On 25th of February Base Protocol conducted an AMA in Crypto Revolution Community. Our Guest was Dylan from Tem Base. Base Protocol is one of my TOP Crypto Picks for 2021. Solid Project! Let’s take a look at most interesting points from our conversation with Dylan!
INTRODUCTION
Danny | Crypto Revolution: Base is one of my Personal TOP Crypto Picks for 2021! Welcome Dylan! Happy to have you again with us for a 2nd time!
Dylan | BASE: Hey guys!
Danny | Crypto Revolution: Hey man. You were here before Base Presale. Lol ?? What Base established since than? I know it’s quite a lot but in few sentences ??
Dylan | BASE: The biggest things we’ve done is build partnerships.
Partnerships: Chainlink, Sushi, PAID Network, Value DeFi, Ferrum, Unilend, etc…
On top of that, we have developed the V2 of our staking platform the cascade, and we have release staking vaults for longer-term staking options
We have also ramped up our marketing, signed on several partnered influencers, and done some work with the Wall Street Bets telegram groups!
Danny | Crypto Revolution: This is quite impressive. Could you please describe what is Base Protocol in Layman’s Term to the Community?
Dylan | BASE: Base Protocol (BASE) is a token whose price is pegged to the total market cap of all cryptocurrencies at a ratio of 1 : 1 trillion. BASE allows traders to speculate on the entire crypto industry with one token.
If crypto market cap is $1 trillion, BASE is pegged to $1.00.
If crypto market cap is $2.5 trillion, BASE is pegged to $2.50.
Danny | Crypto Revolution: A lot of people don’t understand the Rebase Mechanism at all. And we know Base is a Rebase token. Could you please explain how the Rebase Mechanism is working in simple words?
Dylan | BASE: Simple words:
Rebase: Changing the supply of the token equally across every wallet in existence
Positive Rebase: Increases supply if BASE price is above marketcap peg
Negative Rebase: Decreases supply if BASE price is below marketcap peg
Danny | Crypto Revolution: Yeah. I still see a lot of people asking why their tokens decrease after Negative Rebase. Lol. Still a lot to study. There is Base Educational Channel right?
Dylan | BASE: Learn the basics:
BASE price is peg to cryptocurrency marketcap in ratio 1 to 1 trillions.
BASE supply fluctuates based on rebases. Holders will sometimes have tokens burned or bonus tokens minted in their wallets.
Check on whitepaper: https://drive.google.com/file/d/1O9V4vjygGmno90NAXSDtj9IwZAelZCsj/view?usp=sharing
Base education https://t.me/BaseEducationVids
Rebase history: https://dashboard.baseprotocol.org/base
Danny | Crypto Revolution: Thank you Dylan. You recently partnered with Paid and Ferrum Network. How this is beneficial for Base Holders?
Dylan | BASE:
Base Protocol x PAID Network ??
Imagine lending BASE…without exposure to rebases.
We are partnering with PAID Network to make this possible through SMART Agreements ??
We are thrilled to announce that Base Protocol is the next Ferrum Network staking project! ??
Ferrum is the leading provider of customizable DeFi staking solutions, and we are proud to partner with Ferrum to integrate on their technology ??
?? Learn more about the collaboration:
https://medium.com/ferrumnetwork/announcing-the-next-staking-project-base-protocol-160549d37fcb?source=friends_link&sk=ea328138f2554a86f5ad4585c676c6bd
TWITTER QUESTIONS
Q1 from @Ontartk
Is the BASE team looking at layer-2 technologies to increase scalability?And How do you see future cross-chain opportunities on Base protocol?
Dylan | BASE: Yes this is definitely something we are evaluating. We are looking at several options for this, but it is very prelimenary.
Q2 from @CryptoAMA1
On your website it’s explained that $BASE price is pegged to the total market cap of all Cryptocurrencies but it’s quite confusing that it’s elastic supply also has a Rebase mechanism. How is it possible for Rebase when the price is pegged to the market cap of all Crypto?
Dylan | BASE: The rebase is what pegs the price daily. Outside of the rebase period, BASE trades like any other token.
Danny | Crypto Revolution: Why you got delisted from MXC Exchange?
Dylan | BASE: Simply not enough volume. The majority of our community has been using Uniswap and Gate.io
Danny | Crypto Revolution: Yeah. I see no Volume on Resfinex and Sushiswap as well. Are you in talks with other CEXs for Listing? I know is hard cause they have to support the Rebase Mechanism
Btw chat. Really good Video about how Base works:
Dylan | BASE: Yes we are in talks with some, but can’t comment much more on it.
Q3 from @Aykutbarnabas
What innovations will be for new investors of Cascade V2? Are these special conditions or minor updates?
Dylan | BASE: The main additions to the V2 is accounting changes, Multipliers are enabled, multiple deposits are available.
We have more big changes coming for the Base Web App 2.0, which we are currently developing and building out.
REDDIT QUESTIONS
Q1 Reddit:
Dylan | BASE:
BASE, an asset that gives exposure to total crypto market performance, can be very useful as a lending instrument for crypto traders:
Imagine you borrow 1000 BASE and buy an altcoin with it. Then the crypto market fall 30%, so your altcoin falls 50%. Now it’s time to sell your altcoin and buy BASE to return to your lender. But you notice the BASE is now 30% cheaper than when you borrowed it!
So even though your altcoin fell 50%, you were only exposed to a 20% loss — the loss you took that was in excess of market performance.
In this way, BASE can be used as a hedge for trading crypto on leverage, protecting borrowers against erratic market movements ??
BASE can be a valuable alternative to stablecoins, which leave borrowers fully exposed to the volatility of their crypto investments.
In this way, we believe BASE may be the most useful tool in the crypto lending space ??
The problem is that DeFi platforms like Aave and Compound don’t currently have much support for elastic supply tokens. And even if they did, some lenders may be interested in lending rebase tokens, but may not want exposure to the rebases.
?? But there is a way to make it possible for individuals to lend BASE without exposure to rebases:
It would simply work by a lender placing an offer to lend BASE without actually holding the BASE.
Once a borrower commits to borrow that BASE, the lender would have an obligation to buy the BASE on the market and send it to the borrower.
This way, the lender gets to lend BASE without exposure to supply changes!
BASE lending built on PAID SMART Agreements makes this possible ??
?? Learn all about it here:
https://link.medium.com/pVbY7QDvQdb
Danny | Crypto Revolution: This is really impressive man.
Btw we both know a lot of people entering Crypto in General and Projects just for the Price. And I see Fud when people get Negative Rebase. What is your Advice to such a people? For me personally Patience is Golden in Crypto but a lot of people don’t have it!
Dylan | BASE: What I generally say is that we are early. Our token has been released for 3 months, and we are growing our ecosystem.
We are working hard, and expanding the team very soon here
So…patience
Danny | Crypto Revolution: Yeap.. Patience will pay you over chat
Q2 Reddit:
Dylan | BASE:
- The Formative Period vs. the Final State -
BASE will act as a crypto index once it has achieved a stable price peg to the crypto market cap.
However, this price peg will NOT be stable in the beginning. That is because new adoption for BASE will cause bullish disruption on the price peg.
This is the “Formative Period” dynamic. In this formative period, as new users buy and adopt BASE, the growth rate for BASE will probably exceed the growth rate of crypto market cap. This means that for early adopters, BASE is more speculative than it is stable. During the formative period, holders are speculating more on BASE adoption than they are on the crypto market peg.
However, once BASE reaches an adequate threshold of visibility and adoption slows down, we can expect its market price to stabilize on the peg. Once this is achieved, holders will be able to use BASE to speculate on crypto market cap, and not so much on BASE itself. This is the “Final State.”
In the formative period, buying BASE is a bet on future adoption of BASE.
In the final state, buying BASE is a bet on future adoption of the crypto industry.
UPTRENND QUESTION
Dylan | BASE: Yes this is definitely something we are evaluating. We are looking at several options for this, but it is very prelimenary
Danny | Crypto Revolution: I’m sure will be announced when time comes up
Thank you for covering all this questions Dylan!
TELEGRAM QUESTIONS
Telegram User:
Would you explain us how will users be affected by the rebase? Would he amount of tokens vary?
Dylan | BASE: Yes the tokens they own will change in supply, they will increase in a positive rebase and decrease in a negative rebase. The price will change accordingly though, so your % ownership stays the same.
Telegram User:
The uses of coins attract investors. What will be the main role and functions of your coin in your ecosystem? Also, is it possible for the BASE token to be used in real life?
Dylan | BASE: The main use cases for BASE are:
- As a collateral lending asset
2. A BASE trading pair (x/BTC)
3. A single token to represent the entire crypto marketcap.
Telegram User:
Lately there have been several projects of elastic supply protocol, but how does Base differ and what makes it unique in relation to similar projects? Why should users prefer Base over the others?
Dylan | BASE: In terms of rebase tokens that track total marketcap, we are the original token to track marketcap. There have been several copycats that have tried to do the same thing, but BASE is the only one still working hard towards achieving the goal
That is 3 questions chosen from the community round, we appreciate you guys tuning in for the AMA. Make sure to check out Base Protocol at:
https://t.me/baseprotocol.org
www.baseprotocol.org
CRYPTO REVOLUTION SOCIAL MEDIAS:
- Telegram group — http://t.me/crypto_revolution1
A/ Telegram Announcement Channel — https://t.me/cryptorevolution11
B/ Telegram News Channel — https://t.me/crypto_revolutionnews
2. Twitter — https://twitter.com/revolut20
3. Medium — https://medium.com/@cryptorevolution
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6. PUBLISH0X — https://www.publish0x.com/@Danail-Stefanov
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8. Linkedin — https://www.linkedin.com/in/crypto-revolution-73ba111a0/
9. Reddit — https://www.reddit.com/user/CryptoRevolution11
Website: https://crypto-revolution.io/ ( Update Coming soon )
Our Partner:
?Website: http://baseprotocol.org/
? Price chat: https://t.me/unofficialbaseprotocol
?Announcement channel: https://t.me/baseannouncements
?Base education: https://t.me/BaseEducationVids
?Dashboard (Next Rebase timer and more): https://dashboard.baseprotocol.org/
?Rebase history: https://dashboard.baseprotocol.org/base
?VAULT: https://dashboard.baseprotocol.org/pools
?Whitepaper: https://dashboard.baseprotocol.org/pools
?TRADE BASE:
UNISWAP — https://app.uniswap.org/#/swap?inputCurrency=ETH&outputCurrency=0x07150e919b4de5fd6a63de1f9384828396f25fdc
GATE.IO — https://www.gate.io/trade/BASE_USDT
?How to Stake in Cascade: https://medium.com/baseprotocol/how-to-use-the-base-cascade-df96381f166c
?How to Stake on SushiSwap: https://medium.com/@BaseProtocol/yield-farming-base-on-sushiswap-f20d52e53ee0
?Youtube: https://www.youtube.com/channel/UCfiacHaKd98kNLSRbc-4qnw
?Team: https://medium.com/baseprotocol/base-protocol-team-f64d0b62aa35
Contract Address: 0x07150e919B4De5fD6a63DE1F9384828396f25fDC
Halborn Security has completed the BASE token contract audit
Contract Audit: https://github.com/HalbornSecurity/PublicReports/blob/master/Solidity%20Smart%20Contract%20Audits/Base_Protocol_halborn_report_V2.pdf
