Review BasisX Project

The year 2021 begins with the volatility of the cryptocurrency market and the explosion of the Defi platform with the birth of new platforms that are the backyard of exchanges such as: Binance Smart chain, Houbi ECO chain, Okchain .. with columns is a new milestone for Bitcoin in the development of the cryptocurrency market, along with that the ecosystem of platforms is also growing stronger, richer and much better.

Today, I will join you to learn about a completely new project developed on the HECO platform (Houbi ECO Chain) which is the BasisX project which is an algorithmic stablecoin project built on the Huobi ecological chain. In order to better build Heco’s ecosystem, BasisX implemented innovations and optimizations in both the mechanism design and the engineering model, since the first algorithm stabilized Dong HT anchored to USD, BXC and HT is closely aligned with each other and strives to foster the development and growth of the Huobi Ecological Chain Application.

BasisX is an upgraded version of the Basis Protocol, which has been optimized in several aspects:
1) The upper limit of the inflation rate, by setting the maximum expansion rate, the token model runs more stable
2) Short rebase time, high frequency is more extreme experience
3) Support USDT mining to adapt to the habits of more users

How BasisX works
The BasisX protocol consists of three tokens: BXC, BXS, and BXB. BXC and BXS can be obtained by mining liquidity, where BXC is fixed to USD and the value is fixed at 1 USD, BXS holders participating in board bets can achieve high returns more from BXC inflation and table mining will begin 6 days after the project launches. BXB is a bond issued to buy back BXC when the price of BXC is less than $ 0.95 and BXB holders can exchange BXC at a rate of 1: 1 when the price of BXC exceeds 1.05 USD. The BasisX protocol ensures economic resilience while at the same time attracting more objects to better empower HUSD and HECO.

BXC — BasisX Cash
BXC tokens are designed to be used as a medium of exchange. The built-in stability mechanism in the protocol determistically expands and contracts the BXC supply to maintain BXC’s peg to 1 $USDT
Contract: 0x15F4c382926F8A083bC924AbD3aa84Ce3982CAa9

BXS — BasisX Share
BasisX Shares loosely represent the value of the BasisX and trust in its systemic ability to maintain BXC to peg. During epoch expansions (when TWAP — time-weighted average price of BXC is above the 1 $USDT peg), the protocol mints BXC and distributes it proportionally to all BXS holders who have staked their tokens in the boardroom.
Additionally, BXS are used to achieved a completely decentralized on-chain governance where BXS holders have voting rights and the ability to create proposals to improve BasisX.
BXS has a maximum total supply of 1,000,000 tokens. All BXS
Contract: 0xbe0e001A5553f4421DC250A20bBdAb0e735495e3

BXB — BasisX Bonds
BasisX Bonds are minted and redeemed to incentivize changes in the BasisX Cash supply. Bonds are always on sale to BasisX Cash holders, although purchases are expected to be made at a price below 1 BasisX Cash. At any given time, holders are able to exchange their bonds to BasisX Cash tokens in the BasisX Cash Treasury. Upon redemption, they are able to convert 1 BasisX Bond to 1 BasisX Cash, earning them a premium on their previous bond purchases.
Contrary to Basis Bonds of basis.io, bonds in BasisX do not have expiration dates. All holders are able to convert their bonds to BasisX Cash tokens, as long as the Treasury has a positive BXC balance.

The BasisX protocol sets a threshold for token price stabilization, above or below the threshold at which the stabilization mechanism will be triggered.

When BXC is under $ 0.95
When BXC is trading below $ 0.95, users will be able to purchase BXB at a certain discount to establish BXC’s price stability, with the expectation of a return on the acquisition.
Each BXB promises to own exactly 1 BXC at some point in the future under certain conditions. Whenever a user purchases BXC, BXB gets burned, reducing BXC’s circulating supply. BXB has no interest payments, nor has a maturity or expiration date. Instead, they can be exchanged at a 1: 1 ratio with BXC when the price rises above $ 1.05.
Tip: You can only exchange BXB purchased at a 1: 1 ratio with BXC when BXC’s magic price is above $ 1.05. This prevents BXB holders from cutting losses on acquisition and creating an unnecessary increase in supply.

When BXC exceeds $ 1.05
When the price of BXC exceeds $ 1.05, the contract basically allows to exchange BXB for a single BXB exchange. Even after BXB was acquired, if the price of BXC was traded above $ 1, increased demand for BXC resulted in new BXC tokens being minted and distributed to BXS holders.

BasisX initially opened 6 groups where users can bet HT, HUSD, HBTC, HDOT, HETH. A total of 5 HRC-20 assets to participate in the exploitation of BXC.
The total initial supply of BXC is 50,000 and will be divided by the percentage of the rewards for each group: HUSD 25%, HT 25%, HBTC 25%, HETH 20%, HDOT 5%. The total initial supply will be released linearly after 5 days.
BXS allocation will begin shortly after the commencement of the BXC distribution, for a total of 1,000,000, all to be distributed as a mining reward
BXC-HUSD LP shares for BXS: 750,000 BXS (75%) will be produced, starting at 6,250 BXS per day and a 25% discount every 30 days thereafter.
BXS-HUSD LP shares for BXS: produce 250,000 BXS (25%) and continue to issue linearly for 365 days.

BXC is an algorithmic stablecoin on the HECO ecological chain, in order to use it we can use the following wallets:
Metamask (https://metamask.io)
Huobi Wallet (https://www.huobiwallet.com)
TokenPocket (https://www.tokenpocket.pro).
Now I will show you how to set up HECO wallet on Metamask to mine tokens on Basisx platform.
Before mining, you need to set up a Heco wallet
1） Click on the Ethereum mainnet in the upper right corner
2） Click custom RPC
3） Set up custom network
·Network name: Main network HECO
·Add RPC URL: https://http-mainnet.hecochain.com
·ChainID: 128
· Icon: HT
· URL of the explorer: https://scan.hecochain.com

For example:
Switch wallet
Then, go to the main HECO network to prepare for quality exploitation.
1. Deposit USDT (You can buy USDT on Huobi AND withdraw with HECO)
2. Enter BasisX.io
3. Enter the mining group to start quality mining, we take USDT-BAS as an example, Medex.com first import, choose the corresponding USD and BAS, add accounts and get only LPs.

Conclude
The launch of BasisX will usher in a new era for Defi projects on the HECO platform. This project promises to become a new trend of 2021.
BasisX will be officially launched on January 18, 2021 after which users can mine BXC, BXS, BXB to make a profit for themselves and they can also withdraw tokens USDT, USDC, BTC, Their HT on Huobi for heco Tokenpocket.pro wallet.

BasisX is a project that has a solid ecosystem and has a certain global coverage. According to the project’s money supply roadmap, the project is moving towards a decentralized monetary policy and empowering the community so that in a direction that can ensure the sustainability of the ecosystem. The project is currently in the stage of exploitation, so if you are interested in this project, this is the right time to learn about the project and make wise investment choices.

This is not an investment advisory article, this is an analysis of the project for the community to consult and learn more deeply, so we will not be responsible for any problems encountered in the investment process. Any investment opportunity also has certain potential risks, so we hope that everyone can carefully consider each investment decision to get the highest probability of success.

► For more information please visit links below:
Web: https://basisx.io
Telegram: https://t.me/BasisxOfficial
Medium: https://basisx.medium.com
Twitter: https://twitter.com/x_basis
Docs: https://docs.basisx.io
Chanel: https://t.me/BasisXAnnouncement
Bounty: https://bitcointalk.org/index.php?topic=5309863.0
►Author
Bitcointalk Username: iamthepopemf
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1236533
HECO Address: 0xbcae73a30dc9e2372b89e01c757e1db534451883