FAQ

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 Midas Dollar is that it builts on existing protocols and implements certain parameters better than its predecessors, namely, reasonable epoch expansion rates, incentives for MDB holders to redeem their bonds when MDO prices are higher, fair distribution of MDS, limited debt issue with 3% cap on MDB minting.

Why Binance Smart Chain (BSC)?

Owing to the high gas fees and rising Ethereum prices, decentralized 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 Midas Dollar 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 Midas Dollar Protocol (Refer to our github) and Basis Cash.
TechRate has completed the audit which can be found at here
Moving forward, the team plans to use the DAO wallet to fund more audits of the protocol's new contracts if any (subject to the agreement by the community).
Last modified 7mo ago