These are highlights for Basis Markets for the Summer of 2022, for roughly the months of June, July and August 2022.
We will henceforth publish a monthly blog post with a compilation of that month’s announcements. This way, we hope the community can be up to speed quickly with what is happening with Basis Markets. It also helps those that for some reason may not frequent our Discord server to check for announcements there.
On 1 June 2022, we uncovered the new landing page redesign for the homepage. It was designed over the course of several weeks by our designer, feedback from the team and community. You can check out the website at https://basis.markets.
On 6 June 2022, we announced a partnership with Solend. Both $BASIS and $rBASIS tokens have an isolated lending and borrowing pool. Depositors are able to borrow USDC, collateralizing their assets at 50% LTV. Basis Markets pool offers the Basis and rBasis tokens, allowing for multiple strategies such as borrowing basis to deposit rBASIS, or depositing large amounts of Basis or rBASIS to unlock capital (USDC) against it.
On 16 June 2022, we released a blog post describing the launch of the DBLP. The article describes how the DBLP was to be launched on Solana’s dev net. This was to ensure the product is compliant with emerging regulations.
In the aftermath of the collapse of the Terra blockchain ecosystem, we have seen how crypto lenders such as Celsius Network went bankrupt, Voyager Digital issued a cease-and-desist by US regulators, and Tornado Cash backlisted by the US Treasury. At Basis Markets, we are building towards regulatory compliance. This means full decentralization, with no custody of funds. Users have custody of their own funds and make their own decisions.
On 1 July 2022, we published the first of a series of articles of strategies on our blog. The first article was on auto lending, First Strategy: Auto-Lending Optimizer. The auto lending strategy provides users with the optimum rate of return available on the market and can be used with any asset, stable or volatile, for example USDC or SOL.
On 11 July 2022, we posted the Delta-neutral 101 blog post. Delta-neutral is the core concept for which we started Basis Markets. It’s a strategy that reduces the risk of price movement of an asset. The strategy involves staying neutral whether the prices go up or down, profiting from the position. In that blog post, we explain what delta neutral is and how it relates to the basis trade. On this day, we also released a small redesign of the landing page for the homepage.
On 12 July 2022, we created a channel, 🔗︱on-chain-alpha (which we later replaced, more on that later). The goal of that channel was to share work we developed in prior months (auxiliary tools for DBLP). The channel would have on-chain opportunities and threats: TVL losses, APR drops, usage increase %, whale alerts, etc.
On 14 July 2022, we partnered with Alpha Trading Systems (ATS), a crypto trading platform from a small but prolific team based in the UK. ATS connects to exchanges, aggregating data into one platform. They were kind enough to offer a 7-day free trial to NFT owners of Basis Markets. More information in the 🪢┃alpha-trading-systems channel on our Discord server.
On 20 July 2022, we published the second of a series of articles of strategies on our blog. The first article was on auto lending. This second article is on Automated Leveraged Farming. Leveraged farming is the process of using borrowed money for farming rewards. The user borrows funds so that they can invest more, and as a result, earn more. The strategy outlined in the post automates this process.
On 21 July 2022, we have improved our alerts and the way we organize them. We replaced the 🔗︱on-chain-alpha channel for a new set of alerts. Users can go to the 👇︱choose-alert channel and pick the type of alpha they like to get as an alert. These include lending, projects/pool TVL, stablecoins and whale alerts. Users follow the instructions on that channel and get a ping for their preferred alert(s). Over time, we continued to add alerts as channels users could get notified for.
On 1 August 2022, we redesigned the BTE landing page. This was a temporary design, as we later integrated it into the DBLP interface.
On 5 August 2022, we've partnered with FRAKT. FRAKT allows users to get loans against their NFTs. They can be used as collateral, borrowing against them. It's a way to get liquidity out of stale NFTs sitting in wallet. In addition, 50% of loan profits are returned to the DAO. So users are contributing to the DAO while getting liquidity for other ventures. On this day, we also released a blog post that went deeper into what FRAKT is and services they offer.
What are we working on?
Our mission is still to give value to token and NFT holders. After knowing about upcoming regulations, we moved towards a permissionless model, in which the product would have no third party custody of funds. The product we’re building towards is decentralized and users have their own custody of funds.
What can you expect soon?
- Town hall
- DBLP and regulation update
- Products we are working on
- Tokenomics review
- DAO update
Until next time 👋