Basic is a crypto finance platform that enables lenders and borrowers to efficiently allocate their crypto assets. Lenders earn interest by depositing their tokens into Basic's token-specific wallet, and those tokens can be used as collaterals to borrow other tokens. Basic offers a number of financial services including Crypto Backed Loan, Crypto Backed Leveraged Loan, Crypto Flexible Deposit, and Crypto Term Deposit.
The core idea of Basic Application is to invite users to build credit history over recurring crypto finance transactions. Basic offers its own rating system for users to establish trust between lenders and borrowers. The intention of Basic to build trust between users is to vitalize the market by introducing additional liquidity.
The BASIC token is an ERC-20 compatible token used within the BASIC ecosystem. Holders will have access to member-only products, lower interest rate loans, and higher interest rate earns. The BASIC token itself can also be used as a collateral aside from Bitcoin and Ethereum.