About HTC protocol V2 version and improvement of V1 protocol (draft)
Based on community feedback and the current status of HTC development, the HTC.CASH team will upgrade the existing HTC.CASH protocol and release the V2 version. The V2 version will contain 3 new tokens, namely: HTCC, HTCS, and HTCB. Its attributes are consistent with the attributes of the 3 tokens in the HTC.CASH V1 version.
The Concept of the V2 version
Belief is forever, not forgetting the past: HTC's V1 version is forever, it is all believers' belief in the algorithmic stablecoin. HTC and HTCC will always exist, just like ETC and ETH, but the difference is that the two versions will promote each other.
Never give up and focus on algorithmic stablecoins: Algorithmic stablecoins are the future of DeFi. We will continue to improve it with all users and hold it for a long time.
Continuous innovation, users create long-term value: easy to copy, difficult to innovate, and even more difficult to be innovative. We have this ability! We will continue to optimize the economic model of the algorithmic stabletoken based on basis.cash.
In the HTC.CASH V1 version of the agreement, the HTC team holds 5% of HTS. This part has never been sold, and 120,000 HTCs were obtained in Rebase. The HTC team decided to airdrop this 120,000 HTC to community.
Launch of V2
Output of HTCC: 1501 HTCC in total, 1500 are used for liquidity mining, and 1 is used to add to the initial liquidity pool.
Distribution of liquid mining pools:
Stake HTC, mine 500 HTCC-linear release, 125 HTCC per day
Stake HTB, mine 500 HTCC-linear release, 125 HTCC per day
Stake HUSD, mine 100 HTCC-linear release, 125 HTCC per day
Stake USDT, mine 100 HTCC-linear release, 25 HTCC per day
Stake HBTC, mine 100 HTCC-linear release, 25 HTCC per day
Stake HETH, mine 100 HTCC-linear release, 25 HTCC per day
Stake HT, mine 100 HTCC-linear release, 25 HTCC per day
Note: In the HTC pool and HTB pool, the staked HTC and HTB cannot be UNSTAKE! Will be permanently locked and destroyed! So as to reach the problem of HTC deflation and HTB debt consumption. The rest of the pool will not be affected and can be stake and unstake at anytime.
HTCS output: a total of 2,152,501 HTCS, of which 2.05 million are used for liquidity mining, 1 is used to increase initial liquidity, and 102,500 are distributed to DAO and early investors along with mining.
Liquidity mining pool allocation:
Stake HTS, mine 50,000 HTCS, release linearly, 136.98 HTCS per day
Stake HTCC-HT-LP and mine 750,000 HTCS
Stake HTCC-HUSD-LP and mine 750,000 HTCS
Stake HTCS-HTC-LP, mine 250,000 HTCS, and release linearly
Stake HTCS-HUSD-LP, mine 250,000 HTCS, and release linearly
The HTCC-HT-LP mining pool and the HTC-CHUSD-LP mining pool will each release 187,500 HTS in the first 30 days, and the reward will be 75% of the previous 30 days every 30 days thereafter.
All staked HTS and LPs can be unstake at any time without lock-up.
Economic model upgrade: introduce a combustion mechanism, optimize the Rebase release ratio, and increase stability
When the exchange between HTCC and HT is higher than the 1:1.1 ratio, the number of tokens in each rebase is only 25% of the part higher than 1.1 (previously 100%), and the daily rebase totals 50%, making the price return more stable.
When the exchange ratio of HTCC to HT is lower than 0.9, the gburning mechanism is started, 10% of the HTCC tokens are burned, and anyone can burn the open interface. The benefits of this mechanism: it better solves the death spiral problem and makes HTCC return to the positive cycle faster.
The arbitrage space of HTCB is between 0.9-1, and the combustion mechanism indirectly controls the total debt scale. When the weighted 1-hour price of HTCC is lower than 0.9, users can only redeem at the exchange rate of 0.81.
According to the 12-hour weighted average price, when the HTCC is lower than 0.9, it can be burned every 12 hours. Because bond prices are updated once an hour, there may be short-term speculative behavior of buying bonds. In order to control the impact of debt scale on stability, 25% of each rebase will first repay the debt, and the remaining 75% will still be issued through the board of directors, and the remaining outstanding The debt is continuously repaid each time it is rebase.
Upgrade of the V1 version of HTC.CASH
The number of Rebase's tokens has been reduced to 25% of the original, up to 50% twice a day, making the currency price more stable.
Because the debt is too high, it is not feasible to repay the debt in the short term, so 25% of the total amount of each rebase is used to repay the debt, and 75% is still distributed to the board members who hold HTS
Debt exchange ratio adjustment: When the weighted average price of HTC is lower than 0.7, users can only exchange at the lowest exchange ratio of 0.49.
An additional 5% HTS is issued to support the mining of HTS for the HTB-HUSD trading pair, so that bonds have better liquidity, and market means are used to solve the problem of debt circulation.
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