# Baseline

> Baseline is the end-to-end asset issuance protocol. Tokens own their liquidity, manage it automatically through the Baseline Market Maker (BMM), and grow value over time via a guaranteed floor price (BLV) and fee capture.

Baseline turns tokens from liabilities that work against projects into assets that work for them. Founders configure launch parameters, and Baseline handles deployment, liquidity management, and value accrual. The first token on the Mercury protocol upgrade is $B, Baseline's ecosystem token.

## Key concepts

- **Token Owned Liquidity (TOL)**: The token itself owns and manages its liquidity programmatically, transparently, and in perpetuity. No market makers, no counterparty risk, no ongoing cost.
- **Baseline Value (BLV)**: A guaranteed minimum price enforced by smart contracts. Every circulating token can be redeemed at or above BLV. BLV never decreases and grows over time as fees are captured.
- **Baseline Market Maker (BMM)**: A circulating-supply-aware AMM that splits reserves into backing (floor guarantee) and buffer (price discovery). Transitions from price discovery to price protection automatically as supply contracts.
- **Fees**: Trading fees accrue to the protocol and token holders. Fees grow the BLV floor and fund staking rewards.
- **Capital Coordination**: Built-in DeFi utility including real yield through staking, 0% interest borrowing, and non-liquidatable leverage (Multiply).

## Frequently asked

Q: What is Baseline?
A: Baseline is the end-to-end asset issuance protocol. Tokens own their liquidity, manage it automatically through the Baseline Market Maker (BMM), and grow value over time via a guaranteed floor price (BLV) and fee capture.

Q: What is Token Owned Liquidity?
A: Token Owned Liquidity means the token itself owns and manages its liquidity programmatically, transparently, and in perpetuity. No market makers, no counterparty risk, no ongoing cost.

Q: What is a floor price (BLV)?
A: The Baseline Value (BLV) is a guaranteed minimum price enforced by smart contracts. Every circulating token can be redeemed at or above this price. The BLV can never decrease, and grows over time as the token captures trading fees.

Q: How does Baseline compare to Uniswap?
A: Uniswap-style AMMs deploy all reserves for trading with no floor protection. Baseline splits reserves into backing (floor guarantee) and buffer (price discovery), is aware of circulating supply, and transitions from price discovery to price protection automatically.

Q: What is $B?
A: $B is Baseline's ecosystem token, the first token launched on the Mercury protocol upgrade. It demonstrates Baseline's mechanics in production: token-owned liquidity, guaranteed floor, staking rewards, and 0% interest borrowing.

Q: What chains does Baseline support?
A: Baseline is live on Base. The protocol is chain-agnostic by design but Base is the launch chain for Mercury and $B.

## Docs

- [The $B Token (HTML)](https://www.baseline.markets/docs/btoken)
- [The $B Token (Markdown)](https://www.baseline.markets/docs/btoken.md)
- [Actions API (HTML)](https://www.baseline.markets/docs/contracts/actions-api)
- [Actions API (Markdown)](https://www.baseline.markets/docs/contracts/actions-api.md)
- [API (HTML)](https://www.baseline.markets/docs/contracts/api)
- [API (Markdown)](https://www.baseline.markets/docs/contracts/api.md)
- [BController (HTML)](https://www.baseline.markets/docs/contracts/bcontroller)
- [BController (Markdown)](https://www.baseline.markets/docs/contracts/bcontroller.md)
- [BCredit (HTML)](https://www.baseline.markets/docs/contracts/bcredit)
- [BCredit (Markdown)](https://www.baseline.markets/docs/contracts/bcredit.md)
- [BFactory (HTML)](https://www.baseline.markets/docs/contracts/bfactory)
- [BFactory (Markdown)](https://www.baseline.markets/docs/contracts/bfactory.md)
- [BLens (HTML)](https://www.baseline.markets/docs/contracts/blens)
- [BLens (Markdown)](https://www.baseline.markets/docs/contracts/blens.md)
- [BStaking (HTML)](https://www.baseline.markets/docs/contracts/bstaking)
- [BStaking (Markdown)](https://www.baseline.markets/docs/contracts/bstaking.md)
- [BSwap (HTML)](https://www.baseline.markets/docs/contracts/bswap)
- [BSwap (Markdown)](https://www.baseline.markets/docs/contracts/bswap.md)
- [CLI (HTML)](https://www.baseline.markets/docs/contracts/cli)
- [CLI (Markdown)](https://www.baseline.markets/docs/contracts/cli.md)
- [Overview (HTML)](https://www.baseline.markets/docs/contracts)
- [Overview (Markdown)](https://www.baseline.markets/docs/contracts.md)
- [Legacy (HTML)](https://www.baseline.markets/docs/contracts/legacy)
- [Legacy (Markdown)](https://www.baseline.markets/docs/contracts/legacy.md)
- [SDK (HTML)](https://www.baseline.markets/docs/contracts/sdk)
- [SDK (Markdown)](https://www.baseline.markets/docs/contracts/sdk.md)
- [Audits (HTML)](https://www.baseline.markets/docs/contracts/security)
- [Audits (Markdown)](https://www.baseline.markets/docs/contracts/security.md)
- [Borrow (HTML)](https://www.baseline.markets/docs/holders/borrow)
- [Borrow (Markdown)](https://www.baseline.markets/docs/holders/borrow.md)
- [For Holders (HTML)](https://www.baseline.markets/docs/holders)
- [For Holders (Markdown)](https://www.baseline.markets/docs/holders.md)
- [Multiply (HTML)](https://www.baseline.markets/docs/holders/multiply)
- [Multiply (Markdown)](https://www.baseline.markets/docs/holders/multiply.md)
- [Stake (HTML)](https://www.baseline.markets/docs/holders/stake)
- [Stake (Markdown)](https://www.baseline.markets/docs/holders/stake.md)
- [Trade (HTML)](https://www.baseline.markets/docs/holders/trade)
- [Trade (Markdown)](https://www.baseline.markets/docs/holders/trade.md)
- [Baseline Value (BLV) (HTML)](https://www.baseline.markets/docs/how-it-works/blv)
- [Baseline Value (BLV) (Markdown)](https://www.baseline.markets/docs/how-it-works/blv.md)
- [Market Maker (BMM) (HTML)](https://www.baseline.markets/docs/how-it-works/bmm)
- [Market Maker (BMM) (Markdown)](https://www.baseline.markets/docs/how-it-works/bmm.md)
- [Fees (HTML)](https://www.baseline.markets/docs/how-it-works/fees)
- [Fees (Markdown)](https://www.baseline.markets/docs/how-it-works/fees.md)
- [Overview (HTML)](https://www.baseline.markets/docs/how-it-works/overview)
- [Overview (Markdown)](https://www.baseline.markets/docs/how-it-works/overview.md)
- [What is Baseline? (HTML)](https://www.baseline.markets/docs)
- [What is Baseline? (Markdown)](https://www.baseline.markets/docs.md)
- [Launch (HTML)](https://www.baseline.markets/docs/launch)
- [Launch (Markdown)](https://www.baseline.markets/docs/launch.md)
- [Points Program (HTML)](https://www.baseline.markets/docs/points)
- [Points Program (Markdown)](https://www.baseline.markets/docs/points.md)
- [Brand Kit (HTML)](https://www.baseline.markets/docs/resources/brand-kit)
- [Brand Kit (Markdown)](https://www.baseline.markets/docs/resources/brand-kit.md)
- [Links (HTML)](https://www.baseline.markets/docs/resources/links)
- [Links (Markdown)](https://www.baseline.markets/docs/resources/links.md)
- [LLMs.txt (HTML)](https://www.baseline.markets/docs/resources/llms-txt)
- [LLMs.txt (Markdown)](https://www.baseline.markets/docs/resources/llms-txt.md)
- [Migration FAQ (HTML)](https://www.baseline.markets/docs/resources/migration-faq)
- [Migration FAQ (Markdown)](https://www.baseline.markets/docs/resources/migration-faq.md)
- [Terms of Service (HTML)](https://www.baseline.markets/docs/resources/tos)
- [Terms of Service (Markdown)](https://www.baseline.markets/docs/resources/tos.md)
- [Capital Formation Theory (HTML)](https://www.baseline.markets/docs/theory/capital-formation)
- [Capital Formation Theory (Markdown)](https://www.baseline.markets/docs/theory/capital-formation.md)
- [Token-Owned Liquidity (TOL) (HTML)](https://www.baseline.markets/docs/theory/tol)
- [Token-Owned Liquidity (TOL) (Markdown)](https://www.baseline.markets/docs/theory/tol.md)

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## Full text

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