Welcome to another episode of Satoshi Club AMA Series. Today we would like to tell you about the AMA session with our friends from Rebased. The AMA took place on September 14 and our guests were @Rebased0 and @DefiMarine
The total reward pool was $1000 and it was splitted into three parts.
In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club! We are proud to announce that our guests today are from Rebased. @Rebased0 @DefiMarine you are welcome. 😀
Defi Marine: Hi everyone.
Rebased: Hello 🙂 glad to be here!
Mary | Satoshi Club: Can you introduce yourself and how did you start with Rebased?
Rebased: Sure. Happy to take this one@DefiMarine
Me and DefiMarine represent the rebased team together with some very dedicated community mods. The rest of the team decided to stay out of the focus. I am in the space sind early 2016. I mainly have a marketing and PR background. DefiMarine is the Lead Dev and the brain of the project.
We started with REB in June 2020 and listed on Uniswap on August 18 after a successfull public sale. we basically wanted to improve AMPL and decided to do it on our own with the help of our community!
Mary | Satoshi Club: Congrats! You were fast😀
Rebased: Yes we were. We hard forked AMPL and improved it. So to be fair there was already a foundation to work with.
Mary | Satoshi Club: What did you want to improve in AMPL?
Defi Marine: We wanted to create something that’s more trustless with automated Oracles and without admins. We also have faster rebases and a few other improvements.
Rebased: 100% trustless protocol which is fundamentally different from what AMPL. no private investors, no seed investors that got a lot of coins with huge discounts. We wanted REB to be a community owned project. This is why the team has a 0% allocation as well.Faster rebases, decentralized oracle, immutable smart contracts.
Mary | Satoshi Club: How was your public sale organized?
Rebased: It was via a purchase form on our website. Very simple. Connect with metamask and swap ETH for REB via a smart contract. We also did the marketing ourselves.
Mary | Satoshi Club: Did you have maximum for one purchase?
Rebased: No we did not have max for one purchase. There are soo many ways to circumvent that. It would have been effort for nothing from our side. Whales just purchase from different wallets. So a “buy limit” is pretty useless to be honest.
Q1 from bitcointalk user xxmetalmartyrxx
This question is for DeFi Marine (lead dev). We all know the REBv1 code was audited by Hacken, and they failed to identify the exploit that allowed over 60ETH arbitraged out of the liquidity pools. With this in mind, has your opinion concerning the value of audited smart contracts decreased? Secondly, and more specifically concerning REBv2, will you have REBv2 audited? If not by a third party, would it be a possibility for you to show which lines in the smart contract have changed from REBv1 to REBv2? This could serve as a quasi-audit, as REBv2 investors could trust that everything other then the new lines of code have been audited by Hacken.
Defi Marine: I still think that security audits are valuable in general but I don’t think that another audit is necessary at this point. Code complexity has mostly been reduced for Reb2 and we have added protections against the pools sync attacks. We can definitely write a blog post that points to the changed locations in the code with some explanation.
Mary | Satoshi Club: So, that’s was also Hacken fault?
Defi Marine: Well, it’s debatable since it wasn’t really a bug in the Rebased code. The problem was the interaction with AMMs. But of course it would still have been nice if they had found the issue before it was exploited. Anyway, it’s all fixed in Rebased v2.
Mary | Satoshi Club: Shure you find a fast and secure way.
Rebased: AMPL had the same problem and I believe RMPL as well. The difference is… we have immutable smart contracts. So we cannot just change them when we feel like it. So we were forced to do a hard fork, a new improved version of REB2. With upgradable smart contracts you have to really trust the admins that they do not change code and decide to increase supply, change rebase mechanism etc. etc. We created a trustless alternative.
Mary | Satoshi Club: Yes, that was important, So, you removed human factor.
Defi Marine: Yes, also have a fully automated Oracle instead of the multisigs that AMPL uses. Our Oracle calculates the price based on the average ETH/REB and ETH/USDC rates on Uniswap (we’re moving everything to SushiSwap for REB2).
Mary | Satoshi Club: So, you are not on Uniswap anymore?
Defi Marine: We’re in the process of moving liquidity over to SushiSwap. It’ll take some time to complete the move.
Rebased: True. We wanted to move to Sushiswap and support the new DEX. The goal is of course to become a part of the chefs menu in the near future as well!
Mary | Satoshi Club: As i know SushiSwap lost its liquidity and it moved to Uniswap lately? But you are moving there anyway?
Defi Marine: It was the other way round. SushiSwap has more liquidity than UniSwap right now.
Rebased: SushiSwap lost some of its liquidity yesterday because the Sushi blockreward dropped from 1000 to 100 Sushi per block, but it is still a very liquid DEX and it offers users the incentive to earn add rewards via their native token.
Q2 from Bitcointalk user linderm
Regarding the incentive program for LPs you have written on your website, you have written: Read our step-by-step guide here (link will be provided later today). Why it is not updated yet? I am following for a couple of days already. Please explain how does it function.
Rebased: We already updated it —> https://medium.com/@rebased/new-liquidity-provider-incentive-program-launched-on-sushiswap-c9848af84d4eppl can currently participate in our LP incentive program and earn up to 2000% APY.
Defi Marine: All you have to do is add liquidity to the REB2/ETH pool on SushiSwap. Rewards will get airdtopped at the end of this month. Like @Rebased0 said, given the current low liquidity this means 2,000+% APY right now. First step is to buy some REB2 on Sushi. https://sushiswap.vision/pair/0xc4dE5Cc1232f6493Cc7BF7bcb12F905eb9742Bd7
Or, swap REB for REB2 if you have any. 😊
Rebased: Or you buy REB1 on Uniswap since we have much more liquidity there and just swap it via swap.rebased.fi
Defi Marine: Yes, if you want to stake large amounts you still; get a better deal by buying REB v1 and swapping.
Mary | Satoshi Club: Are prices for REB1 and REB2 different?
Defi Marine: They’ll likely diverge soon though as REB2 will start rebasing today. Also REB v1 will ultimately be phased out so keep that in mind.
Rebased: To give a deeper insight:
We have locked liquidity for REB1 on Uniswap via a timelock smart contract. (not unicrypt where people can still easily rug pull) – we did it the real and transparent way. So we still have a lot of liquidity there and can’t move it until mid-November. The team provided new liquidity for REB2 on SushiSwap as well, but it is still lower than REB1 currently. So we created the LP incentive program with huge APR e.g.
Defi Marine: The REB liquidity lock expires on November 14. So on that day, most of the liquidity will move from the REB pool to the REB2 pool.
Q3 from Telegram user @ion_cristescu
Please explain how is the rebase function happening and what are the benefits? Where should I hold the funds?
Rebased: Where should I hold the funds?
Rebase will always affect your holdings. However, we strongly recommend to hold the tokens in your wallet (best is Metamask in my opinion). I am pretty sure you know the famous saying “not your keys, not your coins”. So keep your coins on your wallet and not on an exchange.
So for all people reading/watching now. An elastic supply coin will not 100x!! This not the goal and this is not how you make money. You make money with positive rebases and a growing supply
Defi Marine: The rebase function adjusts the supply of the coin in order to achieve a price target of $1. The goal is to remain relatively stable at $1 in the future. So if anybody tells you that elastic supply coin XY will make 100x… you know that this person has no clue
Mary | Satoshi Club: But if it’s third side wallet? Anyway rebase will happen?
Defi Marine: Yes. Rebase affects every balance in every wallet.
Mary | Satoshi Club: I will remember this, very good advice 😀 now you are between 0.96$ and 1$, am i right?
Defi Marine: Actually we’re quite a bit lower than that at the moment. However, you should keep in mind that circulating market cap is also very low – in the low hundred thousand. so things can change very quickly. This is not investment advice.
Mary | Satoshi Club: Thank you, so theoretically, i can hold REB on any wallet. P.s. i know what you reccomend, it’s really one of the most important things to know in crypto. How often rebase happening?
Defi Marine: If you don’t plan on touching your REB for a while it’s best to send them to a cold wallet. Otherwise, I’d recommend a mobile wallet like trust wallet.
Q4 from Telegram user @mag_crypto
You say that there are no pre-mined tokens for the team. However, how about the ecosystem fund? Who owns it and who approves the transfer of funds from this fund?
Defi Marine: Right now the ecosystem funds are in a regular wallet which is controlled by me. So there’s a little trust involved here. 174k.
Rebased: The ecosystem fund is e.g. used for the LP incentive rewards, to pay our community mods, influencer etc.
Mary | Satoshi Club: Who decide where funds will go? Do you have something like a voting?
Rebased: For the LP incentive program we voted internally. One time we did a vote with the community for spending funds, up to this point we have not found the perfect solution for this. However, we will always act in the best interest for REB and the community of course.
Defi Marine: Tbh it seems like too big of an overhead right now since we want to move forward with the core infrastructure, like building a dashboard and other important things for REB2. A voting system can come later.
Q5 from Telegram Username @Aleurich
How will the amount of RBD that I have in my wallet be modified? If it is to increase it, a deposit will be made, but how will you withdraw the tokens from my wallet when a rebase occurs?
Defi Marine: There are no actual deposits or withdrawals made. The rebase adjustment are built right into the Rebased ERC20 contract. Your balance is always calculated dynamically based on an internal conversion rate.
Mary | Satoshi Club: Everything is done by smart contract, so any additional expenses for deposits and withdrawals. Can you tell us more about conversion rate?
Defi Marine: I use the term “conversion rate” loosely. There’s an internal variable in the smart contract that gets adjusted with every rebase. Every time you query the total supply or anyone’s balance or move tokens this adjusted value is used. This way the values can be adjusted globally and equally for everyone without depositing or withdrawing tokens. And the total supply can change without burning or minting.
Mary | Satoshi Club: So, just number of tokens are changing in my wallet, talking from user side.
Defi Marine: Yes, exactly. The number of tokens in liquidity pools like Uni and Sushi changes as well which means that the price also changes instantly.
Q6 from Telegram Username @Jonahapagu
Your rebase happens every 12H By 9Am and 9pm CET… making rebase time known to the public was found out to be one of the main disadvantages of AMPL because this could lead to manipulation by bots and traders don’t you also see this as a challenge.
Rebased: Why no random rebase.
The random rebase is useless because nobody gains from manipulating the price in advance of the rebase. If you pump the price you just inflate everyone else’s token more along with yours, including the number of the tokens in the LP so you simply end up with more tokens of a lower value. We had this question a lot of times already.
Defi Marine: I don’t think that known rebase time is a disadvantage. Random rebase is just a marketing gag.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram User @melanintrish
Kindly explain how the LP INCENTIVE PROGRAM WORKS
Defi Marine: Check this article: https://medium.com/@rebased/new-liquidity-provider-incentive-program-launched-on-sushiswap-c9848af84d4e
Q2 from Telegram User @kun4321
When Rebase?
Defi Marine: Starting today at 3pm ET. 😊
Q3 from Telegram User @Idee01
As a yield farmer that loves to farm several asset class, how can I farm REB2 on Token Swap and Sushi Swap? What mechanism do you use to create balance between these two pools and what other asset class can I use, apart from ETH?
Rebased: This is easy and quick:
Everything is explained here very well —> https://medium.com/@rebased/new-liquidity-provider-incentive-program-launched-on-sushiswap-c9848af84d4e
Q4 from Telegram User @sinahanna32
“Community first!”. Aside from distributing REB2 tokens, something shows that REBASED is only interested in the community. What is the goal that REBASED wants to bring to the community?
Defi Marine: The Rebased team is working very closely with our community. We’ve had several votes on important stuff in the past, including an emergency monetary policy act where negative rebases were stopped for a while. We don’t yet have a formal community governance mechanism but we’re considering introducing one in the mid-term after the basic system is completed.
Q5 from Telegram User @spectrej
Could it cause some troubles for the system if a user is trading exactly at the time of the rebase?
Defi Marine: Nope. can’t cause a problem.
Q6 from Telegram User @dungpro123
1.Can you list 1-3 killer features of REBASE that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
2.Lately many scams happen because founders remove liquidity or just disappear with money, How did REBASE solve this problem, and earn more investors and trusted from users?
Rebased: Why REB?
Rebased is a fork of the recently hyped Ampleforth project – with clear and required changes.
Immutable smart contracts
Comparable systems like Ampleforth allow administrators to change all aspects of the system including its monetary policy. Rebased locks in its monetary policy from day 1 via non-upgradeable smart contracts.
No admin accounts
The rebase smart contracts don’t have admins. The only aspect of the system that is initially managed by the team are the Oracle addresses. This access will be revoked once there is sufficient liquidity for the ETH/REB pair and the Oracle system has been completely decentralized.
Publicly callable rebase mechanism
Rebased allows anyone to trigger a rebase once sufficient time has elapsed since the last one. This means that there is no trusted “operator” who needs to call the rebase function (and could refuse to perform the rebase or stop doing rebases at some point).
Rebase every 12h
The higher rebase rate will allow us to find the desired equilibrium in a faster and healthier way. In addition, price fluctuations will be lower and allow the investor to better assess the associated risk.
Inflation-resistant price target
REB is designed to track the purchasing power of one 2020 US dollar as represented by the Consumer Price Index (CPI). This makes REB a stable store of value that is unaffected by inflation.
Fair token allocation
We have chosen a fair initial token distribution for optimal decentralization and long-term sustainability of the network. Community comes first! No seed or private investors.
2) We can’t rug pull our liquidity. We locked it via a timelock contract that is public as well.
We initially locked 375k USD in ETH and 375k in REB1 on Uniswap. This is all still there and locked. Of course it changed because the price of REB changed as well.
But we are here for 1 month now and we did everything to prove that we are a srs team! We got the audit. All codes are always public. We did the hard fork for extra security etc. etc. We’ve had an audit from Hacken of Rebased V1. The report is here: https://github.com/RebasedToken/audits
Q7 from Telegram User @Eraybukucu
While going through your Twitter account, I came across some of the things that are yet to be completed which includes “Get code audited by a trusted third party”. Don’t you think the contract should have been audited before the pre-sale? Should in case there’s a bug, what’s going to happen to early investors fund?
Defi Marine: Same as above.
Q8 from Telegram User @tv100029
The oracle problem is one of the major challenges imposing the success of DeFi, as decentralized oracles mitigates the risks of a central point of failure. Chainlink is the absolute LEADER of this market. So, what are competitive advantages between Rebased Oracle with ChainLink?
Defi Marine: Rebased uses Uniswap v2 Oracles. It doesn’t require any off-chain providers to work.
Q9 from Telegram User @jobel4
I have Reb1 token in my Trustwallet and I see in your website that it can swap in Sushiswap only. So how can I swap my token and how it will be valuable? Can I swap it through Uniswap? Which exchange are you wish to be listed this coming months?
Rebased: You can swap via swap.rebased.fi !! This has nothing to do with UniSwap or SuhiSwap.
After the swap make sure to add REB 2 to your metmask. To add REB2, open the “Add tokens” dialog in the “Assets” tab and click “Custom token”. Use this token address: 0x87F5F9eBE40786D49D35E1B5997b07cCAA8ADbFF
After that you can trade REB2 on Sushiswap if you want.
Q10 from Telegram User @BlancaSdF
Being honest, do you expect a REB3 version for rebase in the future? or you discard this possibility?
Defi Marine: That’s highly unlikely.
Q11 from Telegram User @chunhocxitrum
How would Rebased’s oracles solve “decentralized” problem while ChainLink is seem “centralized”?
Defi Marine: Our Oracles get all price data from AMMs on Ethereum. So this price data is created by the market and doesn’t require input from a trusted entity.
Q12 from Telegram User @imelruy
How can I trust a person who is totally unknown to me? As the wallet is handled and controlled by yourself how can we sure about our funds that I will never scammed?
Rebased: Your funds have nothing to do with the wallet of the ecosystem fund that we control. We have no control over any funds of any private holder of REB2. This is technically impossible. With the ecosystem fund tokens you have to trust us. And we have proven several times that we are only acting in the best interest for REB and our community.
Q13 from Telegram User @Loversss10
Will resources, such as datasets/algorithms, be completely open for quality inspection prior to staking on them? Or only a limited version of them?
Defi Marine: All source code including Oracles is MIT-licensed and available on Github and Etherscan.
Q14 from Telegram User @Ketz23
Can Rebased explain how much is the Maximum Supply & is there a program like Mining or Burning?
Rebased: I have to give you a short and cheeky answer here. Make sure you get familiar with the concept of elastic supply. If you research it yourself, you will learn a lot more.
But very simple: No max supply —> elastic supply, no mining, no burning.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Rebased. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 600$ were distributed among winners.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Website: https://esatoshi.club/
Twitter: https://twitter.com/esatoshiclub
Our Partners:
Rebased community: https://t.me/rebasedTG