Unicash Protocol — A 2.5 generation of Algorithm stable coin based on Basis Cash is on the fire now!
As the pioneer of stable coin fans, we still remembered clearly how exciting we were when Basis cash born and welcomed worldwidely. Unfortunately, the imperfection of the system has made the project struggling right now.
The Unicash is a decent upgrade of Basis with quite lots of improvement. You can call it a 2.5 generation algorithm stable coin.
Evolution from Basis Cash
We identified areas of improvement to the Basis Cash model in both tokenomics and design.The main features of Unicash are as below:
1. Time-weighted curve staking.
The boardroom allocates rewards based on the balance of the staked quantity and the time weighting formed by the last operation in each epoch. The more you stake and the longer the staked time, the more rewards will be obtained. If the stake is less than 8 hours, the shortfall corresponds to the reversion of the reward to the treasury. If it is taken out before the expansion, the corresponding reward is reverted to the treasury. This will allow you to digest your debt faster in the future.
This feature has been asked by users of Bas and Mis for quite a long time.Unicash is the only protocol on the market making it come true.
2. Two pools of single token and LP Token will be set up in the boardroom, with 3:7 reward distribution.
3. Epoch time is adjusted to 8 hours.
4. Dynamic debt threshold adjustment and debt ceiling control will be added, consistent with BIP5 and BIP6 of Basis Cash, but we will implement this feature when we launch.
5. Genesis pools will have single coin pools, lasting 3 days each.
Basis Cash is a great and groundbreaking project, but because of its groundbreaking nature, it has revealed some shortcomings after its launch. We have absorbed the excellent ideas from the outstanding Basiscash community members and implemented them through our efforts at the beginning of Unicash’s launch, hoping to further promote the development of the algorithmic stablecoin with this.
The initial distribution of Unicash prioritizes these basic pools：
USDT, USDC, DAI, ESD, DSD, MIC, BAC
A total of 30,000 Unicash tokens are distributed to depositors, with 10,000 Cash tokens distributed per day. An equal amount of tokens is assigned to each pool, with the amount of stablecoin deposits limited to 20,000 tokens per pool. Pools may be adjusted and will be final confirmed before lanuch.
At the same time, Unicash Shares will be distributed to those that provide liquidity to the Unicash(UNC)-DAI Uniswap v2 pair, where users can deposit LP tokens to the distribution contract and earn Unicash Shares. The UNC LP pool will distribute 450,000 Unicash Shares, starting with 3750 UNS and decreases 75% after every 30 days.
A further amount of Unicash Shares is given to liquidity providers of the Unicash Share (UNS)-DAI Uniswap v2 pair, distributing a total of 150,000 Unicash Share which lasts for 1 year (365 days), and an equal amount of tokens is distributed per day.
Fair, open distribution of the entire token supply is advantageous to the protocol’s long-term success, rewarding those with a stake in the network, instead of investors / speculators targeting short-term profits.
Finally, Unicash will launch its own road map.
We will open source the project. Time-lock and multi-sig solutions will be added after official launch as well.