Basis Cash
Crypto Overview
Overview
Basis Cash (BAC) was launched in December 2020 as an algorithmic stablecoin project attempting to maintain a peg to the US Dollar through supply and demand mechanisms. The project was inspired by the original Basis Protocol that shut down in 2018 due to regulatory concerns.
Purpose and Utility
The intended purpose of BAC was to function as a stable cryptocurrency that would maintain its value close to $1 through algorithmic supply adjustments rather than being backed by collateral. The system used three tokens: BAC (the stablecoin), BAS (share token), and BAB (bond token).
Current Status
As of 2023, Basis Cash has effectively failed in its mission to maintain its dollar peg. The token price has collapsed to near zero, and there is virtually no active development or meaningful usage. Trading volumes are minimal, and the project's social media channels and community forums are largely inactive.
Business Model Analysis
The core mechanism of Basis Cash involved token ownership and trading, which in principle aligns with halal principles as it involves actual asset exchange. However, the project's implementation revealed significant issues with its economic model and transparency.
Development and Adoption
The project has shown no significant development activity since its initial launch phase. The Github repository shows minimal updates, and there are no meaningful partnerships or adoption cases to report.
Crypto Impact
To assign a comfort level investing in Basis Cash from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Basis Cash.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.