BASEDUSD
BASED / United States dollar
crypto

Based Protocol is an Ethereum-based token project and supply rebasing system that aims to keep the value of one BASED token close to one sUSD, a synthetic version of the US Dollar. The project borrows its monetary policy from stablecoin project Ampleforth. Unlike Ampleforth, however, Based Money did not raise any outside funds and instead plans to distribute all BASED tokens through its liquidity mining program. The project describes its rebasing system as a "DeFi game of chicken" because it will contract or expand the BASED supply based on the price of its token. Based protocol uses a simple version of Ampleforth's economic policy and smart contracts.