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Introducing Bitr Cash

Bitr Cash is an algorithmic stablecoin on Binance Smart Chain with an innovative solution that can adjust its supply deterministically to move the price of the token in the direction of a target price to bring programmability and interoperability to DeFi.

Inspired by Basis and its predecessors, Bitr Cash is a multi-token protocol that consists of three tokens: Bitr Cash (or BIC, the algorithmic stablecoin), Bitr Shares (or BIS, which holders can claim BIC inflation when the network expands), and Bitr Bonds (or BIB, which can be purchased at a discount rate when the network is in contraction and can be redeemed for BIC when the network comes to its deflationary phase and price goes below 1$).

BIC trades below the $1 target price
When the Bitr Cash(BIC) price is below the target price of $1, token holders can purchase Bitr Bonds(BIB)with an extra discount and Bonds will be burnt to reduce the circulating supply when users redeem Cash with a 1:1 ratio.
In case of redemption, an amount of Cash will be minted to equal the Bonds that have been redeemed. Important to note is that Bonds have no expiry after purchase.

BIC trades above the $1 target price
When BIC price is above the 1$ peg, the token supply will have to expand to push it back down to 1$ and the contract will allow the redemption of the Bitr Bonds.
When the price of Cash continues trading above the $1 target price after bond redemption, the contract mints an appropriate amount of new Cash and this will be distributed to the Boardroom Stakers.

Launch Date

BIC and BIS pools, and Bonds

2021–01–05 11:00:00 GMT +0
2021–01–05 19:00:00 GMT +8

Bitr Cash (BIC) distribution
Initial supply: 50,000 BIC
Dev fees: 3%
Distribution period: 30 days
Stake tokens: BUSD, USDT, USDC, DAI, WBNB
Maximum stake volume per account: 1,000 for WBNB and 20,000 for the other four tokens
Additional BIC are minted by boardroom and seigniorage rules.

Bitr Shares (BIS) distribution
Max supply: 1,000,000 BIS
Dev fees: 3%

BIC/BUSD LP Pool:
Pool size: 750,000 BIS
Distribution period: first batch 184,800 BIS over 60 days, every 60 days, new BIS will be allocated at 25% reduced volume, until all BIS are rewarded to stakers
Stake tokens: BIC/BUSD LP Token from Pancake Swap, LP tokens are granted by adding liquidity to the trading pair on Pancake Swap

BIS/BUSD LP Pool:
Pool size: 250,000 BIS
Distribution period: 365 days
Stake tokens: BIS/BUSD LP Token from Pancake Swap, LP tokens are granted by adding liquidity to the trading pair on Pancake Swap

Boardroom

Boardroom opens 4 days after the launch (2021–01–09 11:00:00 GMT +0), the first seigniorage will happen 24 hours after that. Users will be able to stake Bitr Shares (BIS) to claim Bitr Cash (BIC) inflation

For instance, let’s assume that the price of Bitr Cash exceeds $1 even after bond redemption. In this case, the Treasury contract mints new Bitr Cash seigniorage into existence. This seigniorage is given to the Boardroom, where users can stake Bitr Shares and earn seigniorage based on the price of Basis Cash.

Contract Ownership

To support complete transparency and DAO, as part of contract deployment procedures:

Operator and ownership of Cash, Share, Bond have been transfered to Treasury contract
Operator of Boardroom contract has been transfered to Treasury contract. Operator of Treasury contract has been transfered to Timelock contract.

Ownership of Boardroom and Treasury contract have been transfered to Timelock contract

Contract Auditing

Contracts are open source but not audited, however as a fork project from Basis Cash, you can view Basis Cash audit report here

# Token

+ BIC:
https://bscscan.com/address/0xefE096A302D897cf977bF45031eA29E0CA2C32D6
+ BIS:
https://bscscan.com/address/0xb7FDb4Fb7572C1aA21d1FA430D488C4b1a591829
+ BIB:
https://bscscan.com/address/0xca2dd0115E35A4dD088e8AB308B05E54EC029DA9

# Pool

+ BICBUSDPool: https://bscscan.com/address/0x13aC3128034FebE7E0eE826B8b02F162Eeb5D0F2
+ BICDAIPool: https://bscscan.com/address/0x65E30cF81F5746d12F7999cf3f03D4E2Bb282973
+ BICUSDCPool: https://bscscan.com/address/0x872a8BA0bbf7C2dB48a3aCc67Ce80cBf52125A7f
+ BICUSDTPool: https://bscscan.com/address/0xA89EDC6BCfAd0d50e08F47C7a1242A0B9a16eF2c
+ BICWBNBPool: https://bscscan.com/address/0x6f41cbD834f601860aE4F50D5e06683Ed5100550

+ BUSDBICLPTokenSharePool: https://bscscan.com/address/0xdb82928a9E67aE96E9fbbECdCcd5639674dBEBDa
+ BUSDBISLPTokenSharePool: https://bscscan.com/address/0x1615E3d5eC9D8C6824Cc249b188656c978635ae3

# Monetary Policy
+ Treasury:
https://bscscan.com/address/0xe5d2Dc0eE098E75E7604d3fDDB4E4169C2c85835
+ Boardroom:
https://bscscan.com/address/0x361097F57a3Ca58b2985a15f280cA081E11AAE29
+ Oracle:
https://bscscan.com/address/0x16bC21828ce3E6958BAe41E1Ab835bBd57b87D2c

# Stake tokens

BUSD:0xe9e7CEA3DedcA5984780Bafc599bD69ADd087D56
WBNB:0xbb4CdB9CBd36B01bD1cBaEBF2De08d9173bc095c
USDC:0x8AC76a51cc950d9822D68b83fE1Ad97B32Cd580d
USDT:0x55d398326f99059fF775485246999027B3197955
DAI:0x1AF3F329e8BE154074D8769D1FFa4eE058B1DBc3

Conclusion
Bitr Cash is the latest product of the BSC ecosystem as we believe in algorithmic stablecoins as a decentralized product. However, Bitr Cash is an experimental protocol, and participants should take great caution and do your own research to avoid any potential loss. Bitr Cash is not responsible for any asset loss and not involved in any price discussion.

Community channels:

Telegram: https://t.me/bitrcash

Medium: https://bitr-cash.medium.com/

Twitter: https://twitter.com/bitr_cash

GitHub: https://github.com/bitrcash-protocol

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