McBase Finance (MCBASE) is the world’s first cryptocurrency on Binance Smart Chain pegged to the price of a Big Mac. What is McBase Finance (MCBASE) | What is McBase Finance token | What is MCBASE token
$MCBASE is the world’s first cryptocurrency on Binance Smart Chain pegged to the price of a Big Mac.
It is an elastic supply BSC token (similar to Ampleforth — $AMPL) with a price peg of $5.66, the current value of a Big Mac.
McBase leverages the ‘Big Mac Index’, a measure invented by The Economist in 1986 as a lighthearted guide to whether fiat currencies are at their “correct” level.
“[The Big Mac Index] it is based on the theory of purchasing-power parity (PPP), the notion that in the long run exchange rates should move towards the rate that would equalise the prices of an identical basket of goods and services (in this case, a burger) in any two countries.
Burgernomics was never intended as a precise gauge of currency misalignment, merely a tool to make exchange-rate theory more digestible. Yet the Big Mac index has become a global standard, included in several economic textbooks and the subject of dozens of academic studies.”
A key barrier to DeFi adoption — and of cryptocurrencies generally — is an inability for individuals to evaluate the real purchasing power of a particular asset at a given point in time.
For example, Dogecoin has experienced a wave of popular support in recent weeks and has found its place into thousands of new digital wallets.
However, if you were to ask the average retail investor to describe the value of Dogecoin — the response would invariably be simply “not much”.
This is an issue inherent across all fractionalised cryptocurrencies. To the average user, the price of “Dogecoin” will always be ‘_not much_’. The issue, however, is that this paints a disingenuous picture of the real purchasing power of Dogecoin over time.
McBase solves this by providing a tangible comparative standard:
On 1 March 2021:
• A standard Big Mac is valued at $5.66.
• Dogecoin is valued at $0.0812168173339073.
The $MCBASE/DOGE ratio is (5.66/0.0812168173339073) = 69.69
On 1 March 2020, a BigMac cost 69.69 dogecoin (nice).
On 1 March 2022:
• A standard Big Mac is now valued at $5.80.
• Dogecoin is now valued at $0.1624336346678146
The $MCBASE/DOGE ratio now stands at (5.80/0.1624336346678146) = 35.70
On 1 March 2021, a Big Mac now only costs 35.70 dogecoin.
Using the Big Mac Index, we can see that the Big Mac Index therefore provides a *simple *and *accessible *means by which someone can measure the relative purchasing power of cryptocurrencies such as dogecoin over time.
DeFi is, by definition, a global enterprise and — in the absence of a universally agreed unit of measurement — the US Dollar has historically been used as the default unit of accountancy when measuring the “real world” value of crypto assets.
However, this approach is not without issues. In order to get a clear picture of the real purchasing power of a cryptocurrency in their national economy, an individual must:
1) Convert Crypto A to USD.
2) Convert USD to their national currency.
3) Apply that national currency value to a consumer product.
With $MCBASE, you need only to consult the Big Mac Index value of the relevant cryptocurrency to gain an immediate understanding of the real purchasing power of that asset.
The $MCBASE token achieves its price peg to a Big Mac ($5.66) through a “rebase” mechanism which increases or decreases the total supply based on the delta from it’s peg price.
This rebase event occurs twice a day (every 12 hours).
When the 12-hour TWAP (time weighted average price) of $MCBASE is over $5.66, it’s in an expansion phase and the total supply will increase. This means every token holder will automatically gain more tokens in their wallet. This increase in supply causes the price of $MCBASE to decrease to get closer to peg.
Conversely, when 12-hour TWAP of $MCBASE under $5.66 it’s in a contraction phase, and the total supply will shrink. Every holder will lose tokens in their wallet. This decrease in supply causes the price of $MCBASE to increase to get closer to peg.
Intuitively, most holders will prefer expansion cycles over contraction cycles. However, it’s important to note that since everyone’s holdings will increase or decrease the same percentage during a rebase, your share of the total market cap remains the same through both cycles.
Also, there is a “rebase lag” constant to smooth out supply increases/decreases over multiple epochs, so there is less of a “shock” to the system. The starting rebase lag is 5, meaning if the price increases by 20% from peg, the expansion will be 4% (20/5).
The rebase function is a public function that can be called by anyone once every 12 hours. Since this requires gas, anyone who calls the function will receive 5 $MCBASE as a reward for spending the gas.
$MCBASE is the world’s first rebase token with a 100% fair launch. Unlike other elastic supply tokens such as $AMPL or $BASE, $MCBASE will launch directly to Pancakeswap with no presale. This means there are no seed investors or pre-salers who bought tokens for pennies on the dollar.
The team is bootstrapping the launch with their own liquidity (70% of which will be locked) as well as creating additional liquidity incentives including the “Sharebox” or geyser, which will reward liquidity providers with $MCBASE reward tokens with multiplier bonuses. Stay tuned for more details on the Sharebox after launch.
In order to make the launch as fair as possible, $MCBASE will have an anti-bot mechanism hardcoded in the contract. Anyone who buys the $MCBASE token before the official announcement in the Telegram room will be permanently blacklisted and unable to transfer or sell their tokens.
Following swiftly from the successful launch of our liquidity mining program — with the ShareBox geyser seeing over $350,000 TVL in just over 48 hours — we are excited to now announce the launch of our second pool —** the Dollar Menu Geyser.**
The Dollar Menu Geyser is a new way to earn McBase for the cost-savvy customer.
As the name suggests, the Dollar Menu geyser will become our first stablecoin pairing, allowing the burger flipping community to stake MCBASE-BUSD LP tokens to earn delicious MCBASE rewards.
The Dollar Menu uses the same geyser contract as our flagship ShareBox and will be funded with 30,000 MCBASE (currently worth ~585,000), to be released over 30 days.
As with the ShareBox, multipliers will be applied to longer, uninterrupted staking periods.
To start earning rewards from the Dollar Menu, simply follow the steps below:
1) Deposit BUSD-MCBASE on PancakeSwap to receive BUSD-MCBASE CAKE-LP tokens
2) Stake your BUSD-MCBASE CAKE-LP tokens on the Dollar Menu tab of our official website (currently in development):
3) Sit back and watch your delicious rewards roll in!
For those who have recently joined the project, the aim of McBase is to provide a new crypto asset pegged to the price of one of the world’s premier consumer products, the Big Mac.
This concept is predicated in an economic resource known as “The Big Mac Index”, which is published and maintained by The Economist as a means of evaluating the relative spending parity of fiat currencies.
By applying this to cryptocurrencies, anyone can pair their desired token against McBase to gain an immediate understanding of the real-world spending power of any cryptocurrency.
By creating a MCBASE-BUSD pair, we aim to add a further force driving long-term price action towards the peg, all whilst providing a boost to the overall McBase market cap (which, in turn, leads to less volatility).
The launch of the Dollar Menu also provides the McBase community with an additional means of supporting the ecosystem without exposure to dual-sided impermanent loss.
The ‘ShareBox’ is our unique liquidity mining program that aims to distribute the majority of the McBase supply to those community members who contribute to the health of the ecosystem (liquidity providers) in a fair, permissionless and predictable manner.
In total, ~55% of the total McBase supply has been locked safely away in the ShareBox. The ShareBox will release this supply to BNB/MCBASE liquidity providers over multiple phases.
The first of these phases shall commence today, Monday 15 February, and will see 40,000 $MCBASE (~25% of total supply) distributed over a 30 day period.
*Staking bonuses *will be applied the longer you stay in the ShareBox (see our FAQ section below)
The $MCBASE held in the ShareBox geyser unlocks gradually over time. Stakers receive these $MCBASE based on amount and duration staked.
To deposit and start earning rewards, simply follow the steps outlined below:
NB: The link above is taking some users to WBNB/MCBASE. If this happens, please change WBNB to BNB, as pictured below.
2. Next, navigate to our website, connect your web3 wallet and *stake *your CAKE LP tokens in the ShareBox ( https://www.mcbase.finance/sharebox)
3. Sit back and watch your delicious $MCBASE rewards roll in!
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