Support REBASE (first and only native Rebase Project on Base) on Seamless

Project and Asset Integrations
1

Summary:
Proposal to add Rebase for lend and borrow markets on Seamless Protocol on Base.

References:
Project - https://www.rebasebase.com/
Whitepaper and Documentation - https://docs.rebasebase.com/overview/introduction-to-rebase
Github / source code - https://docs.rebasebase.com/technical/smart-contracts
Base L2 contracts - $1.04 | Rebase (Rebase) Token Tracker | Base
Audit - No audit - direct fork of time tested and audited Ampleforth code base
Twitter - https://twitter.com/rebasebase
Support - Telegram: Contact @Rebase_Community

Paragraph Summary:
This is a proposal to add Rebase (REBASE) to Seamless protocol on Base mainnet. Rebase is the first and only native rebasing asset on Base. It shares an ideological root with its predecessor, Ampleforth, and believes in the future of elastic supply cryptocurrencies. Rebase aims to bring this type of digital asset to Base, as a key DeFi primitive, so other interesting DeFi components can be built on top of this foundation, whether flatcoins, vaults or more.

Rebase is a direct fork of Ampleforth and its liquidity incentive program is a fork of Ampleforth geysers. Because of this, Rebase inherits all of the battle-tested security of the Ampleforth project, which has existed since 2017 (with no hacks or exploits and hundreds of millions of TVL passing through the smart contracts).

Motivation:
Since Seamless Protocol is the first (and only) native liquidity platform built on Base, it should consider expanding its shelf to support other Base-native DeFi projects and primitives, such as Rebase, which has high growth potential and wishes to be a key primitive in the Base DeFi ecosystem. Additionally, Rebase has top 13 liquidity on DEXs on Base, top 10 liquidity on Base when removing duplicative USDbC, USDC WETH pairs according to Geckoterminal

Specifications:
What is the link between the author of this Seamless Improvement Proposal and the Asset?
Rebase community member

Provide a brief high-level overview of the project and the token
Rebase plans to be the largest rebasing project on Base. Rebase hopes to expand into the rapidly growing Base ecosystem and see various projects utilize Rebase as a primitive and liquidity layer. As the first and only native rebasing project on Base, Rebase has begun establishing its roots as an early Base ecosystem player.

Explain positioning of token in the Seamless ecosystem. Why would it be a good borrow or collateral asset?
Every lending and borrowing platform depends on the borrow activity to create a healthy dynamic. It is very easy to create demand for supplying digital tokens but it can be challenging to create demand for borrowing. Lending platforms often rely on the fees generated from lending and borrowing for their livelihood and healthy existence into the future. These fees are impossible to generate without borrow activity and an asset that is demanded for borrowing is a critical piece for all lending platforms, they can not survive without borrowing activity. Currently there is demand for some stable coins as the fixed debt denomination makes them a predictable liability for borrowers. There is virtually no demand for fixed price tokens, except in such times when shorting becomes attractive. The great majority of fixed supply tokens offer no unique reason to borrow other than from speculators hoping that the price of those tokens goes down, a bleak and unreliable source of occasional volume.

Rebase shifts volatility from price to supply and as a result offers some of the best attributes of fixed price tokens as well as stablecoins. Rebase also offers interesting borrow dynamics during the dealy rebase period. Rebase allows for the long term denomination of debt making liabilities predictable for borrowers much like stable coins which allows for the potential to demand Rebase as a borrow asset in all time periods. Rebase has a free floating price in addition to free floating supply which allows for the spikes in borrow demand occasionally seen in tokens like ETH and BTC. THis means that Rebase ahs the potential to be a highly borrowed asset.

Provide a brief history of the project and the different components: DAO (is it live?), products (are the live?). Etc.
Rebase was launched as a fair launch project on Base, in July/August 2023. It has grown to become one of the top-tier on-chain/DEX liquidity and continues to see growth despite a wider decline in Base native DeFi projects.

Currently, Rebase is fully live and functional (rebase functionality and volcano liquidity mining program), now it hopes to spread awareness and utilization of this base primitive asset.

How is the asset currently used?
Rebase is currently a DeFi leader on Base. DEXs rely on the deep liquidity of Rebase to keep their markets healthy, active and benefit greatly from the added TVL of the large Rebase pools. Rebase has one of the best built dAPPS on Base. DeFi enthusiasts engage with the Volcano dAPPS showing a heavy interest in Rebase with active participation and a long term commitment to the Rebase ecosystem.

Emission schedule:
The project was a complete fair launch, the volcano liquidity mining program is currently emitting all supply over a ~2 year period.

Token (& Protocol) permissions (minting) and upgradability. Is there a multisig? What can it do?

The token is more or less set in stone.There is upgradeability only to a few minor parameters such as target rate and rebase rate.

There is a multisig that currently manages this, but will be deprecated overtime. Currently there are 3 anonymous community signers who manage the keys and requires a 2 of 3 signature for upgrades.

Market data (Market Cap, 24h Volume, Volatility, Exchanges, Maturity):
~$1.3M market cap on Base

~$492K in on-chain liquidity on various Uniswap v2 forks (Alienbase and Soswap). Links provided below:

Social channels data (Size of communities, activity on Github):
Twitter and telegram shared above

Contracts date of deployments, number of transactions, number of holders for tokens:
Date of Deployment: August 2023
Number of Transactions: 2.6k on Base
Number of holders for token: 220

Technical Specifications:
Deeper technical specs to be shared later, but a high level overview below:
Supply cap = 50,000 (REBASE)

Borrow cap = 10,000 (REBASE)

LTV = 33%

LT = 72%

LB = 7.5%

Volatile interest rate strategy

Optimal Utilization = TBD

U1 = TBD

U2 = TBD

4 Likes
2

Would love feedback from the community on this!

1 Like
3

Rebase is the first rebasing project on Base.** It shares an ideological root with its predecessor, Ampleforth, and believes in the future of elastic supply cryptocurrencies. Rebase aims to bring this type of digital asset to Base, as a key DeFi primitive, so other interesting DeFi components can be built on top of this foundation, whether flatcoins, vaults or more.

It will really be a great addition to Seamless Protocol!

4

Adding Rebase to the Seamless Protocol on Base is an interesting move. It’s unique because it changes its supply regularly, which is different from most digital assets. This could bring a new dynamic to the Base ecosystem.

Regarding safety, Rebase has its roots in the Ampleforth project, which has a good track record. So, while it brings something new to the table, it also has a foundation in established technology.

In simple terms, integrating Rebase could make things more lively in the Seamless Protocol, potentially leading to more engagement and new developments. It’s an idea that seems worth exploring in the evolving world of digital finance.

2 Likes
5

excited!

Seems Rebase injecting a positive, fresh twist into Base’s digital finance, echoing its Ampleforth lineage. with intro of elastic supply to the Base ecosystem, in crypto. I could imagine as its a rare and clever feature now. Grounded in Ampleforth’s reliable technology, this strategic move could generate excitement and drive innovation curve in the crypto sphere.

6

Strong supporter of this project and hope to see Rebase utilized here on Seamless in the near future! :grinning:

7

I have supported Rebase from its inception and would love to see it here on Seamless!

8

Great feedback so far!

1 Like
9

This seems very interesting, one critical piece of feedback is that rebasing tokens are very difficult to integrate into lending pools due to the changing nature of balances.

If possible, are there plans for a wrapped version of REBASE? That would significantly streamline technical considerations for such a process

10

Stay tuned, there are interesting developments coming to make Rebase more compatible with the top DEXs and Lending protocols on Base

11

I think adding Rebase to Seamless Protocol is a great idea. Rebase is kind of special because it’s the first one like it on Base, and it’s similar to a really successful project called Ampleforth. This makes me feel pretty good about its chances for success.

What I find really cool about Rebase is how it tries to keep things stable by changing the number of tokens out there, not just how much they’re worth. This could make borrowing and lending a lot more interesting, giving us something new compared to the usual tokens.

Even though we should think about all the details, the good things about Rebase, like how much people like it and how it’s managed by its community, seem to really stand out. People seem to be pretty excited about it, which I think is a great sign.

In my opinion, adding Rebase could really make things better in the Base ecosystem and for Seamless Protocol. It’s a new idea that could get more people involved and spark new innovations. Seeing how much support Rebase already has makes me feel pretty positive about bringing it on board. It seems like a step toward growth and new chances for us all.