Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an another AMA with Base Protocol, on January 5th at 07.00 PM UTC to know more about the further devlopment in Base Protocl after the listing phase. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Dylan Senter, Commercial & BD at Base Protocol so here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks
Q1. What milestones did Base Protocol achieve after the launch?
Ans — Milestones accomplished:
- Achieved over $100M in 24hr trading volume on Uniswap.
- Grew marketcap over 100x after our launch, back down to 3–4x now
- Partnerships with: Chainlink, SushiSwap, and Value Defi
- Listings on: Uniswap, MXC, and Gate.io
- Whitelisted by: 1Inch & Dharma.io
- Released the BASE Vaults and have over $2.5M in TVL
Q2. What partnership Base Protocol formed yet after the launch?
Ans — Partnerships with: Chainlink, SushiSwap, and Value Defi.
Questions Asked on Twitter For Base Protocol Team!
Q1. Why do you choose to launch your Liquidity Mining Program with Sushiswap? What advantage did you see with Sushiswap? Can you describe your partnership with Sushiswap? What is the win-win benefits with both parties?
Ans — We believe SushiSwap is one of the top projects in all of DeFi. They are building the largest, most comprehensive selection of staking based projects. We are very excited to be working with them, and hope to have continued relationship with them after our first round in the Onsen.
Q2. With the upgrade from Cascade 1 to Cascade 2, does that mean for shareholders who have just entered Cascade 2 directly, are there any special conditions for new users later?
Ans — Not at the moment. Once we upgrade to Cascade V2, then we should only have minor updates for the time being. In the future though there may be a V3. I’m not sure at the moment.
Q3. What are the reasons you decided to lower the Cascade APY from 400% to 150%?
Ans — The 400% APY was only a special promotion for early stakers and supporters of the project. We said this many times over the past month. We have lowered it back down to 150%, which is actually what it originally started it.
This is a much more sustainable APY for everyone.
Q4. Recently BASEprotocol has many partnerships with very interesting projects, Why choose a partnership with DUCKDAO? Is this part of the Base Protocol Strategy to attract users? and What do you want to build together?
Ans — Our partnership with DuckDao was integral to our launch. They provided a very strong ecosystem of partners, and an amazing early community. We are building our protocol through their incubation process.
Q5. On moving forward through your roadmap, what are your most important next priorities? Does the BASE PROTOCOL team have enough fundamental ( Funds, Community, etc ) to achieve those milestones?
Ans — We definitely have enough “fundamentals”. We have secured funding for the foreseeable future, we have a large community with over 13,000 members on Telegram and over 9000 on Twitter.
Our most immediate goals are further development on the BASE staking options and our BASE APP for easy use. We are also building more partnerships, and working to build partnerships with more CEX as well. Finally we are making a marketing push this month, and plan to bring more awareness.
Questions Asked by our BlockTalks Community Members during live Session to Base Protocol Team!!
Q1.Durning Base Protocol Development , What challenges are you most proud of overcoming so far, where do you see your biggest challenges?
Ans — To date we have already overcome countless challenges. We are proud of the project and our community for the support. To be honest though, challenges are part of running a company, and we expect many more. It is our job to navigate BASE through these challenges.
Q2. The Base protocol has integrated a Chainlink oracle to the platform. Why did you choose Chainlink and what are the security milestones achieved so far?
Ans — We chose Chainlink because they are undeniably the top company in the oracle space. Our goal is to work with the best companies in the crypto space because they are general the most secure and developed.
Q3. What mechanism do you use to maintain the stability of $Base? How safe is the use of algorithms?And How will you deal with the market so that $Base meets its 1:1 trillion goal?
Ans — BASE is a rebase token, and this means that the supply changes everyday to peg BASE to a certain price which tracks the total crypto marketcap.
This supply change is why the token supply changes, and why your coins have been reduced. It’s because the BASE marketcap has also been going down recently. Instead of being reflected in price going down, it’s reflected in supply going down
Q4. As We Know BASE “VAULT” Round One has already ended. What next?? and What are the outcomes of this vault round?? Please explain us??
Ans — ‼️ BASE “VAULT” ROUND ONE CLOSES‼️
The BASE vaults officially closed 01/02 at 6pm CST. In total there was over $263,000 in TVL between the Vaults. Broken down as follows:
3 months: Over $162k total locked between BASE and LP
12 Months: Over $121k total locked between BASE and LP
We are really excited about the results from this round of Vaults. We plan to do more vaults in the future, including community special event vaults, different time-length vaults, and new LP-pair vaults.
Q5. The essence of the BASE Protocol project management consists in experimenting with the rebasing parameters. In what cases will you correct the parameters ? Will the community be involved in this question?
Ans — Yes we will have community governance in the future to help decide on rebasing parameter changes. We do not take these changes lightly though, so we will work with the community to find the best solutions.
Closing Note By Dylan Senter
Thanks for having us back guys, we are happy to continue working with your community, and to do so in the future as well. These are some of our milestones from our first month:
1. Achieved over $100M in 24hr trading volume on Uniswap.
2. Grew marketcap over 100x after our launch, back down to 3–4x now
3. Partnerships with: Chainlink, SushiSwap, and Value Defi
4. Listings on: Uniswap, MXC, and Gate.io
5. Whitelisted by: 1Inch & Dharma.io
6. Released the BASE Vaults and have over $2.5M in TVL
Make sure to check out links and join our TG and Twitter if you haven’t already:
Medium Introduction Article: https://medium.com/baseprotocol/introduction-base-protocol-26bfef7a1a68