Basis Cash
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Basis Cash

Basis V2 Migration Plan Update

  • BAS token migration to BAS V2 will commence at 0000 UTC on February 7 as planned
  • BAC Liquidity Migration to Stableswap will be delayed while we assess recent events involving Curve pools
  • BAC/DAI and BAS/DAI Uniswap pool LPs will continue to earn BAS V1 during the migration window
  • BAS V2 can be staked in the V2 Boardroom to earn BAS V2 rewards.
  • BAS V2/DAI Uniswap pool will open at 0000 UTC on February 7. LPs will receive BAS V2 rewards based on the progress of the migration.

In light of yesterday’s flashloan exploit involving Yearn and 3crv, the team feels that it would be prudent to delay the migration of BAC liquidity to crv.finance until we are able to thoroughly analyze the situation and ensure that we have a robust system in place.

We currently rely on the TWAP generated by Uniswap to determine various actions taken by the Basis Cash protocol — expansion, bond issuance and redemptions. Curve.fi pools like the StableSwap pools on crv.finance do not natively generate a TWAP. Consequently, we require an external oracle such as Chainlink to generate a price feed that we can adapt for our use.

We are in active discussions with the Chainlink team and other DeFi partners to implement a solution as soon as possible.

We intend to temporarily delay the migration to StableSwap as the safety of users’ funds is our top priority. We fully expect the liquidity migration to take place inside the original window (before February 22).

Double BAS Rewards

During the migration window, generous BAS rewards will be offered in order to smooth the transition. BAS V1 and BAS V2 rewards will be active.

Total BAS supply will remain unchanged at 1M tokens. The BAS V2 emissions schedule will be adjusted accordingly, post-migration.

BAS V1

  • Current BAS/DAI and BAC/DAI pools will continue to receive BAS V1 rewards as usual until the end of the migration window.

We recommend that BAS/DAI LPs migrate to BAS V2/DAI as soon as possible, as we cannot predict how the pool will behave once the majority of liquidity has migrated.

BAS V2

After exchanging BAS tokens for BAS V2 using the migration portal, users will have 2 options to earn BAS V2 rewards:

  • Stake BAS V2 in the brand-new V2 Boardroom to earn BAS V2 rewards that will accrue per block.
  • Add liquidity to the BAS V2/DAI Uniswap pool and stake your LP tokens in the V2 Bank to earn BAS V2 rewards that will accrue per block.

Current BAS/DAI emissions are approximately 684 BAS/day (250K/365)

684 BAS V2/day will be dynamically allocated as the migration proceeds:

Note this is a temporary measure in order to smooth the migration process and reward community members who have believed in the project and stuck with us thus far.

The team believes that allocating a permanent percentage of BAS V2 emissions to the Boardroom will ensure the long-term viability of the protocol and will be putting up a BIP shortly to formalize such a distribution after consulting the community.

BAS Migration FAQ

The migration portal is located here:

Migrating into Basis V2

  • If you hold BAS in your wallet: Simply navigate to the portal and exchange your tokens.
  • If you hold BAS on a CEX: The exchange will likely handle the migration for you, but check with them to be sure. We will be contacting the major exchanges to inform them of the migration once it is underway.
  • If you have staked BAS in the Boardroom: You will need to unstake and exchange your tokens using the portal. You can then stake your newly acquired BAS V2 in the new Boardroom to start earning BAS V2 rewards.
  • If you are providing liquidity to BAS/DAI: Unstake your LP tokens and remove liquidity from Uniswap. You can then exchange your tokens using the portal and provide liquidity to BAS V2/DAI to start earning BAS V2 rewards.
  • If you are using a third-party vault like Harvest: You will need to exit from the vault and follow the procedure above for BAS/DAI LPs
  • If you are a BAC/DAI LP or BAC holder: No Change. BAC liquidity migration has been temporarily postponed and we will provide further updates after the BAS migration is underway.
  • If you are providing liquidity to BAB/BAC, BAC/ETH or holding BAB: No Change.

The appropriate hyperlinks will be added above once they are available.

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yyctrader

yyctrader

DeFi Degen with a penchant for rare JPEGs and algo-stables.