Basis Cash is an open-source, permissionless algorithmic stablecoin.
The Basis Cash protocol aims to revive the original vision of basis.io, initially released as a lightweight implementation on the Ethereum blockchain.
Basis Cash tokens are designed to be used as a medium of exchange. The built-in stability mechanism expands and contracts their supply, maintaining their peg to the MakerDAO Multi-Collateral Dai token (which roughly trades near the United States Dollar).
Basis Bonds are minted and redeemed to incentivize changes in the Basis Cash supply. Bonds are always on sale to Basis Cash holders, although purchases are expected to be made at a price below 1 Basis Cash. At any given time, holders are able to exchange their bonds to Basis Cash tokens in the Basis Cash Treasury. Upon redemption, they are able to convert 1 Basis Bond to 1 Basis Cash, earning them a premium on their previous bond purchases.
Contrary to Basis Bonds of basis.io, bonds in Basis Cash do not have expiration dates. All holders are able to convert their bonds to Basis Cash tokens, as long as the Treasury has a positive BAC balance.
Basis Shares loosely represent the value of the Basis Cash network. Increased demand for Basis Cash results in new Basis Cash tokens to be minted and distributed to Basis Share holders, provided that the Treasury is sufficiently full.
Holders of Basis Share tokens can claim a pro-rata share of Basis Cash tokens accumulated to the Boardroom contract.
