Based Buster Rebooted

Reboots are big business in the entertainment industry, with some of the top performers raking in billions.

Now it’s time to bring this strategy to web3. Specifically, for our busted but not beaten governmeme coin, $BSTR.

In the opening act of the original The Fast and the Furious movie, a confident yet naive Brian O’Connor wagers the pinkslip to his Mitsubishi Eclipse GSX in a four-car wide drag race, including the formidable foe, Dom in his iconic red Mazda RX-7.

As you well know, not only does Brian biff the launch, he goes on to blow the motor and finds himself owing Dom a 10 second car.

In that moment, the Buster was born. An optimistic loser with one of the most beloved redemption arcs in modern movies.

Had he not so epically lost that first race, he would never have had the opportunity to earn the respect of his future family.

Well, art often imitates life, because our governmeme coin, $BSTR had a similar fate when it first hit the scene. And like Brian, we will have one of the most incredible redemption stories in the web3 space, and out of the struggle, we’ll build a fam that’s truly ride-or-die.

That means it’s time for a reboot!

No, we’re not recreating the F&F franchise…

We will be relaunching the Based Buster Coin (the ticker is still $BSTR) in the coming weeks!

Here is everything you need to know.

What happened

The $BSTR token was launched on April 23rd, 2024, on Uniswap v3. Shortly after the LP went live, we got word from traders that they were unable to sell. We quickly jumped on Uniswap to test the claims and were gutted to see that all of our test transactions did indeed fail.

Understandably, concerns that our contract was a honeypot spread amongst the nearly 1,000 eager would-be traders in our Telegram channel. Technically, this was true, however entirely unintentional.

While the cause wasn’t immediately clear, we decided to move forward with locking the LP for 12 months to prove the legitimacy of the project and quell some of the concerns.

Within an hour of launch we were able to identify that the tax function in the token contract was the cause of the issue. By deactivating the tax entirely, we were able to allow unrestricted trading.

However, this was just a quick fix. The tax revenue was and is a core component of our project. It is the primary mechanism to generate operating capital, to purchase our collection of tokenized vehicles, and the source of rewards for our community.

It took over a week to discover the root issue. Put simply, it came down to the liquidity pool we chose. As it turns out, Uniswap v3 is incompatible with the tax function as written in the Based Buster Coin contract.

This realization meant we had two options.

One, to find a way to move forward without token tax revenue. Or…

Two, relaunch the token when the time was right.

Obviously, we chose the latter. With that choice, it meant we had to cease all advertising and promotion for Based Buster Coin, slipping back into stealth mode so we could build a new vehicle that would be sure to propel us across the finish line. So, if you were wondering why the Based Buster CoinTelegram and X account have gone quiet. Now you know.

Let’s take a look at what that looks like for our current and future community members.

Current holders

Since going stealth, we’ve had a number of dedicated holders that have refused to sell… And we thank each and every one of you for your continued support.

Just prior to the publication of this article we took a snapshot of the current holder addresses and balances. Upon relaunch we will airdrop them the new $BSTR token in the amount matching the value at the time of snapshot.

This may or may not be the same number of tokens depending on the starting value of the new token. But we will do our best to ensure nothing is lost in translation.

What about the original token?

The original token with the contract address of 0x2a3F48Af62ce71c8829aA014c482B4bCFF2b8975 will no longer be supported by the project. To discourage trading and to preserve the liquidity of the original token, the tax has been reinstated at 20%. Effective immediately.

This contract update will deactivate the ability to buy or sell the token, as buys will require slippage to be set ridiculously high, and sells will result in failed transactions.

Once the 12-month LP lock period is complete, the pooled ETH will be returned to the founding members who contributed to the initial LP.

$BSTR v2

Out with the old.

To move forward we had to burn our past mistakes and walk away. Literally. All $BSTR held by the project team will be burned.

In with the new.

To become unstoppable, we developed an entirely new token contract, with improved tax handling, and then ran it through vigorous testing.

For those of you who are new to this project, let’s touch on what Based Buster Coin is and how it powers the DRVN Labo ecosystem.

$BSTR is part memecoin and part governance token. AKA, a governmeme coin. It is an integral part of the family of projects being developed by DRVN Labo, including:

DRVN Culture: The ultimate automotive web3 media group. Subscribers will earn $BSTR rewards for promoting, contributing to, and engaging with our content.

DRVN/VHCLS: An RWA platform that’s tokenizing and fractionalizing ownership of ultra-rare investment-grade JDM vehicles, and historically significant collector cars.

Based Buster Club DAO: Our community driven advisory board, helping to steer each of our projects to success. Holders will be able to participate in drafting and voting on proposal, and earn $BSTR rewards from revenue generated by the DAO’s activities.

What makes it a memecoin?

The culture. Memecoins are a form of cultural currency designed for niche communities. And there is nothing more niche than the automotive enthusiast community.

Additionally, we are barrowing some of the tried-and-true tokenomics from memecoins, including the 1 billion token supply, and a (temporarily) low liquidity DEX listing that drives early trading frenzy.

What makes it a governance token?

Holders of $BSTR tokens will gain access to the Based Buster Club DAO where they can contribute to the ecosystem, as mentioned above, as well as enjoy exclusive member benefits such as WL and presale access to new fractionalized collector cars, invites to private events, earn commissions on car sales from our dealership, receive discounts on purchasing cars and merchandise, and much much more.

Tokenomics

The economic model of $BSTR v2 is very similar to the original contract, with a few key differences designed to improve utility, enhance revenue generation, deepen liquidity, and incentivize community engagement.

Distribution

The token allocation has remained unchanged from $BSTR v1.

• 25% - Airdrops & Rewards (250M)

• 20% - DEX Liquidity (200M)

• 15% - Team* (150M)

• 10% - DAO Treasury (100M)

• 10% - Marketing (100M)

• 10% - Team Growth Fund* (100M)

• 10% - CEX Reserves (100M)

*12 mo vesting allocations

When we initially launched $BSTR there was some concern amongst traders that a large number of tokens were held by a few wallets. It is important to note that these “large holders” are the individual multi-sig wallets listed in the above distribution and are securely managed by the DRVN Labo team and/or the Based Buster Club DAO until the time comes to deploy the assets.

Initial circulating supply will be approximately 60% of the total supply, consisting of DEX liquidity, airdropped tokens, and vesting team tokens.

Drift Tax

In v1 we had a flat 1% buy/sell/transfer tax that could not be individually tuned by transaction type.

In v2, the tax for buys, sells, and transfers can be adjusted independently to optimize revenues according to the objectives of both the project and the DAO community.

Initially, the tax rates will be set to 2% for buys, 3% for sells, and 1% for transfers. As the project evolves the DAO can vote to adjust the tax rate based on the priorities set by the community.

Tax Allocation

The revenue generated by the drift tax will be automatically divided accordingly.

50% for DRVN Labo’s operating capital, marketing, and for the acquisition of cars for our collection and dealership inventory. These cars, of course, will be tokenized and released as fractional shares within the DRVN/VHCLS RWA platform.

25% back to the LP to improve liquidity. This practice will help to stabilize the market over time, making the token price far less volatile.

5% will be accumulated for buy backs and community rewards. This will cause positive buy pressure for the token, and allow us to circulate tokens back into the DAO community in the form of rewards.

10% will be routed into the DAO Treasury for community driven activations.

10% to charity. Primarily Paul Walker’s non-profits, Reach Out Worldwide, and The Paul Walker Foundation. The DAO can vote on which charities to donate to when we reach the donation balance trigger.

Tax swapping and routing is now handled entirely by the Based Buster Coin smart contract, with the collected tax tokens being automatically swapped for ETH at set value thresholds, then routed to the five pre-defined recipient addresses. The DRVN Labo team wallet, the Community Rewards/Airdrop wallet, the DAO treasury wallet, the Charity wallet, and the DEX LP address.

Contract & LP Terms

Contract Renouncement

Renouncing a token contract means severing the deployer’s ownership of it, along with their rights to make any adjustments to it in the future. This is great for memecoins that have no utility and simply want to promote degen trading behavior by eliminating the ability to do shady things such as minting a b’zillion more coin.

However, for tokenized projects with more elaborate protocols and bigger visions, renouncing the contract can greatly limit the project’s ability to grow and scale.

That’s why we will NOT be renouncing our token contract. Instead, ownership will be transferred to the DRVN DAO for community management. Here are just two of the many possible examples of why we will preserve the ability to make adjustments to the contract.

1. Drift tax rates may be fine-tuned to adjust trading friction and volatility, revenue generation, and other dynamics the community chooses.

2. The tax swap threshold is an important variable to consider for a healthy chart. Since the contract automatically swaps taxed $BSTR to $ETH at a predetermined value, a threshold that makes sense at a $1M market cap will be excessive at a $1B market cap. By periodically tuning this value we will minimize the occurrence of large tax induced red candles.

Liquidity Lock

Just as we did with $BSTR v1, the v2 token’s LP will be locked for a period of 12 months.

In a similar vein to renouncing contracts, most memecoins burn their LP to provide trust to traders that the team will not rug pull the investors. This is great for trader confidence, but short sighted for teams that want to plan for the longevity of the project.

By locking the liquidity, we are able to ensure trader confidence while having the ability to manage the LP once the project is matured, allowing us to tune the trading dynamics, and to move liquidity to new DEXs that may offer better incentives for traders.

Additionally, the programmatically collected LP tokens via the drift tax will accumulate in the DAO treasury wallet, allowing the community to vote on the use of the the liquidity funds. Be it, to open a new DEX LP, invest in project growth, or just about anything else we collectively prioritize.

Airdrops

Prior to launching the original Buster token, we ran a series of engagement and community building campaigns that rewarded participants with an airdrop.

While the problems we faced required us to postpone the issuance of these incentives, everyone who met the requirement is still set to receive their $BSTR allocation!

What’s more, we will be running a new series of contests, challenges, and quests to offer even more tokens to early supporters.

The next airdrop activation is right around the corner, so keep your eyes peeled!

The first airdrop is slated to begin within 1 month of the $BSTR v2 release.

Buster Rewards

In addition to the airdrops, we will be introducing a variety of avenues for our most engaged community members to earn Based Buster Coin rewards on the reg.

That’s right, DRVN Labo will be introducing a slew of strategies to earn $BSTR rewards across our automotive web3 ecosystem. While we are not prepared to disclose the details at this time, here’s what we can tell you.

Users of the DRVN/VHCLS RWA app, and subscribers to DRVN Culture newsletter will have various opportunities to earn.

To be prepared for both, you know what you need to do…

Wen Relaunch?

The new Based Buster Coin will be released in a few weeks. The official date has yet to be determined. So be sure to subscribe, join our Telegram group, and follow our social channels to stay in the loop.

There will be no presale. The token will be launched on Uniswap v2, and will be instantly available to everyone. So being early will be the winning move.