LinkBased (LBD), is an experimental protocol with the token pegged to the total market cap of Chainlink, and a 3% tax on transfers paid to liquidity providers.
LBD is a digital token that adjusts supply daily based on market conditions. The protocol rules are pre-established in the smart contracts on Ethereum.
LBD is a pseudo-deflationary token. A 3% transaction fee is charged off each transfer, which then is used for strengthening the liquidity provision in the network.
Your ownership in the network only changes if you transfer LBD to some other party. This is the ground zero form which we will create a superior monetary ecosystem.
Valhalla liquidity rewards program aims to maximize LP incentives with participants receiving a proportional share of every 3% transfer tax in the protocol, on top of the provided ecosystem reserves.
LinkBased works out of the box by pegging its target price to Chainlink's (FDV)*0.1^10, making the value of LBD a coordinated derivative using the Chainlink LINK/USD decentralized oracle.
The number of LBD you own changes every day. The LinkBased protocol automatically adjusts supply in response to demand. When price is higher than the target price, wallet balances increase. When price is lower, the wallet balances decrease. Your share of the network never goes down.
On every transfer of the LBD token, 3% transfer fee is taken and is sent to the Valhalla program which is used to reward LPs. We don't incentivize destructive behavior to solve the token velocity problem. Instead, we support constructive growth.
LinkBased bootstraps itself by going through two phases of community involvement. By design, it incentivizes users to act as a liquidity providers within the ecosystem, which helps onboard newcomers.
We've designed an innovative spin on the original concept brought to life by Ampleforth, but with some noticeable distinction. Our model applies transfer fees and pegs our target price to the value of Chainlink's fully diluted market cap. We use Chainlink's price oracle to feed the target price in the contract while incentivizing users to supply liquidity on Uniswap.