An elastic supply, or rebase token, works in a way that allows the circulating supply to expand or contract in response to changes in token price. This increases or decreases in supply function via a mechanism called re-basing. When a rebase occurs, the supply of the token is increased or decreased algorithmically, based on the current price of each token. In some ways, elastic supply tokens can be paralleled with stable coins in the sense that both aim to achieve a target price. The key difference in rebasing is that tokens aim to achieve it via an elastic supply.
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