Proposal: Add a [BAC, [TriPool]] Metapool

Summary:

We propose adding Basis Cash (BAC) to Curve as a metapool paired with the 3pool.

Abstract:

Basis Cash (BAC) is a seigniorage-based stablecoin. It is the first implementation of the Basis stablecoin system deployed to Ethereum. It has seen significant growth since being fully-activated on December 11th 2020: growing from less than $1M AUM to >$20M. It recently has traded on Uniswap with daily volumes of ~$10M.

Motivation:

Basis Cash currently primarily trades with DAI on the Uniswap exchange. This is woefully inefficient as both currencies target a price of $1 and Uniswap provides no provisions for improving liquidity in this situation. A Curve pool offers many benefits for both the Basis Cash and Curve ecosystems:

Basis cash:
● Easier for capital to move in and out of the system
● Token-sink for the BAC token
● Possible future CRV gauge rewards

Curve:
● Fees from Basis Cash trading volume

More information on Basis Cash can found be at:
● Blog: https://medium.com/basis-cash
● Website: https://basis.cash/
● Documentation: https://docs.basis.cash/

As with many Curve pools, supporting more assets means more risk. The metapool design does make it so that the 3pool (and all other pools) would be shielded from any issues arising from BAC misbehaving as a stablecoin within its own pool.

Specification:

A helpful BAC community member has already provided updated Curve contracts for this purpose here: https://github.com/poop-factory/curve-contract/tree/master/contracts/pools/bac

Poll:

https://signal.curve.fi/#/curve/proposal/Qmev2rS1Z8Cq3WjBhP9CaFbaCwvSE4a3x2gBvXd31R29iu

22 Likes

BAC is the best seigniorage-based stablecoin in the market and have a huge growing potentials.

9 Likes

BAC is the best seigniorage-based stablecoin in the market and have a huge growing potentials.nice!

5 Likes

Great potential and an even greater community

4 Likes

The OG Basis. Very very stable and this Curve pool would be amazing for both parties.

5 Likes

BAC is the Bitcoin 2.0

3 Likes

BAC is the best seigniorage-based stablecoin in the market and have a huge growing potentials.nice!

2 Likes

Great potential, super community - I agree this is a great proposal

4 Likes

Greetings Curve community!

Basis Cash launched just over a month ago. In that short time, BAC/DAI has grown to become a top 5 pair on Uniswap with over $160M in liquidity.

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Our long-tern goal is to integrate $BAC into the DeFi ecosystem as a viable decentralized alternative to the current crop of stablecoins, and I can think of no better partner than Curve as we begin this journey.

One of our community members has already coded a BAC/3crv metapool : https://github.com/poop-factory/curve-contract/tree/master/contracts/pools/bac

We look forward to seeing this proposal move forward to a vote.

Happy New Year!

8 Likes

No Brainer to me
Why not add the #1 segnorage dollar we created ?!
They have a huge community and huge LPs project looks promising so far.
I am FOR it.
Yes :+1:

3 Likes

yes it should be added.

4 Likes

I am in support of this proposal, this seems to be a mutually beneficial move. Out of all the current algorithmic solutions, BAC/BAS has proven to have potential for real staying power and a very strong community that supports innovation and growth. Looking forward to this partnership developing.

3 Likes

I am for it. BAC is the stablecoin based on algorithm playing a role cannot be replaced in the future.

BAC is one of the most promising algo-stable coins out there and can maintain it’s peg to $1. It’s going to open up unlimited potential for Defi.

2 Likes

Can we get a post count and join date visible on user’s posts? Of the above replies only 2 people have made any other posts on this forum discussing anything except this. I’m aware this thread isn’t binding but it’s clearly just BAC holders who’ve signed up to make their proposal seem popular. I have nothing against BAC I just question if it has any real use in Defi currently? I would welcome a pool but not CRV rewards.

2 Likes

BAC is the best seigniorage-based stablecoin in the market and have a huge growing potentials.

1 Like

In the blockchain, we should embrace innovation. BAS is the leading project of Algo stable coin. Implementing and collaborating with BAS is good for Curve and BAS.

Please add BAC to Curve :pray:

The botted replies to this are pretty cringe. Not a good look.

7 Likes

Sounds great if added in Curve