About Basis Markets
Basis Markets is a decentralized liquidity pool and trading engine facilitated by a DAO.
We are a group of traders and developers with decades of experience and a range of skills across traditional finance, DeFi, machine learning and others.
Using these strategies ourselves, we saw the potential delta neutral yields can deliver however, finding optimal yields is time consuming due to the sheer number of potential trades across exchanges. So we set out to create a tool to automate this process, the Basis Trade Engine (BTE)
In the BTE's dashboard you can find the best strategies that may generate yield, entering, re-balancing and exiting positions on your own on exchanges you're registered with.
How did it all start?
Basis Markets started as an NFT project sold at 8 SOL in November 2021 ($1880 at the time) raising $7.5m.
There were 5000 Basis NFT minted, 4000 sold to the public, 1000 held by the founding team with a 2 year time lock, from November 2021 to November 2023.
After the presale & main sale it became apparent the demand for the products offered by Basis Markets was much larger than first thought. The team realised the project could become bigger than just the NFT.
We put forth our first DAO proposal to introduce the $BASIS token. The vote passed with majority and the Initial Dex Offering (IDO) was held in early December 2021.
The IDO for the token was undertaken as a dutch auction selling 250m worth of $BASIS tokens at a final price of $0.0829, raising a further $20.7m.
The Total Value Locked (TVL) of $BASIS is 1 billion, allocated as shown in the table below.
For more information on Tokenomics, please check our tokenomics blog post.
Each NFT received 100,000 Basis tokens airdropped over a 6 month period, from December 2021 to May 2022, in the following schedule, with no lockup period.
|25,000||Dec 11, 2021 (month 1)|
|25,000||Jan 09, 2022 (month 2)|
|12.500||Feb 10, 2022 (month 3)|
|12.500||Mar 14, 2022 (month 4)|
|12.500||Apr 14, 2022 (month 5)|
|12.500||May 13, 2022 (month 6)|
Let's have a look at what's so special about Basis Markets, starting with the NFT.
Owning an NFT gives its owner several perks:
- BTE access: The NFT is required to have access to the Basis Trade Engine (BTE). The BTE is where you can spot opportunities across exchanges and benefit from doing those trades.
- BTX access: The NFT is also required for access to the Basis Trade eXecution (BTX). The BTX is a permissionless protocol that connects to user's CEX and takes advantage of the best delta-neutral trades in real time.
- DAO voting: You need an NFT to vote on proposals set forth by the DAO. Only NFT owners can create a proposal. 1 NFT = 1 vote.
- Private discord: As an NFT owner you have access to a number of members-only channels in our discord server.
The NFT can be bought on OpenSea, Magic Eden and SolSea. You can check the Basis NFT collection on the blockchain here.
The Basis Trade Engine (BTE) is an online application, accessed through NFT ownership that pulls funding rate and yield data from both centralised and decentralised exchanges. Access to the BTE is exclusive to NFT owners.
To use the BTE, login at https://basis.markets connecting your wallet that has the Basis NFT. You’ll be directed to the BTE dashboard and start using it.
You use the BTE to discover profitable delta-neutral trades. It saves you time in what would be time consuming to do it manually. It points traders towards opportunities and what to look for.
We have a 6 part educational video series on using the BTE to uncover potential profitable trades. It has some background information on these types of trades and how to perform them.
The BTX is being built and we will update this section.
We have a single side staking pool (3S) at staking.basis.markets. $BASIS holders can stake their tokens and receive more tokens with no impermanent loss.
Once launched, staking tokens grants a 16% proportionate share of performance fees gained from the DBLP. The share of the fees you get are calculated as follows:
(1 billion ÷ X tokens staked) × (your % share of the pool) × (fees generated)
The staking program continues in perpetuity, backed by 10% royalties fees from NFT sales. These royalties are used to buy back Basis and send it to 3S as emissions, continuously, with variable yield.
The purpose of the DAO is to govern the Basis Markets initiative to ensure its success.
The DAO is not there to control every action of the community and team members, but to act as a guide towards the roadmap and direction of Basis Markets.
Voting on a proposal is done with the NFT. It’s the NFT that gives governance to the DAO. Any NFT owner can create a proposal and put it up for voting.
To have a better understanding of our DAO, feel free to join our Discord and read the DAO governance document.
This was an overview of Basis Markets, our products and how you can benefit from our automated delta-neutral strategies. Join our 10,000 strong community on Discord and follow us on Twitter.