In the past ten days, we have improved the basic rules and Boardroom settings of the Basis Protocol. Now we will greatly optimize the bond mechanism of the Basis Protocol. After the V2 update, One protocol has become a completely independent and innovative protocol. We believe that One Protocol is more suitable for the development of algorithmic stablecoins in the future than Basis Protocol or even other stablecoin systems.

OneCash V2 will be officially launched on January 11.

OneCash V2 bond mechanism

  • ONB Value-Added system, detailed below
  • If there is Bond waiting to be redeemed and in an inflation epoch, 50% of the inflation…

After a month of steady development, Onecash has proven its potential and feasibility. We sincerely thank the community volunteers and investors who participated in this project during this time. In this article, I will introduce in detail the focus of our work this year.

Token Auction House

2021 Q1

Token Auction House(first app in App Store): Initially, it supports bond auctions, and later supports any erc20 token auctions, and can even be used for initial team public fundraising. The token auction house not only supports ONC payment, but also DAI payment. Orders paid with ONC are charged 0.01%, and orders paid with DAI are charged…

Onecash is trying to build an App Store to help some paid applications in the Defi world.We believe that not every Defi application is suitable for issuing token, and some applications themselves are more suitable for direct payment.

App Store

  • 3% of the ONC generated by each inflation is allocated to the promotion account. The funds for this promotion account are mainly used to reward App Store developers
  • All paid items in the App Store are paid by ONC
  • All ONC income in the application is allocated to the developer, no other share.
  • The project launched in cooperation with Onecash in the…


在过往的十天里,我们改进了Basis Protocol的基本规则和董事会协定。现在我们将会对Basis Protocol的债券机制进行大幅优化。V2更新过后,One Protocol已经变成一个完全独立创新的protocol。我们认为,One Protocol比Basis Protocol,甚至其他稳定币系统,更适合未来算法稳定币的发展。

OneCash V2 将会于1月11日正式上线。

OneCash v2债券机制

  • ONB增值系统,下面会单独详细说明
  • 如果有债券等待赎回并且在通货膨胀时期,每次通货膨胀奖励的50%将分配给董事会
  • ONB购买价格与ONC处于通缩阶段的epoch数有关,每增加1epoch,ONB兑换ONC的价格降低0.02,最低为0.5 ONC : 1 ONB
  • ONB可购买数量与ONC的流通量相关,每个通缩阶段的epoch,将会产生ONC流通量 * 0.02的ONB可供购买
  • ONB没有过期时间,任何时间均可兑换回ONC
  • ONC价格低于0.98时处于通缩阶段


这段时间以来我们一直在学习并思考Esd的债券系统。Basis protocol的债券系统简单粗暴,我们认为其过于普通,并没有很多的参考价值。Esd的债券系统是很优秀的设计,但他们的coupon系统含有过期时间。含过期时间的这个设计令人沮丧,持有快过期的Esd债券令人焦虑,另外债券的流通性也不足。


  • 当ONC价格低于0.95时,金库每个epoch会铸币出ONB作为ONB持有者的奖励
  • 每次ONB铸造的数量 = ONB的流通量*0.01
  • ONB铸造出来后会投放到新的ONB-ONC LP的流动性池
  • 作为奖励产生的ONB会在每个epoch内线性释放到这个LP池子里


Improvement Proposal #6

  • If there is Bond waiting to be redeemed and in an inflation epoch, 50% of the inflation reward will be allocated to Boardroom each time.
  • Improvement Proposal #6 wiil go live on January 8. The holder does not need to do any operation.


The original Basis Protocol is that Share will not receive any inflation rewards when the debt has not been fully redeemed. Under such circumstances, whale users can manipulate the price of Cash and burn Bond to achieve a huge amount of Cash inflation. By making the price lower than 1 dai to burn a lot, redeem it…

This upgrade will be implemented between January 4 00:00:00 GMT. and January 4 08:00:00 GMT. The boardroom upgrade requires the holder to manually withdraw and re-deposit.So be careful to operate on time or you will miss the rewards.

Improvement Details

  • The Boardroom will have two pools. One is the pool for staking ONS. One is the pool for staking ONS-DAI LP.
  • Rewards will be distributed to ONS pool and ONS-DAI LP pool in a ratio of 6:4.
  • The ONS-DAI LP pool in the Bank and the ONS-DAI LP pool in the Boardroom are two independent pools.
  • Which stake in boardroom is locked…

IP1 & IP2 testing

Improvement Proposal #1 and Improvement Proposal #2 have been developed and are being tested. If there is no accident, it will be officially launched on the beginning of January 2021. After going online, all ONS staked in the old boardroom need to be manually taken out by the holder. The new boardroom needs to pair ONS with DAI to deposit.

Improvement Proposal #1

  • What stake in boardroom change from One Share to One Share-DAI LP

Improvement Proposal #2

  • Which stake in boardroom is locked for 3 epochs(1 day)

Token burn

The remaining 800 ONC when the deployer account was initialized have been sent to the black hole address.

burn ONC tx

Start time

  • The project will start at Fri, 25 Dec 2020 08:00:00 GMT.
  • One Cash-DAI LP stake pool and One Share-DAI LP stake pool will be available at the start time.
  • The first rebase will happen at Fri, 26 Dec 2020 08:00:00 GMT.
  • Timeclock is set to 1 day.
  • All smart contract code is open source.

Proposal under discussion

Improvement Proposal #1

  • What stake in boardroom change from One Share to One Share-DAI LP

Improvement Proposal #2

  • Which stake in boardroom is locked for a periodof epochs(maybe 1 day)
  • Reward which from boardroom is locked for a periodof epochs(maybe 1 day)

Improvement Proposal #3

  • The bond has a maximum time limit for redemption, and…


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/One Share/One Bond token
  • Canceled the distribution of the initial five staking centralized stablecoin pools
  • The deployer will mint 1000 One Cash and 1 One Share as initialization, and pair 200 One Cash and 1…


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