Dec 2020 - One Cash Finance Not Stable - $5.6m (Global)
"Our project on the Basis protocol is about to go live, it is based on the fork of BasisCash. This project is set up for bolder experiments on the model of Basis protocol."
"Although the initial OneCash are very similar to BasisCash, with the gradual realization of improvements, OneCash will become the most daring and innovative experimental project for the Basis protocol."
"One Cash is the most daring and innovative experimental project for the Basis protocol. It is an algorithm based stablecoin protocol derived from Basis Cash."
"ONC is the stable coin. ONS is its share token. ONB is its bond token."
"Unlike Basis Cash: One Cash has no initial mining. ONC and ONS are minted directly."
"Inflation starts from the very beginning and rebases every 8 hours (maximum: 10% each time; 1.1^3 for every day) ."
"BAS-DAI LP tokens will be staked in future inflation cycles with a locking time window to exit."
"The latest public audit reports are nowhere to be found. Team profile is anonymous."
"One Cash (a new algorithmic stablecoin) is listed on @DeBankDeFi now! (#TVL-$5.6M so far)"
Further Analysis
One Cash was created as a decentralized fork of the basis protocol with some minor tweaks. The token appears to have gained a massive value, followed by quickly dropping to a value below $1. The experiment does not appear to have been successful. The anonymous developer has deleted their Medium and Twitter accounts.
How Could This Have Been Prevented?
Unfortunately the One Cash token appears not to be backed by any actual assets or reserve. As such, the price is only supported by the liquidity of the market for the tokens provided.
More Cryptocurrency Exchange Hacks/Scams/Frauds
yCredit Finance Minting Vulnerability > > < < Cover Protocol Hack
Sources/Further Reading
@ABettaMeta Twitter (Jul 13)
One Cash - CypherHunter (Nov 2)
https://misaackman.medium.com/ (Nov 2)
https://www.binance.com/en-IN/price/one-cash (Nov 2)
@DeBankDeFi Twitter (Nov 2)
One Cash Interface (Nov 2)
One Cash Price in USD: ONC Live Price Chart & News | CoinGecko (Nov 2)
Onecash Finance Launch (Nov 2)
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