DeFi Project Basis Cash Brings Its Defunct Stablecoin Back into Market

Tuesday 01 December 2020, 2:17 AM AEST - 1 month ago

The DeFi project will link the Basis coin to two other crypto assets: Basis Shares and Basis Bonds. These assets shall control the price of BAC at $1 based on the supply and demand.

Decentralized finance (DeFi) project Basis Cash has relaunched its earlier defunct stablecoin Basis back in the market. Stablecoin Basis, previously called Basecoin, had secured $133 million in funding just before the crackdown by the US SEC but had to return everything after the regulatory action.

On Monday, November 30, the DeFi project has opened up its smart contracts back. Speaking to CoinDesk, the Basis project leaders with anonymous names Rick and Morty, said:

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.

Similar to other stablecoins, Basis Cash (BAC) is the crypto equivalent to one USD. The Basis Cash price shall be linked to two other crypto assets: Basis Shares and Basis Bonds. Starting November 30, Basis will distribute the BAC stablecoin on a five-day period. A total of 50,000 BAC shall be distributed with 10,000 daily distribution.

To receive BAC, folks need to deposit any five of these stablecoins in the smart contract: yCRV, DAI, SUSD, USDT, and USDC. Also, depositors cant drop more than 20,000 from a given account. The daily reward distribution happens on a pro-rata basis and users can take out their coins back anytime.

Uniswap V2 Pools Spun Up by Basis Stablecoin

Post the initial five-day distribution period, the Uniswap V2 pools will come into action. The two pairs will be BAC-Basis Shares (BAS) and BAC-DAI. These two Uniswap pools will reportedly distribute a million BAC tokens. Compared to other DeFi application, Basis Cash has fewer requirements for users in terms of posting collaterals.

Post the first five days of distribution, all of the BAS stablecoin utility will happen in these two Uniswap pools. Rick Sanchez wrote:

Seigniorage shares–style stablec ...

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