BASED has a new method for aligning decentralized finance (DeFi) projects with each other. At its core is a smart contract called Moonbase, CoinDesk has learned.
Based.Money is a project of the Ghouls, a loose consortium of crypto developers, artists, designers and meme makers. Friday night, the outfit will release its newest project since BASED, the rebasing game dropped this summer during the boom of Weird DeFi.
Based.Money is a game that riffs on Ampleforth’s rebasing mechanic, where it makes a daily readjustment in the supply of BASED tokens, adjusting the amount in everyone’s wallet. It’s a game of optimizing for the right time to get in and get out.
But Moonbase is a bit more serious. As the project’s pseudonymous proximal leader, Based Money God, told CoinDesk over Jitsi:
“What we’re all about is creating a fair launch movement. An ecosystem of projects that are self-sustaining and don’t require traditional venture capital or institutional investment in order to succeed. We want to create a collaborative space of builders in which we all benefit.
Fair launches are a way to get lots of people involved in a new DeFi project without relying on traditional seed capital. Yearn.Finance is often credited for popularizing the term after announcing a governance token and a way for liquidity providers (LPs) to earn them without setting tokens aside for anyone else, even the creator.
“Most of these DeFi projects aren’t inherently decentralized. They are inherently skewed or biased because VCs back them,” Based Money God said. “When these projects raise, the VC allocations have a disproportionate amount of tokens.”
A new alliance
Moonbase creates a way that new projects can offer tribute to the BASED community such that they have an incentive to back, promote and support the new project for at least a year. It could almost be called community mining.
“You can see the power of…