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Base Protocol (BASE) is a decentralized financial (DeFi) application built on the Ethereum blockchain. It delivers a unique tokenized cryptocurrency market tracker by offering a token called BASE, whose price is pegged to the total market capitalization of all cryptocurrencies at a ratio of 1:1 trillion.

It is built on an elastic supply protocol that programmatically expands or contracts the token supply to achieve a target price equilibrium. The BASE token's price is pegged to the total market capitalization of all cryptocurrencies, exposing users to the performance of the entire crypto market.

The BASE token’s target price is one trillionth of the total market capitalization of all cryptocurrencies. When the market price of BASE reaches the target price, the token is considered to be at equilibrium.

By holding BASE tokens, users can gain exposure to the performance of the entire cryptocurrency market without needing to manage a portfolio of individual cryptocurrencies. This allows traders and investors to speculate on the crypto industry as a whole using a single token.

It is important to note that the Base Protocol and BASE token are not affiliated with the Base blockchain - a layer2 Ethereum scaling solution incubated by Coinbase and developed using Optimism’s OP Stack.

Base Protocol is an innovative investment vehicle with several core features contributing to its functionality and value proposition. Here’s how it works:

Synthetic Assets

The BASE token is considered a synthetic asset, meaning it carries the same properties and is price pegged to another asset. In the case of Base Protocol, the price peg is to the total market capitalization of all cryptocurrencies at a ratio of 1:1 trillion. This allows the BASE token to provide exposure to the performance of the entire crypto market.

Elastic Supply

Base Protocol utilizes an elastic supply mechanism to maintain price equilibrium. The token supply expands and contracts programmatically based on certain conditions. The goal is to achieve a target price equilibrium, ensuring that the BASE token's value corresponds to the intended peg to the overall cryptocurrency market cap.

Price Pegging Mechanism

The price pegging mechanism ensures that the BASE token's value reflects the overall performance of the cryptocurrency market. By pegging the token's price to the total market capitalization, the BASE token aims to provide traders and investors with a simplified way to speculate on the crypto industry as a whole.

Based on Ethereum

Base Protocol is built on the Ethereum blockchain, leveraging its robust infrastructure and smart contract capabilities. This integration allows for the secure and transparent operation of the Base Protocol and ensures compatibility with the broader Ethereum ecosystem.

Nick Ravanbakhsh and Dylan Senter founded the Base Protocol project. It was introduced in September 2020 and officially launched in November 2020.

The BASE public sale held at the time of launch got sold out in seconds, generating more than $1 million in trading volume and over $500,000 in liquidity in the first hour. The BASE token was launched via Uniswap, and a small allocation of $50,000 was offered via 1INCH.

In January 2021, the Base Protocol announced the completion of a security assessment by CertiK. The CertiK Foundation performed a full security assessment of BASE Cascade, the protocol’s yield farming service.

In June 2021, Base Protocol announced that it would use Chainlink Keepers to maintain its rebasing function in a decentralized manner. A month later, the platform announced an airdrop campaign, distributing BASE holdings among the community as incentives for engagement.