Starting now, wallets are open and you can begin depositing BAS and BAC into your Poloniex account and posting limit orders for BAS/USDT and BAC/USDT. Full trading for BAS and BAC will be enabled later today.
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What is Basis Cash Protocol? Basis Cash aims to be a censorship-resistant and fairly distributed implementation of the original Basis Protocol that was shut down in 2018. The Basis Cash Protocol has implemented three core changes from the original project: simplified mechanisms surrounding bond issuance and seigniorage distribution, an anonymous team to mitigate censorship and having a single point of failure, and being fairly distributed since both Basis Shares and Basis Cash have zero premine and no investors. Basis Cash Protocol is a three-token system. Basis Cash (BAC) is a stablecoin that the protocol aims to keep value-pegged to 1 US Dollar. Basis Bonds (BAB) are IOUs issued by the system to buy back Basis Cash when the price of BAC is less than $1. BAB is sold for less than the price of BAC and is redeemed at $1 when the price of BAC normalizes to $1. Basis Share (BAS) is a token used to distribute any seigniorage surplus remaining after all the bonds have been redeemed. BAC and BAS are listed on Poloniex in our DeFi Innovation Zone. Deposit BAS and BAC now and begin trading BAS/USDT and BAC/USDT.
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was originally published in The Poloniex blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
