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