Everything you need to know about Baseline, Mercury, bTokens, staking, and more.
Baseline is an end-to-end asset issuance protocol where tokens own and manage their own liquidity. Tokens launch with a built-in market maker, a guaranteed floor price, and mechanisms for staking, borrowing, and leverage — all enforced onchain with no intermediaries.
Baseline supports any EVM-compatible wallet, including MetaMask, Coinbase Wallet, and Rabby. Connect via WalletConnect to use mobile wallets.
Baseline is compatible with any EVM chain. Baseline Mercury will be deployed on Ethereum mainnet, Hyperliquid, MegaETH, Base, and anywhere else there's demand.
Mercury is a supply-aware AMM that separates reserves into a backing pool (which guarantees the floor price) and a buffer pool (which handles price discovery). This means the AMM always knows how much of the supply is circulating and prices accordingly.
Supply-aware pricing means the AMM factors in the total circulating supply when calculating the price. As supply decreases (through buybacks or burns), the floor price rises — the AMM adjusts automatically.
Mercury uses a custom bonding curve that transitions from price discovery mode near launch to floor protection mode as reserves accumulate. Reserves above the floor target are available for trading; reserves at or below the target are locked as backing.
The Baseline Value (BLV) is a guaranteed minimum price enforced by the smart contract. Every circulating token can always be redeemed at or above the BLV. The BLV can only ever increase — it can never decrease.
A standard xy=k curve has no concept of a floor and treats all liquidity equally regardless of price. Mercury concentrates liquidity intelligently, enforces a hard price floor, and grows that floor over time as fees accumulate.
Baseline tokens (bTokens) are the tokens that trade on the Baseline Market Maker. Each one has a guaranteed floor price (BLV), built-in staking, 0% interest borrowing, and leverage — all enforced onchain with no intermediaries.
You can buy near the BLV for maximum downside protection, stake for passive fee yield, borrow against your position to access capital without selling, or use Baseline Multiply for amplified exposure — all without liquidation risk.
Your downside is bounded by the BLV. The floor price is enforced onchain and can never decrease, so even in a worst-case scenario you can always redeem at the floor. You can only lose the premium you paid above the BLV.
On a regular DEX, price is determined purely by the ratio of two assets in a pool with no price protection. The BMM separates reserves into a backing pool (floor guarantee) and a buffer pool (price discovery), so every trade happens within a system that actively protects holder value.
Staking rewards come from a share of the trading fees generated by the Mercury AMM. Every trade on the token contributes a portion of its fee to the staking pool.
APR is calculated from the rolling trading fees distributed to stakers divided by the total value of staked bTokens. Higher trading volume and lower total stake both increase APR.
Yes, unstaking is permissionless and instant. There is no lockup period. Your accrued rewards are claimable at the time you unstake.
Unclaimed rewards are automatically sent to your wallet when you unstake. You can also claim rewards independently without unstaking.
Baseline lets you borrow against the floor value (BLV) of your bTokens at 0% interest. There is no interest rate, no ongoing cost — you pay back only what you borrowed. A small one-time origination fee applies.
You borrow against the floor value of your staked bTokens. The collateral is your bToken position; the borrowable amount is derived from its BLV, not its market price.
Floor value (BLV) is the guaranteed minimum price per token enforced by the protocol. It represents the value that is always redeemable onchain regardless of market conditions.
No. Because you borrow against the floor value — not the market price — and the floor can never decrease, your collateral can never fall below the borrowed amount. Liquidation is structurally impossible.
You can borrow up to 100% of the BLV of your staked bTokens. The exact amount depends on the current BLV and the size of your position.
Because borrowing is against the floor price with no liquidation risk, leverage on Baseline is structurally safer than in traditional lending protocols. You amplify your exposure to price appreciation while your downside is bounded by the BLV.
Max APR is the estimated staking APR you could earn if you use Multiply to loop your bToken position up to the maximum available leverage. It is calculated as:
where max loop leverage = 1 / (1 - LTV) and LTV = BLV / current market price.
For example, if a token has a 10% base staking APR, a 1 ETH BLV, and a 1.25 ETH market price:
This is an estimate based on the current market price, BLV, and base staking APR, and it can change as market conditions change.
The primary risk is opportunity cost — your position is locked as collateral while borrowed. If the market price drops toward the BLV, your upside is reduced. You can always exit by repaying the borrow and unwinding.
Your token gets built-in liquidity management, a guaranteed floor price that protects holders, automatic fee distribution to stakers, and borrowing/leverage features — all without ongoing operational overhead.
Fees are split between the token creator, stakers (who earn yield on their bTokens) and the protocol treasury. The split allocation is determined at deployment. Baseline also offers custom fee splits for projects with specific usecases.
A portion of every trade fee is distributed pro-rata to staked bToken holders. Rewards accumulate in real time and can be claimed at any time.
There is a small one-time origination fee when opening a borrow position. There are no deposit or withdrawal fees for staking.
Collateral (staked bTokens) is held in the Baseline smart contracts and can only be withdrawn by the depositor. The BLV guarantee ensures collateral never falls below the borrowed amount.
There is no formal insurance fund at this time. Users should only deposit amounts they are comfortable with given the inherent risks of onchain protocols.
Mercury does not rely on external price oracles. The AMM is the price source — pricing is derived entirely from the onchain reserve state, eliminating oracle manipulation risk.