Q: TehMoonWalkers , APPLE: lead dev, ICO: management, DOTS: management
You can read the thread directly in Telegram here https://t.me/tehMoonwalkeRs/613040
Q: Please be so kind and introduce yourself and talk about your role in the project
ICO: I run icocountdown.com and have a background in computation science theoretics. I have previously helped projects like Tezos and Chainlink in their early stages. Concerning Debase, I am co-managing the project and consulting with regards to game theory. https://www.icocountdown.com/chainlink/ , https://www.icocountdown.com/tezos/
Q comment: damn those are quite some giants
ICO: alot more too, WAVES, NEO, COSMOS but that was when it was called antshares
APPLE: Hello! I am debase's lead dev. I an been a computer engineer with several years of software development under my belt. Came up with Debase as a way to solve problems faced by flexible supply tokens.
Q: whats the secret for a project to turn from lowcap to multi b$ cap in your opinion? having assisted so many projects on that road?
ICO: really its alot of good project management and also giving crypto what it wants. Solving a problem is the key and an element of luck is very good too
Q: What is Debaseonomics, why do we need it, what does it solve, and how does it work?
APPLE: Debaseonomics is a DeFi protocol that aims to create the first truly decentralized, governable stable coin through two assets, DEBASE, the elastic monetary token, and DEGOV, the governance token. We aim to achieve this with my innovative architecture that allows for open-ended external stabilization through smart contracts called "stabilizer pools" (s-pools). This design can be used to overcome the problems faced by other algorithmic (and non-algorithmic) stablecoins. So to simplify this pitch. When such tokens rebase (increase /decrease in supply) As soon as a contraction occurs. You see a big drop in participating in the token because why hold a token that keeps falling in value? Ie what happens with based,Rmpl, Ampleforth to some extend. Debase is meant as a framework to find the ideal solution to allow people to hold debase during a contraction.
ICO: you also need a good governance mechanism and support pools
Q: What exactly can you with Debaseonomics, and what makes it different to the countless other defi protocols?
APPLE: To understand why we need algorithmic stablecoins, we need to look at what are the short-comings of current stable coins. Stablecoins like Tether, USDC are centralized to the point where if they wanted to, they could censor people by blacklisting addresses. USDC has already started to work with US state policy, while USDT can "recover" coins that people lose in smart contracts if you contact admins, which makes both projects susceptible to pressures of censorship (for e.g., of Citizens who are believed to belong to a sanctioned country).
ICO: On the other hand there are collateral-based stable coins (like DAI, SUSD). Take DAI; ETH is deposited to power a certain amount of DAI according to a certain collateralization ratio. The issue with these tokens is they are correlated with the market since market crash events would mean collateral is revoked.
So to overcome the above issues, we had algorithmic "stable coins" like Ampleforth that were supposed to be uncorrelated with the market. The problem with AMPL and similar tokens is that it turns out, just changing token supply based on market activity is not enough to stabilize the coin. It's apparent now that you need some form of external stabilization, especially to carry you through your negative rebases cycles where pegging to target price is much more challenging. One of Debase's main innovations is the s-pool idea, which basically allows for this external stabilization.
APPLE: Specifically, A s-pool is open-ended and has the following two constraints only:
1) It should have a function that informs governance if it is requesting rewards for stabilization of DEBASE or not (and if so, how much)
2) The owner of the stabilizer should be as same as the owner of the Debaseonomics policy contract.
Since these pools have to be approved by governance, game theory dictates governance will ensure an additional constraint:
3) It should work to stabilize the price of Debaseonomics and benefit DEBASE holders either by providing buy pressure, removing tokens from the supply, or any other means including but not limited to yield farming, debt mechanisms, arbitrage, collateralization by a protocol/synthetic or digital asset, etc.
Basically from this it can be seen that anything by design is a stabilizer pool
ICO: fundamentally we want a completely decentralized stable coin with governance, that gives active monetary supply policy to the users. so the users in a decentralized way can see how socioeconomic values impact them and by using the hivemind we can create the ultimate decentralized stablecoin. users can vote on pools, users can votes on changes to oracle systems if they fail. all the protocol is widely adaptable and changeable through the governance system along with new approaches
APPLE: What this means is you can use alot of different approaches already present and modify them so they focus on the main goal of stabilization. Meaning you can have burn pools like ESD. Or yield vaults like YFI
Q: the more decentralization, the more areas to be attacked, how can you ensure safety?
ICO: i would disagree with that, with regard to decentralization the most decentralized coin is currently BTC, the more open source it is the less attack vectors occurr because of the open source nature and non centralized mining construct there is no real time since satoshi disappeared. i am not comparing this project to bitcoin or ethereum however these projects have stood the test of time because of their decentralized nature. the more decentralized the better for security
Q comment: yes but btc is very limited in its functions, which reduces areas of attacks
DOTS: Let me just chime in, having said all that..We have hired a security consultant full time (@VidarTheAuditor) to check all contract deployments. Additionally, governance can check on these contracts before the proposal is passed.
ICO: yes so in a decentralized nature we have added and outsourced other independant people
Q: Let's talk about the token(s); what is the benefit of holding it? And what can I do with it?
APPLE: Rebase simply refers to changing the supply of a token positively or negatively based on supply and demand to get the price to be around the target price, which in this case is 1 Dai. This doesn't mean Debase's value would be 1 Dai in the short term.
As demand for Debase increases, so will its price. This, in turn, will cause its supply to increase. So if you are early to Debase and own 1% of the network when the supply is about 100,000 tokens, when the market cap of Debase grows by a factor of n, the value you hold will grow by the same factor. Debase wants to accrue a bigger market cap so it can eventually stabilize to its target price. This is just one of the strategies that Debase will use to stabilize itself, apart from stabilizer pools.
As for Degov, you need it to vote on the monetary policy of Debase. In all probability, governance will vote for profit sharing with successful stabilizer pools; a recent lesson in DeFi is that you need a revenue stream for governance tokens to ensure they are in the right hands; otherwise, you just have empty speculation.
ICO: the basic DEBASE token is the currency which is a monetary system, the DEGOV system is the token that allows for governance and conduction over the monetary supply and dynamics of the DEBASE token. holding the DEGOV token allows users all to vote on what sort of monetary policy they want, pools, time for rebases, oracle systems and many other things. the code is extremely flexible in its design and can be changed with the DEGOV token, the DEBASE token is the fundamental currency so you are basically having a situation where you can on the fly change constructs of a protocol through decentralized governance procedures
Q: how do the tokens relate to each other? and how can investors receive both of them?
DOTS: In terms of distribution, they were both distributed through fair launch mechanisms. There was a bug in V1 found in audit, so we airdropped 70 percent of the new Debase tokens to community through a procedure that they voted on, and mediated by the auditor so it was all fair. The rest 30 percent is mined through Dai in pool 1 or Dai/Debase LP in pool 2. As for Degov, mining begins on the 26th, so in a few days.
ICO: the first initial coins were mined with pure DAI or DAI/DEBASE LP, which could be unstaked at anytime. that was mining the basic DEBASE, now on thursday you must use the DEBASE/DAI UNISWAP LP2 tokens to mine the DEGOV. you can check out the mining here if you are interested https://debaseonomics.io/dapp/staking
Q: What stage is the project at, talk about the roadmap?
ICO: DEGOV mining opens on 26 November at ~9:15 am UTC. u/jusTaPunkk is coding more s-pools as well as the interface necessary for users to choose the stabilizer pools they want to stake their assets into, in an easy-to-use and informed manner. all the code of the project is complete apart from the addition of the other pooling system, since these need to be voted in with governance (DEGOV) and as many pools can be added as people want essentially. we are currently working on the gui (graphic user interface) to allow streamlined voting and a more active user experience since the voting times will be quite quick. this allows for more user participation in the longrun and also a streamlined project where we can get a large majority of users to interact and therefore vote so we invite everyone to join us
Q: Why is the team/dev anonymous?
APPLE: One of the core principles of DeFi protocols should be to maximize regulatory arbitrage. Anonymity will help prevent the kind of regulatory red-tape faced by previous attempts at decentralized stable coins like Basis. Additionally, the distribution of the tokens has been through fair launch mining. There are no premines/team tokens. Even the migration of tokens from V1 to the current version was fully mediated by the community and our security consultant. And to give an example from history. Basis one of the first stable coins. Failed to launch because of the same regulatory problems
ICO: we understand also that there is alot of rugs in the defi space, so liquidity is also locked https://team.finance/view-coin/0x9248c485b0B80f76DA451f167A8db30F33C70907?name=Debase&symbol=DEBASE but we believe the code speaks for itself and due to the independant audit we believe it will be a great project https://twitter.com/VidarTheAuditor/status/1327009463728033798?s=20 that is the link to the new audit so everyone can check for themselves
Q: all of the above seem pretty complicated, How do we understand your project?
ICO: Our community wanted an educational series, so we wrote a series of articles to explain the concepts of Debaseonomics in simple terms. Please find them at debaseonomics.medium.com. we constantly post about developments and strategies here are a few examples:
- https://debaseonomics.medium.com/rebasing-for-smol-tings-a-simplified-guide-7888a1bf4bd7 this is an introduction to general rebasing mechanisms along with help and how DEBASE will aid and compliment the space in stablecoins along with a short history of stablecoins
- https://debaseonomics.medium.com/uniswap-and-elastic-supply-tokens-troubled-co-dependence-ba3ecfcfcc76 this explains rationales for DEBASE and the co-dependance with stablecoins and uniswap along with other tokens that go through those mechanisms
Q: please talk about the Funding situation?
ICO: It's a fair launch project, with private investors paying for Audits and other leg work necessary to make sure people learn about what we are achieving here.
Q: What about partnerships, any you can disclose yet?
ICO: we cannot disclose any partnerships currently we are in talks with exchanges and otherwise (CEX's) and many other people in the DEFI/Ethereum space. we have currently retained vidar the auditor to make sure all the security is compliant he is very well respected and we have also onboarded a developer from a polkadot project to help with the code for the computational theoretics of the pool if anyone is interested in helping development then you are welcome to join us and learn more in the telegram http://t.me/debaseonomics
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