FAQ
Frequently Asked Questions

What are the advantages (or differences) with other algorithmic stablecoin protocols in the DeFi space?

Though there are many alogorithmic stablecoin protocols that have emerged over the last few months. The advantage of BasisX is that it builts on exisiting protocols and implements certain parameters better than its predecessors, namely, reasonable epoch expansion rates, incentives for BXB holders to redeem their bonds when BXC prices are higher, fair distribution of BXS. Additionally, BasisX has a first mover advantage because it is built on HECO.

Why HECO?

Owing to the high gas fees and rising ethereum prices, decentralised finance (DeFi) has been increasingly difficult, slow and painful for small retail investors. HECO serves the role of enhancing exisiting user experience for DeFi users given that it is EVM (Ethereum Virtual Machine) compatible and has a block time of approximately ~ 3 seconds. Meaning to say, HECO transactions are faster and cheaper while still maintaining the ability to interact with smart contracts.

Is the Protocol safe to use?

BasisX is a fork of the exisiting Basis Cash Project on the ethereum network which has already been audited. For additional security, you are free to use the DiffChecker tool to compare the smart contract codes of bDollar Protocol (Refer to our github) and Basis Cash.
Last modified 8mo ago