Welcome to the BasisX - an algorithmic stablecoin running on HECO.

BasisX

BasisX is an algorithmic stablecoin running on HECO.

BasisX is designed by the BasisX team as the first algorithmic stablecoin on HECO. It involves an innovative solution that can adjust the stablecoin's supply deterministically to move the price of the stablecoin in the direction of a target price to bring programmability and interoperability to DeFi.

Inspired by Basis and its predecessors, BasisX is a multi-token protocol that consists of three tokens: BasisX Cash (BXC), BasisX Shares(BXS), and BasisX Bonds (BXB).

Background

The price volatility of cryptocurrencies is a major deterrent for mass adoption. Their rapid change in fiat-denominated value causes payment values to vary even during settlement times, being highly inconvenient to merchants that handle them.

Stablecoins are cryptocurrencies with an exchange rate peg with existing fiat currencies (such as the United States dollar) or a fiat-related index, thereby drastically increasing their usefulness as a payment medium.

Algorithmic Central Banks

Although many wide variety of stablecoin mechanisms exist, BasisX specifically uses an “algorithmic central bank” approach to manage the supply of tokens according to a predetermined logic. The algorithm is in charge of balancing stablecoin supply to a fluctuating demand, ensuring that the token price remains relatively stable. Further details are available under the Mechanisms section.

Tokens

BXC - BasisX Cash

BXC tokens are designed to be used as a medium of exchange. The built-in stability mechanism in the protocol determistically expands and contracts the BXC supply to maintain BXC's peg to 1 $USDT

BXS - BasisX Share

BasisX Shares loosely represent the value of the BasisX and trust in its systemic ability to maintain BXC to peg. During epoch expansions (when TWAP - time-weighted average price of BXC is above the 1 $USDT peg), the protocol mints BXC and distributes it proportionally to all BXS holders who have staked their tokens in the boardroom.

Additionally, BXS are used to achieved a completely decentralized on-chain governance where BXS holders have voting rights and the ability to create proposals to improve BasisX.

BXS has a maximum total supply of 1,000,000 tokens. All BXS are allocated for incentivizing Liquidity Providers in 2 shares pools.

BXB - BasisX Bonds

BasisX Bonds are minted and redeemed to incentivize changes in the BasisX Cash supply. Bonds are always on sale to BasisX Cash holders, although purchases are expected to be made at a price below 1 BasisX Cash. At any given time, holders are able to exchange their bonds to BasisX Cash tokens in the BasisX Cash Treasury. Upon redemption, they are able to convert 1 BasisX Bond to 1 BasisX Cash, earning them a premium on their previous bond purchases.

Contrary to Basis Bonds of basis.io, bonds in BasisX do not have expiration dates. All holders are able to convert their bonds to BasisX Cash tokens, as long as the Treasury has a positive BXC balance.

Platform

Boardroom

  • Epoch duration: 6 hours
  • Each time a BXS pledger claims BXC rewards, it will lock up for 4 epochs before the new BXC rewards can be claimed.
  • Each time a BXS pledger stakes or unstakes BXS, it will lock up for 6 epochs before the remaining BXS can be unstaked. However, BXS can be staked at any time.

Banks

Current Bank Pools

  • BXC-USDT LP
  • BXS-USDT LP

Retired Bank Pools (Please withdraw any funds in these pools):

  • USDT
  • HT
  • HBTC
  • HDOT
  • HETH

Bonds

BXB (bond tokens) are always on sale, however, a purchase during epoch expansion will result in a nett loss. Hence, the platform UI only allows for purchase of BXB when BXC falls below the 0.95 $USDT peg.

Token Distribution

The protocol starts with a BasisX Share supply of zero, the entire supply minted purely via community distribution.

Initial distribution of BasisXare done to those that deposit USDT, HT, HDOT, HBTC, HETH to the distribution contract. A total of 50,000 BasisX 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 VALUE 50,000 USDT per account.

Afterwards, a total of 750,000 BasisX Shares are distributed to those that provide liquidity to the BXC-USDT Mdex pair, where users can deposit BXC and USDT tokens to the distribution contract and earn BXS tokens. Distribution starts with 6250 BXS distributed every day, and the amount of daily seigniorage is reduced to 75% every 30 days (e.g. 4687.5 BXS daily distribution starting from the 31st day).

Further distribution of BasisX Shares are given to liquidity providers of the BXS-USDT Mdex pair. A total of 250,000 BasisX Shares are distributed over a period of 1 year, and an equal amount of tokens are distributed per day.

What is BasisX？

BasisX is an algorithmic stablecoin project built on the Huobi ecological chain.When the price of BXC is higher than US$1.05, the contract minted BXC and allocated to BXS pledge users; when the price of BXC is lower than US$0.95, users can purchase BXB at a discounted price, and when the price of BXC returns to US$1.05, the ratio will be 1:1 Buy BXC and get benefits.

BasisX is an upgraded version of Basis Protocol, which has been optimized in several aspects:

1) The upper limit of the inflation rate, by setting the maximum expansion rate, the token model runs more stably

2) Rebase time is short, high frequency is more extreme experience

3) Support USDT mining to adapt to the habits of more users

How to mine BasisX?

1)Download and install the MetaMask wallet, configure the Heco network, and transfer HT to the wallet as a miner fee.

Take BXS-USDT LP as an example

2)Click "Unlock Wallet"

2) Select “Liquidity Pool-Add Liquidity”

3）Select USDT and BXS for liquidity mining, fill in the amount of tokens, click “Approve USDT” and “Approve BXS”, and then click “Supply” to successfully provide liquidity. (If you don’t have BXS, you can pledge BXC output at BasisX or buy directly in Mdex)

If you cannot find BXC or BXS, you can directly add the contract address：

BXC：0x15F4c382926F8A083bC924AbD3aa84Ce3982CAa9

BXS：0xbe0e001A5553f4421DC250A20bBdAb0e735495e3

USDT:0xa71edc38d189767582c38a3145b5873052c3e47a

4）After providing liquidity, return to Basisx.io to participate in BXS mining.

Click “Bank” to unlock the wallet and select a pool, here we select the “BXS-USDT LP” pool, click “Select”

5）Click Approve，and click “+” and pledge to successfully participate in liquidity mining

Metamask: Add HECO Network

Connect Your MetaMask With Binance Smart Chain


1) Go to settings pageMetaMask Settings

2) Click on Networks > Add Network

3) Key in the relevant details:

Conclusion

BasisX is a fork of the exisiting Basis Cash Project on the ethereum network which has already been audited. For additional security, you are free to use the DiffChecker tool to compare the smart contract codes of bDollar Protocol (Refer to our github) and Basis Cash.

Socials

☎️ Telegram: https://t.me/BasisxOfficial

📓 Medium: https://basisx.medium.com/

🐦 Twitter: https://twitter.com/x_basis

📒 GitHub:https://github.com/basisx-io/contracts/blob/main/README.md

Contract Addresses:


AUTHOR

Forum Username: seniman21

Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=3240377

Telegram Username: @cryptoseni

ETH Wallet Address: 0x83Baa8310A39E499932c8170eEa56fa7e2D29445


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