What is Rebase?
** PLEASE NOTE THIS INFORMATION IS NO LONGER VALID **
Rebase was the emergency mechanism used to move $Static back towards peg. Please carefully read this section and understand how it impacted your $Static.
Why: The reduced supply of $Static made it easier for the project to regain peg and for the Boardroom to start minting new $Static again.
When: The rebase mechanism was triggered at an epoch when either: 1. The $Static TWAP (Time Weighted Average Price) was at or below $0.80 at an epoch, -or- 2. $Static TWAP w below as$1.00 for 12 consecutive epochs (8 hours between epochs)
What: Rebase cuts a % of $Static from the Circulating Supply. Your $Static token quantity and your $Static-BUSD LP $ value decreased as a result. Rebase lowered the number of tokens in circulation, but increased the price of $Static by the same factor. This impacted ALL $Static tokens in circulation, including $Static and $Static-BUSD LP in pools, farms, and wallets.
The only $Static that was exempt from rebase is:
- unclaimed $Static rewards in Boardroom
- $Static staked in the xStatic Membership pool
Example: · There is 100,000 $Static in circulation worth $1.00 each (value = $100,000) · The price of $Static drops to $0.75 per $Static (value = $75,000) · The ecosystem rebases $Static tokens to increase the value per token · There is now 75,000 $Static in circulation worth $1.00 each (value = $75,000)