Basis Cash Launch Brings Defunct Stablecoin Into the DeFi Era

Monday 30 November 2020, 3:21 PM AEST - 1 month ago

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A team of anonymous developers is making what might be called a fork of a project that never launched.

Readers of this post will likely see a strong earnings opportunity here, but please be careful.

Basis Cash is based on the stablecoin Basis (originally known as Basecoin) that had $133 million in funding before U.S. securities regulators stepped in and the team behind it returned everything in late 2018.

For those who want to get in on this new decentralized finance (DeFi) project, the smart contracts opened up early Monday.

As an aside, its not the first Basis-inspired stablecoin to launch. Empty Set came out at the end of August and now has more than $100 million in market capitalization.

In the long term, we look forward to seeing Basis Cash be used widely as a base layer primitive such that there is organic demand for the asset in many DeFi and commercial settings, one of the two anonymous leaders of the project who goes by Rick Sanchez told CoinDesk over Telegram.

The two anons are going by the names Rick and Morty, like the popular cartoon for adults by Dan Harmon and Justin Roiland.

Like most stablecoins, Basis Cash (BAC) is pegged to the U.S. dollar, so one BAC should be equal to the crypto equivalent of one USD. Basis Cashs price will be managed by two other crypto assets: Basis Bonds and Basis Shares (more on what each does in the next section).

Beginning at the end of November, 50,000 BAC will be distributed over a five-day period (10,000 per day) to folks that deposit any of these five stablecoins into its smart contract: DAI, yCRV, USDT, SUSD and USDC. Depositors cant drop in more than 20,000 stablecoins from any one account. The daily reward will be distributed pro- ...

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