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Welcome to Based Finance the algorithmic token pegged to FTM on the Fantom Network.
Based Finance team consisting 14 people successfully launched Based Finance protocol in February, 2022. Initially we decided to peg to Tomb token, which was one the dominating projects on FTM network. This allowed us to gain great exposure to community, partnerships and healthy growth of our protocol - TVL peaked at around 120 million, very deep liquidity on both tokens, top traded coins on FTM chain, we had it all! As we all know this didn't last for long, and by end of Based Shares emissions (July 24th) we ended up having 39.5 million Based tokens in circulation, which lost all their value with investors capitulating and mass panic in DeFi space.
Since then, economic situation in the world worsened even more, especially crypto markets took a big hit and we are currently in the depths of a bear market. With all economic and emotional hardships we had to restructure, plan for future of our product and preserve it at all cost by reducing our expenses and shrinking our Core Team to 6 members. In addition to that, we had a different vision for future of DeFi with tomb finance and we had to part ways.
We decided to improve and innovate on our product after brainstorming on how to preserve our protocol without losing the initial narrative or getting lost in a slew of failed projects. We optimized our mechanics and came up with new ways to make ASC stronger then before. We decided to implement burns on our main farm token $BASED to bring greater value to it! We are happy to say that at the time of this docs update - we stand at ~ 22 million tokens in circulation and this number keeps going down every day!
Additionally, with the help of our very based community we decided to repeg to FTM to avoid premature printing of $BASED in the middle of a bear market since we are still in the process of lowering our circulating supply! So far, its been a very long and rich journey for all of us, both investors and team members alike.