BasisX algorithmic stablecoin tokens are divided into three types: BXC, BXS, and BXB. BasisX has 50,000 BXC mined at an early stage and supports mining with multiple tokens including HUSD,HT,HBTC,HDOT,HETH. In BasisX, users can not only obtain revenue through staking BXS and BXC to provide liquidity, but also through the allocation revenues that BXS holders will receive.
How the BasisX mechanism works
The BasisX protocol consists of three tokens: BXC, BXS, and BXB. BXC and BXS can be obtained by liquidity mining, where BXC is pegged to USD and value fixed at 1 USD, BXS holders participating in the board staking can gain premium income of BXC inflation, and the board mining will start 6 days after the project launches. BXB is a bond issued to repurchase BXC when the price of BXC is less than 0.95 USD, and BXB holders can exchange BXC at a 1:1 ratio when the price of BXC exceeds 1.05 USD. The BasisX protocol ensures economic resilience while sufficiently engaging a wide audience to better empower HUSD and HECO.
The BasisX protocol sets a token price stabilization threshold, above or below which the stabilization mechanism will be triggered.
When BXC is below $0.95
When BXC is traded below $0.95, users will be able to purchase BXB at a certain discount to establish the price stability of BXC, with the expectation of future profits upon redemption.
Each BXB promises the holder exactly 1 BXC at some point in the future under certain conditions. Whenever a user purchases BXC, BXB is burned, causing a decrease in the circulating BXC supply. BXB do not have interest payouts, nor do they have maturity or expiration dates. Rather, they can be redeemed on a 1:1 ratio with BXC when the price rises above $1.05.
Tips: Purchased BXB can be redeemed on a 1:1 ratio with BXC only when the oracle price of BXC is above $1.05. This prevents BXB holders from cutting their losses on redemptions and creating unnecessary increases in supply.
When BXC exceeds $1.05
When the price of BXC exceeds $1.05, the contract primarily allows BXB redemptions to BXB redeemers. Even after the BXB is redeemed, if the price of BXC is traded above the price of $1, an increase in the demand of BXC results in new BXC tokens being minted and distributed to BXS holders.
BXC No pre-mining, fair staking allocation
BasisX opens 6 initial pools where users can stake HT, HUSD, HBTC, HDOT, HETH. 5 HRC-20 assets in total to participate in BXC mining.
The total initial supply of BXC is 50,000, and will be proportionally allocated as a bonus to each pool: HUSD 25%, HT 25%, HBTC 25%, HETH 20%, HDOT 5%. The total initial supply will be released linearly in 5 days.
BXS allocation will start immediately after BXC distribution starts, with a total of 1,000,000, will all be distributed as mining rewards
Stake BXC-HUSD LP for BXS: 750,000 BXS (75%) will be produced, starting at 6,250 BXS per day and decreasing by 25% every 30 days thereafter.
Stake BXS-HUSD LP for BXS: produce 250,000 BXS (25%) and continue to release linearly for 365 days.
Join the community and participate in governance
The launch of BasisX on the Huobi ecosystem is a great recognition of HECO’s leadership in the DeFi industry. We invite all participants and users of Huobi, HECO and other DeFi ecosystems to participate in the mining and subsequent building of BasisX. We will be an important role in the DeFi and HECO ecosystem.
BasisX will be launched on January 18, 2021.
Users can withdraw their USDT, USDC, BTC, HT tokens on Huobi to Tokenpocket.pro heco wallet to participate in liquidity mining without losses and get BXC for free.
Official website: https://basisx.io
Telegram group: https://t.me/BasisxOfficial
Telegram channel: https://t.me/BasisXAnnouncement