Baseline tokens (bTokens) trade on the Baseline Market Maker with a guaranteed floor price, built-in staking, borrowing, and leverage. Every bToken comes with a floor price ([BLV](/docs/how-it-works/blv)), dynamic liquidity managed by the [Baseline Market Maker (BMM)](/docs/how-it-works/bmm), and DeFi utility that enhances the trading experience for novice and experienced investors.

* **Guaranteed floor price** -- Every bToken has a public, on-chain minimum price. You can always exit at (or above) this price, even if no one else is buying. This price is enforced programmatically by smart contracts.
* **Earn rewards** - Stake your bTokens to earn a pro-rata amount of trading fees captured by the token,
* **Access capital** - Borrow against your bToken collateral at 0% interest and a low origination fee, accessing capital without having to sell your position,
* **Multiply exposure** - Use borrowed funds to buy more bTokens, amplifying your gains.

## Key Metrics

* **Market Price** -- The current trading price based on protocol liquidity.
* **BLV (Baseline Value)** -- The guaranteed price floor, backed by reserves.
* **Premium** -- The % difference between market price and BLV.
* **Volume** -- Baseline generates fees from trading volume. More volume means more staking rewards, and faster BLV growth.

## Trading Strategies

* **Conservative:** Buy bTokens near BLV for downside protection
* **Earn:** Stake bTokens to earn trading fees passively without impermanent loss
* **Capital Efficiency:** Borrow against bTokens at 0% to deploy capital elsewhere while maintaining exposure
* **Speculative:** Use Baseline Multiply to amplify your exposure to price movements without liquidation risk

## Next Steps

* Earn trading fees by [staking](/docs/holders/stake)
* Access capital by [borrowing](/docs/holders/borrow)
* Multiply exposure through [multiply](/docs/holders/multiply)