What is BASIC?
BASIC is the native token of a platform that goes by the same name. Basic is a platform that makes it easy for users to borrow, lend or manage their digital assets. The project is on a mission to increase and improve crypto adoption worldwide. If you want to see the live BASIC price, make sure to check the Basic price chart above.
The platform is built for three major participants - lenders, borrowers, and the Basic Oracle. Borrowers can borrow for arbitrage, leveraging, and tax deferment purposes, while lenders get rewards by lending assets they have in their Basic wallets to borrowers. The Basic Oracle is automated to handle accounts, loans, lending notifications, and other activities.
The platform also comprises offers other features, such as a smart loan manager and a lending custodian for collateral storage.
Basic is based in Singapore and was founded in March 2019. The CEO of the company is Sven Moeller. The Basic team has offices located in Singapore, South Korea, and Switzerland.
Use Cases of BASIC Tokens
The BASIC token is an ERC-20 token used for utility in the Basic ecosystem. BASIC coin holders get access to premium member-only products and services. However, this is only available to the top 10% of holders of BASIC tokens.
Besides that, BASIC tokens can be staked to get various benefits. Borrowers can get lower interest rates (reduces by 20%) by staking BASIC crypto tokens, lenders who stake their BASIC tokens can earn up to 20% annually.
Finally, BASIC tokens can be used on the platform as collateral for loans. This is designed to encourage the adoption of the BASIC token. Using BASIC tokens within the ecosystem as collateral increases the demand for the token, which impacts the BASIC price positively. You can check the current BASIC price on the aforementioned price chart above.
BASIC Tokenomics
10 billion BASIC tokens were issued at the generation event and no additional tokens will be generated.
To prevent inflation, disruption of the ecosystem, and large sell-offs, the release of these tokens is carried out under a strict lock-up schedule. The team designed this schedule to avoid problems that may occur due to excessive initial distribution which would cause a dip in the BASIC price.
The tokens have been distributed to various sectors in the ecosystem. 20% has been reserved for operations, 5% for marketing, and 5% for advisers, legal teams, and public relations. 35% has been allocated for the loan reserve and rewards, while 35% is kept for token sales participants.
