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We represent the protocol smart contract functionality using the OpenAPI spec, where writes map to POST and reads to GET. For simplicity, we sometimes refer to the user positions as “tokens”, even though they are not represented as tokens/ERC20s.
This page provides an overview of the Based Protocol architecture and references for its smart contract functions intended for general use. Administration-related functions are not documented.

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Protocol Architecture

The protocol consists of four main components:
  • BasedProtocol: The main contract that manages protocol-wide settings, coordinates market creation, and handles market deployment using the clone pattern. Emits events.
  • BasedMarket: Implementation of the market logic and position management. Buying, selling, claiming fees is done here. Emits events.
  • BasedMarketRouter: Router contract that provides a simplified interface for interacting with markets. Does not emit events in itself.
  • Interfaces: Standardised interfaces for contract interaction.
Protocol Architecture

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Events

The core events to track state changes are:
  • Protocol
    • CreatorFeeUpdated(uint8 newFee);
    • MarketCreated(uint64 indexed marketCounter, address indexed marketAddress, address indexed creator);
    • MarketImplementationUpdated(address indexed newImplementation);
    • InitialAmmLevelUpdated(uint64 newLevel);
    • ProtocolFeeUpdated(uint8 newRate);
  • Market
    • Buy(address indexed user, uint256 usdAmount, bool boughtBased, uint256 tokensReceived);
    • Sell(address indexed user, uint256 tokensAmount, bool soldBased, uint256 usdReceived);
    • CreatorFeesClaimed(uint256 amount);
    • ProtocolFeesClaimed(uint256 amount);
    • CreatorFeeRecipientChanged(address indexed newRecipient);

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Credits

Based Markets use Credits for position settlement and trading. Read more about Credits in the Exchanger -section.