bDollar Protocol
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FAQ
Frequently Asked Questions
What are the advantages (or differences) with other algorithmic stablecoin protocols in the DeFi space?
Though there are many alogorithmic stablecoin protocols that have emerged over the last few months. The advantage of bDollar is that it builts on exisiting protocols and implements certain parameters better than its predecessors, namely, reasonable epoch expansion rates, incentives for bBDO holders to redeem their bonds when BDO prices are higher, fair distribution of sBDO, limited debt issue with 3% cap on bBDO minting. Additionally, bDollar has a first mover advantage because it is built on Binance Smart Chain.
Why Binance Smart Chain (BSC)?
Owing to the high gas fees and rising ethereum prices, decentralised finance (DeFi) has been increasingly difficult, slow and painful for small retail investors. BSC serves the role of enhancing existing user experience for DeFi users given that it is EVM (Ethereum Virtual Machine) compatible and has a block time of approximately ~ 3 seconds. Meaning to say, BSC transactions are faster and cheaper while still maintaining the ability to interact with smart contracts.
Is the Protocol safe to use?
The bDollar Protocol is a fork of the existing Basis Cash Project on the ethereum network which has already been audited by Certik. For additional security, you are free to use the DiffChecker tool to compare the smart contract codes of bDollar Protocol (Refer to our github) and Basis Cash.
Moving forward, the team plans to use the DAO wallet to fund external audits of the protocol (subject to the agreement by the community). Additionally, you can show your support for bDollar Protocol by upvoting us on DefiYieldInfo for a complimentary audit from the community.
Last modified 1yr ago