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Based Finance – The First Algorithmic Token Pegged to TOMB on the Fantom Network
Description: Welcome to Based Finance a decentralized utility-based algorithmic token $BASED on the $FTM network pegged 1:1 with $TOMB via seigniorage. 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, 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)
Future Utility
One of the primary shortcomings of past algorithmic tokens has been a lack of use cases, leaving no good reason for somebody to want to use or hold them. In order to successfully maintain the peg in the long-run, the BASED team will maintain a focus on innovation around enhanced functionality and use cases. The BASED token WILL support a Multi-Dapp ecosystem on FTM.
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