Based Money is an experimental decentralized finance (DeFI) project built by Ghouls, which aims to gamify a stablecoin asset. The anonymous team’s mission is to provide an economic game that will always have a balanced and fair entry for all participants.
What is Based Money?
BASED is an elastic supply token which can rebase every 24 hours. The Based Protocol will adjust the supply of tokens to target the value of 1 BASED to 1 sUSD. This means that BASED should be loosely pegged to $1 U.S. Dollar. The rebasing mechanism applies to all token holders, meaning if you have 100 BASED tokens in your wallet which are worth $150 sUSD.
Then at the end of a rebase event your wallet balance will be 150 BASED. The idea is for users to take advantage of the rebasing mechanism when trading. Winning the game in this sense would be the ability to continuously build up your stack.
Number goes up… to successfully play the game, you have to understand the rules. The protocol will query a Uniswap oracle to compare the price of BASED and sUSD. A function that can only be called every 24 hours. If the price difference is more than 5% in either direction, then a rebase event will trigger.
- Rebasing is not instantaneous, BASED supply for all holders adjust smoothly over a ten-day period. Meaning you can take advantage of future price movements.
Not correlated to Bitcoin… most altcoins find themselves attached to the market movements of major cryptocurrencies such as BTC or ETH. Based Protocol offers a digital asset whose price movements are not coupled to anything other than its own set of rules. As a result, you have a DeFi product that truly has its own unique value.