Bidya logo
  Crypto Coin Prices and News  
on the top crypto coins and  
over 21,000 coins and tokens  
Cap | Volume | High | Low | Old | New | Rare | Vs | Blockchains | Exchanges | Market | News | Dev News | Search | Watchlist

Roadmap + Dev Update

News from the BAS Coin Development team on June 1, 2021

After a successful reorganization of our development team, we are pleased to report that BIP-11 and BIP-16 have been implemented on schedule.

Current Status

Basis V2 went live on 4/26.

With BAC trading far below the peg, we were able to observe positive results with the buybacks conducted by the BAC Vault.

Unfortunately, that momentum was lost when we faced unforeseen hurdles in the form of the Value DeFi hack, in which over 1M BAC was market sold by the hacker, and the recent market selloff that saw nearly all DeFi tokens slashed by 50% or more.

As of 5/21:

• 35.63M BAC staked in the BAC Vault - 63.90% of circulating supply (CS).

• 30.12M BAB staked in the Bondroom - 56.39% of CS.

• 407K BAS staked in the Boardroom — 58.14% of CS.

• Liquidity in the BAC and BAS pools reduced to $3.55M and $2.04M respectively

While BasisV2 is an improvement on the original design, we believe that further enhancements are necessary to address the following issues:

• BAB redemption is still complicated and inflexible.

• Long-term Basis supporters of Basis do not have an option to show this support by locking their tokens for bonus rewards.

• Profitability of the Basis ecosystem needs to be improved in order to draw in fresh capital and accrue value to token holders.


BIP-16 was implemented yesterday, and weekly BASv2 emissions have been reduced by approximately 18%.

The protocol will emit 15,182 BASv2 this week. Weekly reductions of 11% will commence on 6/6/2021.

The complete emissions schedule can be viewed here.

Funding and Team Expansion

We have secured a loan of $500K from a loyal Basis investor, to be repaid in BASv2 allocated from the over the next 12 months. This will ensure that we are able to sustain operational costs for the next 6–12 months.

We are looking to hire 2 more Solidity developers!
Candidates may approach Wayne, our operations manager.


Now that all V2 components are operational, the team has developed a roadmap for specific improvements to the Basis Cash protocol after considering the community’s views.

The following are the priorities for June/July 2021:

  • BAB Redemption Pool
  • Boardroom/Bondroom Locking
  • Basis Lending
  • Basis Swap

BAB Redemption Pool

When the protocol enters an expansion phase, the redemption pool will be triggered and last for 24 hours.
20% of newly minted BAC is allocated to the Boardroom while the remaining 80% is sent to the BAB redemption pool (as per BIP-9).
BAB holders can stake BAB into redemption pool within those24 hours, and this process is irreversible (staked BAB can never be withdrawn).

Assuming that the amount of BAB in the pool is X and the amount of BAC minted is Y:

• If X=Y, BAB will be redeemed for BAC 1:1.

• If X>Y, BAB will be redeemed for BAC at the rate of Y/X.

• If X<Y, BAB will be redeemed for BAC 1:1. The excess will be divided 80/20 between the Boardroom and Treasury.

As part of the BAC stabilization mechanism, BAC in the Treasury will be sold for ETH/DAI when above the peg, and the ETH/DAI will be used to buy back BAC when below the peg. The assets in Treasury will not be used for any other purpose.

To ensure that we will not have excessive BAB, BAB issuance will be disabled when BAC<$0.7.

Boardroom/Bondroom Locking

Both BAB Bondroom and BAS Boardroom may benefit from the addition of a locker. Locking can reward loyal holders, reduce selling pressure and build up confidence for new investors.

BAS/BAB Locker Reward Boosts

No Lock: 1x

1 week: 1.1x

1 month: 1.3x

3 months: 1.7x

6 months: 2.5x

1 year: 3x

4 years: 8x

Rewards will only be claimable at the end of the lock period along with the locked BAS/BAB. If there is no follow-up lock, the user will revert to 1X.

Details of Basis Lending and Basis Swap will be released soon.

Community Call

Roadmap + Dev Update was originally published in Basis Cash on Medium, where people are continuing the conversation by highlighting and responding to this story.

Source     #BAS Price

BAS vs APT | A-Z | Topics | ISO 20022

Privacy | Terms | Contact | Powered By