What Is Based Finance Next Gen (OBOL)?
The first iteration of the protocol, Based Finance Next Gen, supported TOMB by pegging to tomb. Providing utility and increasing liquidity on the Fantom Blockchain. OBOL is a PEGLESS token and a part of Based Next Gen (v2), which is a multi-token protocol. Based Next is a continuation of the successful seigniorage protocol BASED Finance. Being a product of research and innovation, Obol looks solve the algorithmic token problem by moving to a pegless model that relies on Market forces and value added mechanics for price determination.
| Coin Basic | Information |
|---|---|
| Coin Name | Based Finance Next Gen |
| Short Name | OBOL |
| Max Supply | 97,706 |
| Circulating Supply | 23,493.00 OBOL |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
NFTs (Prometheus collection)
Based Labs is happy to announce that Prometheus is Finally HERE! Omni-chain NFT that can be bridged to 9 EVM compatible chains right away! They launched first of a kind Slow Mint mechanic using $BBOND token.
This mechanism provides a slow constant burn on $BASED token while avoiding dilution of the staking pools made for Prometheus in Based Next Gen protocol!
Based Lab’s vision is to keep burning supply of $BASED and OBOL with every new protocol launched on any chain. It will have direct impact on circulating supply and health of the Based ecosystem.
Tokens
OBOL is a pegless algorithmic token. The protocol’s new Perpetual Print mechanism will mint OBOL no matter the relative price. We have found great success in other protocols which implemented buy/sell taxes, and we will be using those to both support burning and auto LP mechanic as well as reduce the impact of auto-compounders on the token prices. OBOL does not have a maximum total supply cap. 100, 000 OBOL will be minted initially:
- 10,000 OBOL will be used for seed liquidity partially, rest will be sent to Protocol Fund to control supply and feed BoilerRoom Module!
- Emission of OBOL will be revolving around 1% daily, but can be adjusted to a range of 0.1% up to 10% daily depending on demand and market conditions – elastic supply will be in play.
OBOL has a 10% sell tax and a 0% buy tax in order to maintain constant growth in value! OBOL has elastic supply feature embedded in it, which means it will be constantly burned and minted as desired to keep healthy growth and reduce unnecessary expansion!
Protocol Fund
The fund controlled by the developers of BASED Finance that conducts buybacks and acts as a reserve to help maintain the peg.
Protocol Fund Multisig Address
Information about the Protocol fund is as follows:
- Protocol fund will be used for Improvement of the protocol and Future Developments
- The Protocol fund will hold a range of assets at the discretion of the core team
- The fund may or may not invest in safe projects to earn yield and grow itself at the discretion of the team.
- Changes to fund management subject to core team decision.
Up to 20% of OBOL Emissions will go to the Protocol Fund.
10% of SMELT Emissions will go to the Protocol Fund.
Team Allocations
As they would like to be 100% transparent with the community, we have outlined the exact development/team funding structure.
$OBOL
- Up to 5% of emissions can go to Core team
$SMELT
- 10% of total emissions will go to a team pool that will be distributed amongst the team and vested linearly over the course of 24 months.
Team tokens will be linearly vested over the course of 24 months. Protocol fund tokens will be linearly vested over the course of 24 months. The majority of the tokens will be used for marketing, development, and partnerships. Along with the funding to our future protocols supporting the BASED ecosystem.
