 Baselines frequently used in two-state fits correspond to the fluctuations in the folded or unfolded well.They are purely empirical as there is little or no information on how the folded or unfolded states' property changes with temperature/chemical denaturant.This assumes even more importance in case of DSC experiments as the changes in heat capacity correspond to both fluctuations in the protein ensemble and exposure of hydrophobic residues upon unfolding.