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3.html
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<!DOCTYPE html>
<html lang="en">
<head>
<meta http-equiv="X-UA-Compatible" content="IE=Edge" />
<meta charset="utf-8" />
</head>
<body style="margin: 0;">
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<div id="pg3" style="-webkit-user-select: none;"><object width="935" height="1210" data="3/3.svg" type="image/svg+xml" id="pdf3" style="width:935px; height:1210px; -moz-transform:scale(1); z-index: 0;"></object></div>
<!-- End page background -->
<!-- Begin text definitions (Positioned/styled in CSS) -->
<div class="text-container"><span id="t1_3" class="t s1_3">Apr 2023 </span>
<span id="t2_3" class="t s1_3">Funding Devs - Burning LUNC – Rewarding Users </span>
<span id="t3_3" class="t s2_3">Token Bonding Curve Basics </span>
<span id="t4_3" class="t s1_3">The token bonding curve (TBC) mechanism is implemented by a smart contract that creates its own </span>
<span id="t5_3" class="t s1_3">market without relying on exchanges. TBCs manage the buying and selling of "Continuous Tokens" (price </span>
<span id="t6_3" class="t s1_3">is continuously calculated) with a mathematical formula that defines a relationship between price and </span>
<span id="t7_3" class="t s1_3">token supply. When a person has purchased the token, each subsequent buyer will have to pay a slightly </span>
<span id="t8_3" class="t s1_3">higher price for each token. As more people find out about the project and buying continues, the value </span>
<span id="t9_3" class="t s1_3">of each token gradually increases along the bonding curve. The adaptive supply of a Continuous Token </span>
<span id="ta_3" class="t s1_3">(tokens are newly minted when purchased and removed from circulation when sold) is a unique and </span>
<span id="tb_3" class="t s1_3">enabling feature which allows for the supply to adjust to demand and for tokens to be continuously </span>
<span id="tc_3" class="t s1_3">available for purchase at predictable prices. </span>
<span id="td_3" class="t s1_3">Bonding curves are built upon one of the most fundamental concepts in economics: price being a </span>
<span id="te_3" class="t s1_3">function of supply and demand. This tried and tested economic law is the complex study of a more </span>
<span id="tf_3" class="t s1_3">familiar adage: an asset is only worth what someone is willing to pay for it. </span><span id="tg_3" class="t s1_3">Unlike stock markets where </span>
<span id="th_3" class="t s1_3">a single conversion can spike a stock arbitrarily higher or lower than its current price, the TBC is purely </span>
<span id="ti_3" class="t s1_3">automated by the current state of “supply & demand”. Traditionally, the process is overseen by a </span>
<span id="tj_3" class="t s1_3">centralized entity; someone who oversees incoming buy and sell orders while matching market </span>
<span id="tk_3" class="t s1_3">participants and ensuring liquidity. </span>
<span id="tl_3" class="t s1_3">TBCs can be designed with separate buy and sell curves to implement a spread between the two. The </span>
<span id="tm_3" class="t s1_3">spread between the two curves results in funds raised by the community for use in achieving its goal. </span>
<span id="tn_3" class="t s1_3">Some communities avoid the added complexity of implementing two curves by instituting a Tax on Buys </span>
<span id="to_3" class="t s1_3">and/or Sells. This alternative method of raising funds allows for more streamlined operations by </span>
<span id="tp_3" class="t s1_3">simplifying the calculations required. </span>
<span id="tq_3" class="t s1_3">To summarize, the following are a list of TBC properties: </span>
<span id="tr_3" class="t s1_3">1. </span><span id="ts_3" class="t s1_3">Instant liquidity. Tokens can be bought or sold instantaneously at any time as liquidity of its </span>
<span id="tt_3" class="t s1_3">token is immediate and guaranteed. The TBC acts as an automated market maker holding </span>
<span id="tu_3" class="t s1_3">enough reserves to buy tokens back at all times. </span>
<span id="tv_3" class="t s1_3">2. </span><span id="tw_3" class="t s1_3">Continuous fundraising as the community can permissionlessly buy and sell the bonded tokens </span>
<span id="tx_3" class="t s1_3">at any time. </span>
<span id="ty_3" class="t s1_3">3. </span><span id="tz_3" class="t s1_3">Deterministic/continuous price - buys and sells are conducted at predictable prices based on a </span>
<span id="t10_3" class="t s1_3">mathematical formula. The price of the current token is more than the last token issued, but less </span>
<span id="t11_3" class="t s1_3">than the next token issued. </span>
<span id="t12_3" class="t s1_3">4. </span><span id="t13_3" class="t s1_3">Limitless supply - There is no limit to the number of tokens that can be minted </span>
<span id="t14_3" class="t s1_3">The most fundamental advantage of Bonding Curves over traditional asset pricing mechanisms is that </span>
<span id="t15_3" class="t s1_3">the pricing of assets is transparent, defined, and immutable at all stages. The TBC is able to reach the </span>
<span id="t16_3" class="t s1_3">equilibrium of consensus through clearly defined rules, without third-party intervention. TBCs offer an </span>
<span id="t17_3" class="t s1_3">innovative solution because they do not require the oversight of a centralized entity to create, oversee, </span>
<span id="t18_3" class="t s1_3">and enforce the market’s pursuit of this equilibrium. </span>
<span id="t19_3" class="t s1_3">The BASE Project utilizes the reference “CW-20 bonding” smart contract developed by the CosmWasm </span>
<span id="t1a_3" class="t s1_3">development team. It can be found on the CosmWasm github in the “cw-tokens” repository. </span></div>
<!-- End text definitions -->
</div>
</body>
</html>