Proposal: Add support for $BASED & mbBased to AAVE

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I would like to propose that AAVE add support for both the $BASED and mbBased tokens. $BASED also known as Based.Money is a decentralised rebasing stablecoin asset where a stable price level is targeted via a variable supply and a notionally pegged price as opposed to a variable price and a fixed supply. Unlike AMPL who have attempted to peg to USD, $Based is attempting to peg 1 $Based to 1 sUSD (Synthetix sUSD – the most decentralised liquid stablecoin in DeFI currently). Details around the protocol’s specific methodology for rebasing can be found on the website: https://based.money

One other important difference from AMPL is the community driven ‘fair launch’ approach driven by a great anonymous cabal know as ’The Ghouls’. The ‘fair launch’ distribution meant that there were no ‘founders rewards’, no ‘team allocations’, no ‘ecosystem allocations’, and that everyone had an equal chance to ‘farm’ the currency during its ‘pool 0’ and ‘pool 1’ phases.

The other important thing to note is that the $BASED money protocol is effectively immutable as the ‘keys’ have been burnt. There is no in protocol governance nor ability for centralised actors to interfere with the operation of the currency.

While Based Money was originally, in the words of the founders:

“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 result is a post-modern economic game that continually resets. The barrier of entry is fair and balanced for all participants.” It has now progressed beyond this initial conception via multiple novel, innovative and community focused decentralised finance innovations including Based Collective (NFTs and Based art/memes) & Moonbase (community focused, collaborative, positive EV farming), and the Ghouls pioneering NFT backed debt.

The Ghouls most recent innovation is mbBased, this acts as a standard erc-20 (no rebasing) and represents the proportionate share of any individuals % ownership of $Based. As such mbBased provides a much simpler way for projects to integrate Based Money due to the lack of rebasing (holders still get rebased on their underlying $Based tokens).To get mbBased, $Based holders stake their $Based in the Moonbase, where other projects are able to deploy rovers and farm their tokens and slowly sell them over the course of a year. In return they access the power of the Based community via memes and other support. The gains from these Rover farms are used to market buy $Based and return that $Based to the Moonbase when the rugpull function is called. There are 3 projects currently deploying rovers, with another 7 lined up in the short term. Demonstrating the power of the Based community, approximately 70% of $Based is locked in the Moonbase earning an APY of .3%, and mbBased was a comfortable winner in round 1 of Yield Wars.

Liquidity:

$BASED and $mbBASED are currently traded on Uniswap. The two main pairings are $BASED/sUSD and $mbBASED/$BASED.

Liquidity is set to increase as the ecosystem grows and gains more traction. In particular liquidity incentives are planned around the development of Based v1.69.

Benefits for AAVE:

AAVE will benefit by having two new & novel stablecoin like assets to offer users (one rebasing and one non-rebasing) leading to greater revenues, TVL & protocol liquidity. Having these assets also helps to de-risk the AAVE portfolio by introducing non-correlated & decentralised assets.

The other benefit is the co-operation between the AAVE and BASED communities, Based<>Aave memes, and future benefits to AAVE as a result of upcoming Based developments such as Based.Swap/Based v1.69

14 Likes
2

I would love to see this happen!

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3

+1, would love to see this! Add another vote for mbBASED.

3 Likes
4

would love to have support for $BASED and mbBased on AAVE

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5

BASED would be a great addition to the platform. The low liquidity might be a concern, but there’s going to be a roll out of a new NFT game with liquidity incentives to help solve this problem. Parameters for leverage can be set high to mitigate this risk and as liquidity improves it can be adjusted.

3 Likes
6

+1 I agree with this. would be awesome

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7

Hearthstone of DeFi. Will be collecting them all.

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8

Upcoming volume driving events:
NFT Card Game (featuring Based epicness)
Moonrover dividends (featuring your favorite bag)
Based.Swap (The basedest dex there ever waz)

Expect aave x based memes when vote passes

9

Great proposal! Would be awesome to have Based & mbBased

10

As a supporter of both projects I really like this project

Agree and to add further praise to Moonbase, its built on fair launch principles and it should be a magnet to attract and vet quality projects and give them a community to launch into etc.

Not to mention the possibility of having a Dex built around a Defi first rebasing coin. Not only does that add a level of usability with the rebasing effect keeping a stable price to trade against it also offers traders the ability to trade into a scarce asset class (Based) and access ecosystem benefits like Moonbase should they wish to.

Adding Based and Mbased to Aave bring a vibrant and active Defi community that should benefit both projects immensely. Not to mention the transactional and lending value that should accrue to Aave by having Based as an integrated asset from an early stage.

11

Looks like a fantastic idea - I fully support it.

Based’s plans in the DEX, NFT and Fair Launch space all align with the leading position AAVE takes within defi & an apparent engagement w/ Aavegotchi only strengthens this tie.

Allowing Based & Mbbased to integrate in the aave network is a win for all parties!

1 Like
12

Would love this to happen so much, low liquidity will be solved very soon with the launch of their MoonBase NFT card game (earn NFT with liquidity mining).

BASED x AAVE made for each other.

13

+1 BASED and mbBased aligns well with AAVE. DEX, NFTs, fair liquidity mining, etc. Potential for a very strong community that will complement AAVE well.

1 Like
14

+1 for based and mbbased

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15

Yes, this would be great!!

16

Based and aavepilled.

17

This sounds like a great idea, like it a lot.

18

Seems like a no-brainer to me! $Based is going to change the game. Let’s make it happen

19

From a technical standpoint this would be the first rebasing asset on Aave. How would it work? If you receive aBASED for depositing BASED, then aBASED would have to rebase every time BASED does? Is this even technically viable? @Emilio @stani

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20

This is why we could add mbbased instead. Mbbased is a non rebasing assets. It represent the value of $BASED

1 Like