What is Basis?
Basis coin Share is one of three tokens that play a starring role in the Basis Cash ecosystem. It launched in late 2020 — and the team behind this project are aiming to create a decentralized algorithmic stablecoin that will become a mainstay in the DeFi space. According to developers, BAS is “an ownership token which receives inflationary rewards from Cash” — and its value will be directly linked to increasing adoption of BAC.
Shares and Bonds are used to help keep Cash at a price of $1. If the price falls below this level, bonds can be purchased at discount prices — and redeemed on a 1:1 basis once prices exceed this level. If BAC remains above $1 after bonds have been redeemed, new BAC tokens are minted and distributed to those who own Shares.
Basis Coin Storage Key Points
|Coin Name||Basis coin|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Who Are the Founders of Basis Share?
Basis coin where things get a little bit unusual. Share, and the other tokens in the ecosystem, have been launched by two anonymous people called “Rick” and “Morty” — a clear reference to the popular cartoon series of the same name. During an AMA session in early January of 2021, “Morty” said that there are plans to expand the team further as there are technical positions to be filled concerning integrations and applications.
What Makes Basis Share Unique?
What’s unusual about Share is how this token appears to have come from the ashes of a project that never saw the light of day. Elements of this ecosystem have been derived from Basecoin, which managed to raise $133 million in an ICO. Andreessen Horowitz was among just some of the big names that decided to get involved. Unfortunately, a clampdown by the SEC meant these funds needed to be returned to investors.
Basis is unique because of how it is one of two tokens that will be responsible for ensuring that Cash remains at a value of $1. This means that BAC isn’t actually collateralized by an asset such as gold, dollars or another cryptocurrency. One of the project’s main goals is to ensure that the Cash stablecoin is fairly distributed, and that it is resistant to censorship.
BAC – Basis Cash
Cash tokens are designed to be used as a medium of exchange. The built-in stability mechanism expands and contracts their supply, maintaining their peg to the MakerDAO Multi-Collateral Dai token (which roughly trades near the United States Dollar).
BAB – Basis Bonds
Basis coin Bonds are minted and redeemed to incentivize changes in the Cash supply. Bonds are always on sale to Cash holders, although purchases are expected to be made at a price below Cash. At any given time, holders are able to exchange their bonds to Cash tokens in the Cash Treasury.
BAS – Basis Shares
Shares loosely represent the value of the Cash network. Increased demand for Basis Cash results in new Cash tokens to be minted and distributed to Share holders, provided that the Treasury is sufficiently full.
Both Shares and Cash does not have any pre-allocations to neither the founding team, nor any external investors. Shares are instead distributed to community members that perform actions beneficial to the network. Fair, open distribution of the entire token supply is advantageous to the protocol’s long-term success, rewarding those with a stake in the network, instead of investors / speculators targeting short-term profits.
The Basis protocol starts with a Share supply of zero, the entire supply minted purely via community distribution. Initial distribution of Cash are done to those that deposit DAI (MCD), yCRV, USDT, SUSD, and USDC to the distribution contract. A total of 50,000 Basis Cash tokens are distributed to depositors, with 10,000 Cash tokens distributed per day. Tokens are assigned equally to each stablecoin pools, and the amount of stablecoin deposits are limited to 20,000 tokens per account.