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Based Labs has successfully released their next generation of Staking and Yield Farming – Based Next Gen.

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Based Labs has successfully released their next generation of Staking and Yield Farming – Based Next Gen.

August 24
23:40 2022

Based Next Gen is built around similar principals to their earlier work, however includes some important adjustments and features to enhance the stability and longevity of the protocol. Their extended Genesis distribution concluded over a week ago, distributing their main token $OBOL amongst those that participated. Staking and Yield Farming began shortly after that allowing investors to earn their share token $SMELT and/or use $SMELT to earn $OBOL.

A few key changes that Next Gen partly owes its current success to:

Extended Timings:

Genesis was 1 week long versus the normal 1-3 days; $OBOL emission occur once every 24 hours instead of every 6 hours; $SMELT emissions will last more than 2 years unlike the previous of 5.5 months.

Tax System:

$OBOL has a 10% sell tax, $SMELT has a 5% buy tax (at the time of writing is temporarily decreased to 0%) and a 10% sell tax. Taxes collected are used for token burns and building protocol-owned liquidity via thier ‘Boiler Room’ module.

Tax-free exchanges:

Users can exchange certain assets for $SMELT without paying the buy tax; diversifying the treasury holdings and slowly distributing $SMELT among participants.

Based Labs NFTs:

A novel stake-able NFT which maintains the same value as the purchase date. The NFTs cost $500 (valuated in one of the assets from Based Finance Version 1 and other potential assets that fit narrative in the future) and can be staked for rewards based on that value regardless of changes to the purchasing token valuation.

Furthered support for Version 1:

Many projects disregard their Version 1 tokens aside from an over-saturated genesis pool. Instead, Based Finance has integrated support for V1 throughout the Next Gen protocol, including burning tokens with every NFT minted, or exchanging liquidity tokens for $SMELT.

Based Next Gen Basics:

$OBOL is not pegged to an asset: the Based Finance Ecosystem already has a pegged, algorithmic stable coin in their version 1 tokens. Since that is still being supported, version 2 uses a pegless system, where $OBOL rewards are produced regardless of token price. Instead, emission rates can be adjusted on the fly in order to support the community and market conditions.

Upcoming Features:

There have already been a few teasers of some of the upcoming features to be included in Based Next Gen protocol. A native autocompounder is being built to allow investors to automatically claim their rewards and restake them without paying 10% sell tax. A slow sale module and Twisted Nodes have been announced as well. There is also their NFT marketplace and bridge in development, where other projects will be able to release their NFTs and be able to move them between different blockchains

In Summary:

I am very excited to see how well Based Next Gen performs after Genesis, and are excited for the future features to be included. The team has worked hard to improve and build a functional and prosperous DeFi protocol with sustainability and forthcoming interoperability. As an investor and obvserver of Crypto and DeFi, Based Next Gen is definitely a project to watch and Based Labs as a DeFi team are developing serious protocols with cross-chain capability and I expect to be writing about their next features very soon..

Media Contact
Company Name: Based Labs
Contact Person: Media Relations
Email: Send Email
Country: United Arab Emirates