AMA Recap: Gem Chasers & Basis Cash

Below is a full-recap of the AMA, for the gem chasers who couldn’t make it, or for anyone that’s interested. Feel free to have a read!

Telegram: https://t.me/GemChasers

Twitter: https://twitter.com/GemChaserz

Gem Radar ✪:

Alright guys, welcome to another AMA session with Gem Chasers. Today we have here with us Basis Cash. Welcome @DefiMorty

DeFi Morty:

yoyoyoyoyo

Gem Radar ✪:

Could you please first introduce yourself & the core team? Do you have any past experiences with crypto etc?

DeFi Morty:

Hi guys, thanks for having us. We are an anonymous team based on the animation Rick and Morty. To make it simple, we can introduce ourselves to three bullet points

1. Big fans of Basis and spent a lot of time studying it in depth back in the day

2. Big fans of Rick and Morty

3. Wanted to make sure Basis protocol could see the light of day

I’m working under the name of Morty, and I’m in charge of transparent communication within the community, and the economic design of Basis Cash in the team. We are a total 5 team members, all devs who have worked deeply in the crypto industry for 3 to 5 years.

Gem Radar ✪:

Thanks for that 🙂 Having some industry experience is always a soothing point for investors and traders.

DeFi Morty:

:)

Gem Radar ✪:

What is the use case of your ecosystem? Are they all linked to Basis Protocol? What are the benefits and how do we use your ecosystem?

DeFi Morty:

Basis Cash is an open-source, permissionless algorithmic stablecoin. Basis Cash protocol aims to revive the original vision of basis.io, initially released as a lightweight implementation on the Ethereum blockchain. We are adding ideas and innovations made since the original Basis project shut down, we have made modifications to the original mechanism outlined with its whitepaper.

Stablecoins are the key-currency for the DeFi world and we have to admit that DAI and other fiat-back stablecoin showed wonderful performance regarding bootstrapping DeFi worlds.

Gem Radar ✪:

Definitely agree. It is what makes Defi… DEFI!

DeFi Morty:

However, we have recently observed that current stablecoins have a lack of scalability.

1. Tether caused FUD to the entire crypto industry

2. Black Thursday led CDP liquidations and done MKR sale

3. MakerDAO added centralized stablecoin as a CDP asset to maintain their peg into $1.

So we basis cash brings altnerative solution by using 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 fluctuating demand, ensuring that the token price remains relatively stable.

Gem Radar ✪:

Recently there has been a bug in one of your contracts.. It is fair to say your team has been so transparent about this topic. What Security measures are you taking in order for the community? Will your contracts be audited?

Thanks to our strong community, one of our community members found out about the bug in our contract which we should not hide the fact that we had problems in our code.

We publicly disclosed our current situation and found out ways to fix the issue. Now the bug is already fixed and migrated with a new contract thanks to our strong community.

Actually, we already got audited from Certik but the remarkable part was collaboration among our community members. Brian from our community made an issue in our Github and Sam also wrote BCIP #1 proposals.

We are considering getting an extra audit when we launch Basis v2.

Gem Radar ✪:

I think the most important thing here is about your team being so transparent about it. We are all humans here. Most of all it has been a fair launch and no VC’s involved which make this so lucrative as is.

so how do we farm your tokens? What is the setup like, has it been profitable for the most?

By staking Basis Shares users increased demand which in other words ‘Seigniorage’ for Basis Cash results in new Basis Cash tokens to be minted and distributed to Basis Share stakers at the boardroom.

Yield Farming Info

🧑‍🌾 It ain’t much, but it’s honest work

Plus, you can track current APYs at https://vfat.tools/basis/.

Gem Radar ✪:

So what do we need to get started? We buy $BAC & $DAI 50/50 ratio to earn $BAS right?

DeFi Morty:

technically yes

but this is not a financial advise

Gem Radar ✪:

Understood.

The team seems to be continuously working on new updates, will we be seeing any new updates or potential partnerships soon?

DeFi Morty:

I’m not sure what the potential partnership means since the Basis Cash is a decentralized protocol.

But we’re currently talking with other DeFi protocols about adding BAC/BAS to be a yield farming asset for increasing adoption and demand.

Gem Radar ✪:

Potential collaborations with other coins maybe as an example?

DeFi Morty:

hmm it’s currently under NDA

we hope to share this news soon!

working on proposals :)

Gem Radar ✪:

Awesome, so the team is continuously working!

DeFi Morty:

Our core team is mainly focused on increasing the adoption for Basis Cash and Shares to be the ultimate key-currency in the DeFi area

Furthermore, we are making a BACvault & BASvault with one of our community members for users who want to participate in easy-one-click farming.

In that way, I hope more people could participate in our ecosystem.

Also, we are working on the Basis V2 to become a widely used stablecoin in the overall DeFi ecosystem. Before we announce detailed info, we are currently re-writing Basis WP. Hopefully, we could release it by this year.

Gem Radar ✪:

So I see community is a vital aspect for Basis as a whole for the ecosystem

What is the main advantage over other farming tokens, why should users chose Basis over other options?

DeFi Morty:

No VCs, Fair Launch

Okay, I’ll explain it more

Compared to other yield farming assets, the mechanism of Basis Share represents the future expected cash flows from seigniorage.

Owning 1% of Basis Share staked into the boardroom will lead earning 1% of the future potential supply of Basis Cash.

The total supply of Shares is now 1M and 1/10 is the circulating supply.

90% of Basis Shares are yet farmable at this moment.

few understands this…

Gem Radar ✪:

Thanks for diving in deeper, it’s greatly appreciated. Our aim here is to break things down and provide information to simplify and make any clarifications needed, and you just did that perfectly 🙂

DeFi Morty:

understood

Gem Radar ✪:

How does the bond mechanism work when contraction occurs?

DeFi Morty:

Good question

so Basis bonds will always be auctioned off when Basis Cash de-pegs at the price of 1 — spread ^ 2.

This simple pricing allows users to reason about opportunity cost and pricing much more easily. At a later stage, we would like the ability for users to run arb bots against the protocol by simply funding some pool.

But perhaps more useful for a later iteration, I think for this stage would be great if we could get intros to trading firms that could help to build up initial arb liquidity so that the bond market can weather first few contraction…

Gem Radar ✪:

Can you please explain what an algorithmic stable token is? And how does this relate to Basis technology?

DeFi Morty:

The Basis Cash protocol is designed to guarantee Basis Cash tokens to be exchanged at a value of a single US dollar, with the stabilizer (in-protocol stability mechanism) in charge of matching the supply of Basis Cash to their demand.

The elastic supply is governed within Basis Share and Bonds at an Expansionary and Contractionary situation.

At an expansion situation, contract mints new Basis Cash seigniorage into existence.

This seigniorage is given to the Boardroom, where users can stake Basis Shares and earn daily seigniorage based on the price of Basis Cash.

Also at an contraction situation when Basis Cash is traded below $1, users will be able to purchase Basis Bonds at a certain discount to establish the price stability of Basis Cash, with the expectation of future profits upon redemption.

Fairly distributed & censorship resistant stablecoin with an algorithmic central bank.

I recommend you guys to read more info at docs.basis.cash / https://medium.com/basis-cash

Gem Radar ✪:

Ok great. Yeah I personally did my own research on your project via your medium. It is definitely useful for people who want more information about Basis to visit the medium as mentioned above.

So we have some community questions that we have pre-selected. Are you ready for them? 🙂

DeFi Morty:

no

actually yes

Gem Radar ✪:

Hehe

@wahidsvlogs ask, am an investor of $Basis Cash and I have noticed that it has had an exponential growth in the last days,what are the profits of holding in the long term? I would like to see it listed on more exchanges! Thank you!

DeFi Morty:

provide LP to BAC-DAI / Stake into boardroom / get Seigniorage / repeat process

Gem Radar ✪:

@strangemachineryy asks, What is BASIS CASH plan to gain adoption fast enough that the market will not be saturated with other similar project by now and what advantage could you offer?

DeFi Morty:

I don’t want to say basis cash is best among algo-based stablecoins but see how many holders they have

https://etherscan.io/token/0x3449FC1Cd036255BA1EB19d65fF4BA2b8903A69a

1,237 addresses

few understand this

Gem Radar ✪:

@tommieholmes asks, What has been the biggest challenge you have faced in Basis Cash Development?

DeFi Morty:

nothing much, but there were few attempts regarding doxing. It harms our integrity

I just want to leave rick and morty as a public figure for the entire DeFi industry.

Gem Radar ✪:

@kucing999 asks, The partnership with ANKR will help Basis Cash with liquidity farming. What is the next aspect of your project that you hope to improve and enhance through collaboration with another company?

DeFi Morty:

I see that you are holding ANKR. well noted. Collaboration between other crypto project would be exciting. Always welcome DM @defimorty any time. Any proposals are welcomed!

Gem Radar ✪:

@HeRmAwAnTrAdEr asks, What is the plan Basis Cash to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year ?

DeFi Morty:

Not sure about lisiting to CEX. If our liquidity is enough I’m pretty sure they will just list it without our consent.

I’m thinking on V2, we have plans to make liquidity baskets within other stablecoins.

one of our community member just DM me to mention listing on CURVE

I think he/she is writing a proposal on CURVE.

Gem Radar ✪:

Awesome! It’s great to hear this news LIVE! Well I love community driven projects, and we as @gemchasers support Basis Cash. So thank you for being here with us providing our community with great information and positive updates.

Take care Morty and say Hi to Rick for us!

AMA has ended.