Introducing basix protocol
BASIX
‘NO FOUNDER FEES OR CONTROL’
BASIX Protocol:
The basix Protocol is a DeFi project designed to shake
out weak hands and yield the highest gains for those who
understand the rules.
The $BASX token combines a simplified version of
Ampleforth’s economic policy with YFI’s distribution
mechanism.
The result is a post-modern economic game that
continually resets. The barrier of entry is fair and
balanced for all participants.
The only rule of BASIX is that no one can change the
rules.
There are no owners, and because the private keys have been
burned, the contracts cannot be changed. This makes an exit
scam impossible.
DISCOVER BASIX:
$BASX is a digital token asset. Every 24 hours, the BASIX
Protocol adjusts the supply of $BASX tokens to target the
value of 1 $BASX to 1 $sUSD.
Bitcoin has a stable supply, but the price is extremely
volatile. For $BASX, the relationship is the opposite: a
volatile supply targeting a stable price.
These changes apply to all $BASX holders. If you own 1%
of the supply, you will always own 1% of the supply –
regardless of changes to the market cap.
BASIX GROWTH:
As the demand for $BASX tokens increases, the number of
$BASX tokens you own increases. If the demand decreases,
the number of $BASX tokens you own decreases.
The BASIX protocol’s rebase function queries a Uniswap v2
oracle to compare the price of $BASX to $sUSD. This
function cannot execute more than once every 24 hours.
If the price difference between $sUSD and $BASX is more
than 5% in either direction, this triggers a rebase
event.
[.. Above the 5% threshold, the supply expands.
Below the 5% threshold, the supply contracts. ..]
When a rebase event is triggered, $BASX supply for all
holders is adjusted smoothly over a ten-day period in an
attempt to meet the targeted value of 1 $BASX to 1 $sUSD.
For all accounts that own $BASX tokens, a rebasing can
either result in an increase or decrease in their balance
of $BASX.
After a minimum of 24 hours, if the $BASX:$sUSD price is
still not within the 5% target boundary, a rebase
opportunity again becomes available.
For example, if the price of $BASX is $1.20 sUSD on
Tuesday night and the price of $BASX is worth $1.15 in
$sUSD on Wednesday night, then the rebase event can
restart.
BASIX YIELD FARMING:
If you have 100 $BASX tokens worth $150 sUSD before a
rebase event, your account balance will be 150 $BASX at
the end of the rebase event.
This allows you to take advantage of future price
movements.
This also works the other way around, which results in a
lower balance, but it presents the best opportunity to
get back into the game or build up your stack in
proportion to the total market cap for better future
yields.
It also changes the entire dynamic behind DeFi by
presenting new trading strategies. The savviest of
traders won’t make decisions by referencing price alone,
but also consider supply, which could result in massive
gains. As always, do your own research.
BASIX MACROECONOMICS:
The price movements of traditional cryptocurrencies are
tightly coupled.
When Bitcoin goes down, so does the rest of the market,
and vice-versa. $BASX is not subject to this same
behavior because the protocol enforces its own
independent set of rules. As a result, it presents a
unique value and opportunity for the DeFi space to play a
new economic game.
Check out Gauntlet’s report
(https://gauntlet.network/reports/ampleforth) on
Ampleforth to learn more.
Website: https://www.basix.xyz
Twitter: https://twitter.com/basixprotocol
Telegram: https://t.me/basixprotocol
