DEX (Decentralized Exchange)

Trade Native Assets

The DEX is the native decentralized exchange of the Basis platform, serving as the exclusive marketplace for buying and selling all Basis Tokens.

Core Functionality: Seamless interface for swapping between Basis Tokens and their paired assets. The buy panel supports both USDC (auto-routes through STASIS) and direct STASIS purchases.

Technical Architecture: Smart contracts on BNB Chain ensuring transparency, censorship resistance, and non-custodial trading. All Basis Tokens are ERC-20.

Liquidity Model

• Liquidity is established through direct token purchases — no external LPs needed
• The token's smart contract manages its internal ledger and price determination
• Buys mint new tokens, sells burn tokens
• No impermanent loss, no liquidity bootstrapping problem

MEV Mitigation: Internal liquidity mechanisms make common MEV attacks economically non-viable.

Trading Fees

Platform-set by token type: Stable+ 0.5% | Floor+ 1.5% | Predict+ 1.5% (both buys and sells). All of the Predict+ 1.5% flows through the waterfall below; there is no carve-out, no winning-pot recycling and no bounty pool.

Fee Waterfall: fee payouts are made in USDB, and the split has two columns because it changes at TGE.

At TGE, 48% of fees - four fifths of the company's current 60% - route to the BASIS staking contract. Two hard contract limits apply: the BASIS staking share can never fall below 30%, and every fee setter is capped at 200bps.

Buy Flow

Two contract calls: 1. Approve (ERC-20 approval) 2. Buy (execute trade). Quick allocation buttons (25%, 50%, 75%, Max) available.

Leverage Trading

Dynamic Leverage — Not Fixed 36x

Leverage is a toggle (on/off), not a slider. Effective leverage is dynamic:

• Smaller buys = higher leverage (but smaller positions)
• Larger buys = lower leverage
• "Up to 36x" is theoretical maximum — not a guaranteed constant

How Leverage Works

Calculated against the protected floor price:

• Stable+ / Predict+: Floor = spot (always equal), maximum leverage permanently available
• Floor+: Highest leverage at/near launch; diminishes as spot rises above floor

The Leverage Fee

Substantial and separate from trading fee:

$5 buy on $1K liquidity: ~27.8x leverage, ~70.6% fee $20 buy on $1K liquidity: ~26.8x leverage, ~68.3% fee $100 buy on $1K liquidity: ~16.7x leverage, ~43.8% fee

Fee percentage decreases with larger buys but absolute cost increases. Consider splitting large positions.

No Price Liquidation

Leveraged positions cannot be liquidated by price movement. Positions end on time-based expiry instead. Stable+ price cannot decrease; Floor+ has a floor that only rises. Both are contract properties, not guarantees of outcome. The binding constraint on how much leverage is available is the spot/floor ratio, which is why "up to 36x" is a theoretical maximum rather than a guaranteed constant.

Important Limitations

• Leveraged tokens held in leverage contract (shown as "Open Positions")
• Cannot be used as loan collateral — leverage and loans are separate paths
• Control exposure through position splitting: 25% leveraged + 75% unleveraged = ~10x effective