Basis.cash is the best algorithm stablecoin protocol out there, We want to thank DeFiMorty and DeFiRick for their trailblazing work in Basis Cash.
Taxi.cash is a fork of Basis.cash, but build on BSC Chain, its just that simple.
The protocol consists of three tokens (Taxi Cash - TAXIC, Taxi Share - TAXIS, Taxi Bond - TAXIB), with Taxi Share and Taxi Bond designed to move Taxi Cash towards the price of $1. The following scenarios describe how Taxi Share and Taxi Bond work, with the first scenario assuming that the price of Taxi Cash is above $1 and below $1 in the second.
When TAXIC is traded below $1, users will be able to purchase TAXIB at a certain discount to establish the price stability of TAXIC, with the expectation of future profits upon redemption.
Each bond promises the holder exactly 1 TAXIC at some point in the future under certain conditions. Whenever a user purchases TAXIC, it is burned, causing a decrease in the circulating cash supply. Bonds do not have interest payouts, nor do they have maturity or expiration dates. Rather, they can be redeemed on a 1:1 ratio with TAXIC when the price rises above $1.
Purchased bonds can be redeemed on a 1:1 ratio with cash only when the oracle price of cash is above $1. This prevents bondholders from cutting their losses on redemptions and creating unnecessary increases in supply.
When the price of TAXIC exceeds $1, the contract primarily allows bond redemptions to bond redeemers. Even after the bonds are redeemed, if the price of TAXIC is traded above the price of $1, an increase in the demand of TAXIC results in new TAXIC tokens being minted and distributed to TAXIS holders.
For instance, let’s assume that the price of TAXIC exceeds $1 even after bond redemption. In this case, the Treasury contract mints new TAXIC seigniorage into existence. This seigniorage is given to the Boardroom, where users can stake TAXIS and earn daily seigniorage based on the price of TAXIC.
The initial distribution of TAXIC prioritizes those who deposit TAXI/BUSD Taxiswap Lp tokens, BUSD, TAXIC, BAKE, CAKE to the distribution contract. TAXI/BUSD Taxiswap LP tokens will have an x6 rewards in compared to other single staking pool.
A total of 50,000 TAXIC tokens are distributed to depositors, with 10,000 Cash tokens distributed per day. The distribution details:
- TAXI/BUSD: 6000 TAXIC tokens per day.
- An equal amount of 1000 TAXIC tokens is assigned to each pool in the list: BUSD, TAXIC, BAKE, CAKE per day.
Afterward, TAXIS is distributed to those that provide liquidity to the TAXIC-BUSD Taxiswap pair, where users can deposit LP tokens to the distribution contract and earn TAXIS. The TAXIS pool 1 will distribute 750,000 TAXIS, starting with 6250 TAXIS and decreases 75% after every 30 days.
A further amount of TAXIS is given to liquidity providers of the TAXIS - BUSD Taxiswap pair, distributing a total of 250,000 TAXIS which lasts for 1 year (365 days), and an equal amount of tokens is distributed per day.