Introduction
The first native stablecoin on Base Mainnet.
What is the Basin Protocol
Basin DAO is proud to introduce BAI, a groundbreaking stablecoin deployed on Base Mainnet As the first overcollateralized Collateralized Debt Position (CDP) stablecoin on Base, BAI is designed to address key challenges in the existing stablecoin market by implementing a robust and secure framework. By leveraging overcollateralization, Basin DAO has ensured enhanced stability and security for BAI, positioning it as a reliable asset in the rapidly evolving crypto landscape.
The creation of BAI is inspired by BAO Finance and their amazing devs. All code is inspired by or forked from BAO Finance, which in itself uses code from Inverse finance and Compound Finance, while utilizing Maker DAO mechanics. We also take inspiration from Canto's $NOTE stablecoin.
Through a unique set of algorithms and governance protocols, BAI maintains its peg to the U.S. Dollar, providing users with a trustworthy and scalable medium of exchange. The governance structure of Basin DAO encourages community participation, allowing for continuous improvement and adaptation to market dynamics. BAI, as a product of Basin DAO, symbolizes a significant step forward in the creation of decentralized financial products that align with the evolving needs and expectations of the global financial community.
The Goal of Basin
The endgame of Basin is to have BAI be supported on multiple platforms and cement itself as a primary native stablecoin of the Base ecosystem.
Core features of the Basin Protocol
BAI and BASIN
Multicollateralization and usage of IMF in BAI's CDPs
Liquidity incentives
BASIN governance
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