Basix

The Basix Protocol is a DeFi project. Its token is the $BASX token, which combines a streamlined version of Ampleforth’s economic policy with YFI’s distribution mechanism. $BASX is a digital token asset. Every twenty-four hours, the BASIX Protocol changes the supply of $BASX tokens to reach the value of 1 $BASX to 1 $USD.

$BASX holders who own 1 percent of the supply will always own 1 percent of the supply, no matter the changes to the market cap. As the demand for $BASX tokens rises, the amount of $BASX tokens a user owns increases. If the demand reduces, the amount of $BASX tokens they own decreases.

The BASIX protocol’s rebase feature queries a Uniswap v2 oracle to compare and contrast the price of $BASX to $USD. This feature cannot execute more than once in twenty-four hours. If the price difference between $USD and $BASX is above 5 percent in either direction, this triggers a rebase event.