The Multiple Meanings of “BASIS Coin”
In the cryptocurrency space, “BASIS Coin” does not refer to a single token but may point to several different projects. To avoid confusion, this article will primarily introduce two major “Basis”-related entities:
- Basis Cash (BAC) and its ecosystem tokens, Basis Share (BAS) and Basis Bonds (BAB): This is an Ethereum-based algorithmic stablecoin protocol designed to maintain a 1:1 peg to the U.S. dollar through algorithmic mechanisms.
- basis.markets (BASIS): This is a standalone project serving as a fee-sharing token for a decentralized liquidity pool (DBLP) running on the Solana network.
The following sections will analyze these projects individually.
Basis Cash (BAC) and its ecosystem tokens, Basis Share (BAS)
Project Background and Mechanism
Basis Cash (BAC) is a decentralized, censorship-resistant algorithmic stablecoin project that was publicly launched on November 29, 2020. It aims to revive the vision of the original Basis protocol, which shut down in 2018 due to uncertainty surrounding U.S. securities regulations.The original Basis team had returned $133 million in funding to investors out of concern that its bond and equity tokens might be classified as securities.
The Basis Cash protocol manages BAC’s price peg through two auxiliary tokens:
- Basis Bonds (BAB): When the price of BAC falls below $1, the protocol issues BAB. Users can purchase BAB with BAC, thereby burning BAC and reducing its circulating supply to help the price recover.
- Basis Share (BAS): When the BAC price exceeds $1, the protocol allows for the redemption of BAB, issuing additional BAC and increasing the supply. At the same time, Basis Share holders receive a proportional share of the newly minted Basis Cash tokens accumulated in the Boardroom contract as a reward.
Basis Cash and Basis Share were not pre-allocated to the founding team or external investors during the initial distribution; instead, they were distributed to community members. For example, users can earn BAC by depositing stablecoins (such as DAI, yCRV,USDT, SUSD, and USDC) to earn BAC, or by providing liquidity to the BAC/DAI and BAS/DAI pools on Uniswap to earn BAS.
Historical Performance and Current Status
On December 1, 2020 (two days after its launch), Basis Cash reached a peak Total Value Locked (TVL) of $159.5 million, attracting a large number of DeFi traders.However, the algorithmic stablecoin sector generally faces challenges in maintaining its peg, requiring a high degree of strategic maneuvering, speculation, and arbitrage to sustain its mechanisms.
As of September 13, 2026, Basis Cash (BAC)’s market performance has declined significantly. Its price ranges from approximately $0.0011 to $0.0022 (with slight variations across data sources), and its 24-hour trading volume is only about $462.47.The situation for Basis Share (BAS) is even more dire; its 24-hour trading volume is shown as $0 by some data sources and approximately $19,489 by others, indicating conflicting data, but overall liquidity remains extremely low.
Trading and Risk Disclosure
Given that the 24-hour trading volume for Basis Cash (BAC) and Basis Share (BAS) has fallen to a few hundred dollars or even zero, their trading markets have virtually dried up, with a lack of effective trades. This indicates extremely low project activity and a complete lack of liquidity; investors should be wary of extremely high trading risks and the risk of asset loss.Currently, there are no reliable active trading channels for this token.
basis.markets (BASIS)
Project Overview
Unlike Basis Cash, basis.markets (BASIS) is an independent decentralized liquidity pool (DBLP) project operating on the Solana network. Its token, BASIS, serves as the protocol’s fee-sharing token.
Market Data and Trading
As of this writing, basis.markets (BASIS) has a market capitalization of approximately $103,500, with a circulating supply of 1 billion BASIS. Public data does not provide 24-hour trading volume figures, so its activity level cannot be verified. Trading such assets with unverifiable activity levels carries a high level of risk.
Due to the lack of reliable active trading data, investors are advised to check the latest prices and project information on market data platforms such as Svmuu before considering a trade, and to independently verify the existence of active and reliable trading channels to mitigate potential risks.
Summary and Risk Warning
Whether it is Basis Cash (BAC) or basis.markets (BASIS), their market activity and liquidity are already extremely limited. The inherent risks of algorithmic stablecoins, coupled with waning market enthusiasm, expose the tokens of these projects to significant uncertainty.Before engaging in any cryptocurrency trading, investors should fully understand the project’s mechanisms, assess market risks, and conduct thorough due diligence.
