BigBang_cash
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BigBang_cash

BigBang.cash LITEPAPER

Welcome to algorithmic stablecoin Metaverse built by Universe Protocol

Introduction

Bigbang Universe(Bigbang.cash) is an essential part of the experimental algorithmic stablecoin Metaverse built by Universe Protocol.

In the Bigbang Universe, all participants will experience the origin, expansion and stability of the universe, as well as the birth and evolution of many algorithmic stablecoin planets.

In the past stablecoin protocols were often exclusively used either for pure collateral model or for a completely unsecured model (algorithmic stability). Pure collateral stablecoins either need to over-collateralize assets on the chain, or have custody risks, and the scale is limited by the amount of collateralized assets; but these designs can provide a fairly stable fixed exchange rate and have a certain degree of credibility. Completely unsecured (algorithmic) stablecoins make up for the shortcomings of collateral-backed stablecoins, do not require trust, are scalable, etc. However, excessive exchange rate fluctuations limit their application scenarios.

The Bigbang Universe will simultaneously use the two stablecoin design models and will be launched in several steps/phases.

Phase 1 Bigbang

Genesis Mining

BIGBANG.CASH employs bCASH/SHARE dual token model with the addition of price stabilization fund (PCV).

bCASH: is an algorithmic stablecoin that is pegged to BUSD (in the Binance Smart Chain ecosystem)

SHARE: a universal SHARE of the algorithmic stablecoin Metaverse. SHARE receives revenues from different algorithmic stablecoin planets. For example, SHARE/sCASH LP token holders can get sCASH dividends when sCASH goes through an expansion.

bCASH initial distribution

The initial number of bCASH stablecoins is 2100. From that, 1600 bCASHs will be distributed through Mining pools and 500 bCASHs will be distributed by PCV donators in Blackhole.

Users can donate BUSDs into Blackhole to get 100 bCASH per day, and all BUSD donated will enter the PCV contract.

SHARE distribution

Total supply of SHARE = 100.000 SHAREs and the number of SHAREs released by bCASH planet is 10K.

When users provide liquidity for bCASH/BUSD and SHARE/wBNB pools, they will get SHARE rewards.

Reward rules as follows:

7500 Shares will be rewarded to bCASH/BUSD LPs at 62.5 per day, reduced by 1/4 every 30 days. The remaining 2500 Shares will be rewarded to SHARE/wBNB LP at 20.83333 per day, reduced by 1/4 every 30 days.

Wormhole(Universe Tax)

Bigbang Universe is connected with Supernova Universe (Hecochain) by Wormhole.

Algorithmic Stablecoin Assets can be transformed from Supernova Universe (sCASH/SHARE) to Bigbang Universe (sCASH/SHARE) under Universe Tax.

How is Universe Tax Calculated?

We will show on sCASH/bCASH as an example

Someday, Circulation Supply of sCASH is 1500K with Price $1.2 and Circulation Supply of bCASH is 300K with Price $0.8.

100 sCASH(BSC) can be transformed into 20 bCASH(BSC) at nearly 5:1 ratio.

As export duty of SuperNova Universe is 2.5%, the incoming of Universe Tax in SuperNova would be 2.5sCASH…and the incoming of Universe Tax in Bigbang would be 97.5 sCASH.

At the same time 120 bCASH(HECO) can be transformed into 80 sCASH(HECO) at nearly 3:2 ratio. Due to export duty of Bigbang Universe is 2.5%, so the incoming of Universe Tax in Bigbang would be 3 bCASH, and the incoming of Universe Tax in SuperNova would be 117 bCASH.

Phase 2: Expansion

(Growth of bCASH: Circulation Supply of bCASH = [2100, 210000000])

During the expansion of the Bigbang Universe, many algorithmic stablecoin planets will be born and witness interaction between them, including:

bBNB: An algorithmic stablecoin pegged to the value of Binance Token

bBNB Planet will be born after the circulation supply of bCASH > 210,000

bETH: An algorithmic stablecoin pegged to the value of ETH

bETH Planet will be born after the circulation supply of bCASH > 2,100,000

bBTC: An algorithmic stablecoin pegged to the value of BTC

bBTC Planet will be born after the circulation supply of bCASH > 21,000,000

In addition, we welcome major global blockchain communities to breed more algorithmic stable currency stars by providing liquidity, such as bDOT, bFIL, bBCH. bCAKE, bNEO, bMAN.

Whitehole

In the same time, Whitehole will provide a loan and lending platform for all longtail crypto assets including all b-series algorithmic stablecoins.

Phase 3: Stability

(The stability of bCASH: Circulation Supply of bCASH=[210000000, +∞])

When the circulation of bCASH is greater than 210 million, Bigbang Universe officially enters the third phase. During this phase, users can use SHARE and other types of collateral to mint algorithmic stablecoins to maintain the stability and balance of the Bigbang Universe.

We will use bCASH as an example to illustrate the process in detail.

bCASH can always be minted and redeemed from the system for $1. This allows arbitrageurs to balance the supply and demand of bCASH through arbitrage in the open market.

If the market price of bCASH is higher than the target price of $1, then there are arbitrageurs who will put the value of $1 into the system to mint bCASH tokens and then sell it in the open market for more than $1.

To mint new bCASH, the user must put a value of $1 into the system. The only difference is the ratio of the collateral to SHARE (two types of assets together constitute the value of $1). When bCASH is at 100% collateralization level the system mortgages 100% of the collateral value to bCASH. As the agreement enters the fractionalization stage, when minting part of the collateral value will come from SHARE.

For example, with a 98% collateralization rate, every $1 of bCASH requires $0.98 of collateral and $0.02 of SHARE. In the 97% collateralization ratio case, each bCASH minted requires $0.97 of collateral and $0.03 of SHARE to be burnt, and so on.

If the market price of bCASH is less than $1, the arbitrageur will buy bCASH cheaply on the open market and redeem the collateral and SHARE at a value of $1 from the system. Users can redeem $1 worth of bCASH from the system at any time. The only difference is that the redeemer gets a different ratio of collateral to SHARE.

When bCASH is in the 100% collateralization phase, at redemption the value returned to the user will be all made up of collateral. When entering the fractionalization stage, part of the value that leaves the system during the redemption process will be in SHARE (minted SHARE will be provided to the redeeming user).

For example, with a collateralization ratio of 98%, for each bCASH you can redeem the collateral of $0.98 and the newly minted SHARE of $0.02. With a collateral ratio of 97%, for each bCASH you can redeem the collateral of $0.97 and the newly minted SHARE of $0.03.

Universe Congress (DAO)

Holders of SHARE can not only obtain profits from expansions by staking LP tokens, use SHARE and collateral assets to synthesize algorithmic stablecoins, but also donate SHAREs to jointly exercise governance rights.

In the BigBang universe, the governing model of the universal parliament is based on destroying SHARE in form of permanent donation.

Users can donate / destroy 1 SHARE to obtain:

  • 1 Governance vote vSHARE

and

  • 1 Dividend voucher sSHARE.

Users who hold vSHARE and exercise their voting rights can receive 25% of the Universe Tax dividend in accordance with the voting proportion.

User that holds sSHARE can pledge it permanently in a planet, to receive dividends equal to SHARE and will also be eligible to run for the planet’s parliament.

Council members will split the 5% dividend reward from the Cosmic Tax equally and get the right to vote on proposals.

We sincerely invite all DeFi ecosystem participants and users to participate in the innovative development and construction of the Bigbang Universe.

Let’s build it together.

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