A seignorage token that aims to stay pegged to the total crypto market cap divided by 10^12 per token. (Base protocol meets Basis cash)
Imagine Basis Cash met Base Protocol, what would be the result? Well, we believe it would be something awesome! Big Mac Index is a fork of (of a fork) of Basis Cash, so instead of attempting to create a non-collateralized dollar, it tries to create a non-collateralized total crypto market cap index. However, unlike Base protocol, it does not have negative rebases, but instead uses a bond mechanism that gives users the opportunity to burn their index tokens for bonds at a premium in order to redeem them latter. The way it wors: BMI > TCMCAP/10^12(*epsilon) (Total crypto market cap) -> the protocol issues more BMI and gives it to seignorage stakers and keeps a 2% of it for the treasury fund. BMI < TCMCAP/10^12(*epsilon) (Total crypto market cap) -> Users can buy bonds by burning BMI, contracting the protocol and getting a reward once the price crosses to an expansionary phase (bonds are purchased at a discount of the value of the BMI when they are burned, and thus giving users more BMI) BMI ~= TCMCAP/10^12(*epsilon) (Total crypto market cap) -> Nothing happens. All in all, you have: A zero collateral token that tracks the total crypto market cap (divided by 10^12) A seignorage token that earns you more index tokens by staking them into the boardroom A bond token that allows you earn more index tokens once the index token price returns to an expansionary price.
How it's made
The projects is made by forking basis-gold ( a fork of basis cash), which was made to use sXAU as its peg. So instead of using sXAU, we implemented an aggregator contracted used by the people over at Cryptex for their TCAP token and implemented it as the target peg for our token. This is possible thanks to ChainLink, which we used to feed the total crypto market cap in trillions to our contracts to use as the base for target price for expansion/contraction.Technologies used