Disclaimer : the following is not a financial advice.
I.a/ intro :
I.b/ The crowdloan :
I.c/ The team :
I.d/ The github :
I.e/ The roadmap :
I.f/ Partnerships / Clients :
I.g/ Competitors :
I.g/ Competitors :
II.a/ The tokenomics :
II.b/ The token :
III/ Communication
III.a/ On the communication by the team :
III.b/ The community :
IV/ Conclusion :
V/ Resouces :
I/ About
I.a/ Intro
Basilisk is a DeFi protocol which aims at launching on the Kusama relay chain during the auctions via a crowdloan.
If you don’t know exactly what is Kusama,or the crowdloans or the auctions, read this :
I feel I should introduce HydraDX before Basilisk.
HydraDX is a DeFi protocol which will be one of the first DeFi on Polkadot. They’ll introduce their concept of omnipool. A pool of many asset correlated together instead of pools of pairs. This way they want to create a frictionless pool for any asset on any chain.
On the top of that, there was a « side project » of the HydraDX team, that came a bit as a surprise. They announced their participation to Kusama auctions just a few weeks before the auctions start, revealing at the same time the existence of Basilisk.
So what is Basilisk ?
HydraDX launched through a Liquidity Bootstrapping Pool (LBP) on balancer. A system that would make coins price move all along the IDO (if people don’t buy, price is going down, if people buy, price is going up), making it, unlike other IDOs / ICOs with fixed price, a time of price discovery and an interest predictor as the project is launching.
The system would apparently be preventing whales to just one time buy a huge amount of coins. It would be better to buy several times a small amount price wise.
Well, Basilisk will follow this system and will be a modular automated market maker that will provide Liquidity Bootstrapping Pools for projects to launch with different models of price discovery that can be chosen by the projects launching. There will even be a feature to use any asset during these LBP phases.
They even try to reduce slippage through a feature called order matching which will try to match transactions going in opposite directions before they hit AMM.
Basilisk will also eventually host a NFT market place!
Basilisk and HydraDX will be bridged and will operate together. Indeed, succesful assets launching on Basilisk will eventually enter the HydraDX omnipool.
I.b/ The crowdloan
Basilisk plan is to enter the Crowdloans from the third auction to finally compete in the fourth and fifth auction. The team aim to be within the first five parachains to launch on Kusama.
Rewards-wise, I think It has a very interesting incentive :
15 % of the total amount of BSX (total of 100 Billion) will be distributed to all backers proportionally to their contribution. The more backers, the less BSX rewards.
But that’s not all, when you contribute for a full KSM you can receive HDX, the coin of the HydraDX chain. The earlier you participate, the more HDX you receive. The maximum amount of HDX you receive is 300 if you lend your KSM from the very start, and it goes as low as 50 if you lend your KSM near the end of the time Basilisk leads the auction.
If you miss the crowdloans, don’t worry. Once up, Basilisk will launch its own Liquidity Bootstrapping Pool to distribute BSX, and you’ll be able to purchase them through this event.
I.c/ The Team
I jumped into the HydraDX IDO on the promise it would be part of the Galactic Council, a collective of Dex specialists with experience in the field. I didn’t know much more.
Turns out the main figures of the projects are doxxed.
https://twitter.com/GregusJakub
They acquired experience and talents through https://zeeprime.capital/ before launching HydraDX.
The team of Basilisk is now tied to the team of HydraDX but soon will be independent and developping the project on its own (while still working together).
I.d/ The github
As a non developper, I can’t judge of the github, but it definitely looks like it has been worked on compared to some other projects’ githubs which feel empty.
Feel free to leave your take on this if you are more knowledgeable than me.
I.e/ The roadmap
Next items :
-Basilisk becomes a parachain on Kusama : T
-Basilisk’s own LBP : T + 1 week
-Basilisk LBP features for other assets : T + 1.5 week
-Liquidity Mining : T + 1.5 month
-Market Place : T + 2 months
-Stable coin palets (curve like) T + 3 months
I.f/ Partnerships/clients
The project has claimed that a few people was already interested in their LBP feature without disclosing who.
As for their partners, being from the Galactic Council they would be in relation to many existing projects.
I.g/ Competitors
Other AMM and launchpads, There are a lot. On Kusama there is Bifrost, Karura, Genshiro…
II/Token(omics)
II.a/ The tokenomics
Capped amount of coins :
100 Billion.
II.b/ The tokens
They are the governance tokens and Liquidity Provision token of the BSX protocol.
There might be a burning mechanism in the future, in HDX and/or BSX, but tests are still being performed to see what economic model would serve their purpose best.
III/ Communication
III.a/ On the communication by the team
The team communicates a lot on Discord and via the blogs (see the Resources section), they are really helpful. The doc part of HydraDX is updated quite frequently. They also have community leaders really responsive on both Telegram and Discord.
III.b/ The community
For once the community is not full of meme sharers who don’t really know why they are here. HydraDX has already 4000 plus backers already testing the HydraDX functionalities of the blockchain on their testnet called SnakeNet. You can bet a good portion of them will support them during crowdloan. The people who missed the opportunity to get onto the HDX train will surely see an opportunity to do so during the Basilisk crowdloan, thanks to the HDX reward.
IV/ Conclusion
As said previously many people jumped on HydraDX and some still want in (too bad you can’t until an AMM is up and trades their coins, except if you partake in the Crowdloan).
The project seems ambitious and solid so far. They are quite determined to be a liquidity provider for the whole Kusama/Polkadot ecosystem and definitely have interesting features.
I’ll be backing them up during the crowdloan, and if you don’t, it’s still a project to get on your watchlist.
V/ Resouces
AMA :
Website :
Basilisk : https://bsx.fi/
HydraDX : https://hydradx.io/
blog :
Basilisk : https://basiliskfi.substack.com/
HydraDX : https://hydradx.substack.com/?no\_cover=true
Discord : https://discord.com/invite/xtVnQgq
Github : https://github.com/galacticcouncil
Telegram :
Basilisk : https://t.me/bsx_fi
HydraDX : https://t.me/hydradx
Twitter : https://twitter.com/dev0_sik/
Docs : https://docs.hydradx.io/
