of $BASED tokens you own increases. If the demand decreases, the number of $BASED tokens you own decreases.

The BASED protocol’s rebase function queries a Uniswap v2 oracle to compare the price of $BASED to $sUSD. This function cannot execute more than once every 24 hours.

If the price difference between $sUSD and $BASED is more than 5% in either direction, this triggers a rebase event.

Above the 5% threshold, the supply expands.

Below the 5% threshold, the supply contracts.

When a rebase event is triggered, $BASED supply for all holders is adjusted smoothly over a ten-day period in an attempt to meet the targeted value of 1 $BASED to 1 $sUSD.

For all accounts that own $BASED tokens, a rebasing can either result in an increase or decrease in their balance of $BASED.

After a minimum of 24 hours, if the $BASED:$sUSD price is still not within the 5% target boundary, a rebase opportunity again becomes available.

For example, if the price of $BASED is $1.20 sUSD on Tuesday night and the price of $BASED is worth $1.15 in $sUSD on Wednesday night, then the rebase event can restart.

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Yield Farming

get basedIf you have 100 $BASED tokens worth $150 sUSD before a rebase event, your account balance will be 150 $BASED at the end of the rebase event. This allows you to take advantage of future price movements.

This also works the other way around, which results in a lower balance, but it presents the best opportunity to get back into the game or build up your stack in proportion to the total market cap for better future yields.

It also changes the entire dynamic behind DeFi by presenting new trading strategies. The savviest of traders won’t make decisions by referencing price alone, but also consider supply, which could result in massive gains. As always, do your own research.

Based Macroeconomics

The price movements of traditional cryptocurrencies are tightly coupled.

based coin macroeconomics

When Bitcoin goes down, so does the rest of the market, and vice-versa. $BASED is not subject to this same behavior because the protocol enforces its own independent set of rules. As a result, it presents a unique value and opportunity for the DeFi space to play a new economic game.

Check out Gauntlet’s report on Ampleforth to learn more.

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Community Launch & Token Distribution

The $BASED token has two separate staking pools.

Pool 0 yields the initial $BASED token supply. To join this pool, you need to stake Curve $sUSDv2 LP tokens through the BASED application.

For the first 24 hours after launch, deposits into the Pool 0 staking contract are limited to 12,000 Curve $sUSDv2 LP tokens per account. This is meant to limit the flow of initial capital into the pool, providing a more fair and distributed opportunity between participants. If you get an error check in the UI, it’s because you’re trying to deposit more than 12,000 Curve $sUSDv2 LP tokens

A total of 25,000 $BASED tokens will be distributed among those who stake within pool 0 according to the halving schedule illustrated below. Every 24 hours, the rewards are reduced by 50% of the previous day’s total amount. Day 1 will begin with a distribution 12,500 $BASED.

Pool 1 follows similar logic, however, the halving period is 72 hours and the total token distribution is 75,000 $BASED over a longer period of time.

To join this pool, you must stake  UsUSDBASED-V2 LP tokens that can be acquired by depositing $BASED and $sUSD into the $BASED Uniswap pool.

Rebases will not be available until 97% of the total token supply is claimed. This period of time is a minimum of two weeks, but since this requires the community to claim their tokens through the BASED application, it could take up to a maximum of 4 weeks.

After 4 weeks rebase becomes automatically available.

Once these two pools are depleted and the tokens have been distributed among holders, no more $BASED tokens can be minted. The only way the supply of $BASED tokens will change is through rebasing events.

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