Victor Ugochukwu · Dec 14, 2020 . 5min read
Anonymous devs cash in on DeFi movement forks defunct stablecoin project to bring up Basis Cash
As with all stablecoins, Basis Cash is going to be pegged against the dollar meaning one BAC is redeemable for a dollar and will roll out with a liquidity mining phase.
By Victor Ugochukwu · Dec 1, 2020 . 5min read
Unlaunched stablecoin project Basis (formerly Basecoin) that was stopped from coming into existence by SEC after it raised a whopping $133 million during the peak of the ICO in 2018 has had its codes forked by anonymous devs to launch “Basis Cash”.
Adopting monickers Ricky and Morty from the famous adult cartoon, the anonymous devs are hoping
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
As with all stablecoins, Basis Cash is going to pegged against the dollar, meaning one BAC is redeemable for a dollar. However, to regulate the peg, Basis Cash’s will be determined by Basis Bonds and Basis Shares.
Basis Cash rolling out with a liquidity mining program and Uniswap post-distribution phase.
Typical of most new-generation DeFi projects, Basis Cash is rolling out with a liquidity mining program. Per their publication, during November ending, the protocol will distribute 10,000 BAC per day for a period of days. The requirement to earn from this 50,000 BAC bounty would be to deposit any of DAI, yCRV, USDT, SUSD and USDC into smart contracts. In a rather regulated manner, depositors can’t drop in more than $20,000 worth of stablecoins from any single account. Basis Cash will distribute daily reward pro-rata without any lock-up period for user deposits.
Post liquidity mining phase will be followed by BAC distribution on two Uniswap v2 pools. It has earmarked the BAC-DAI and BAC-Basis Shares (BAS) pools for this distribution. It will distribute the entire supply of BAS – 1 million between these two pools. While a million BAS – all the BAS in existence – will 750,000 goes to BAC-DAI pool and 250,000 to the latter. Both the liquidity mining and post-mining period all happens within the first thirty days of the protocol launch.
Although Basis Cash didn’t expressly spell out where it draws its price feed from, one can assume it will adopt Uniswap. That means it’s not entirely susceptible to oracle attack. Moreso, it’s a fork of the defunct Basis project. Hence, no one is certain for sure if there’s no vulnerability in the base code. Consequently, there’s no ruling out the possibility of a vulnerability attack as we see with some DeFi projects lately. We saw this happen with Pickle Finance where hackers drained it of over $20 million.
Follow Cryptodose for daily updates.