ONC vaults
- This stablecoin does not have a price feed available at the moment and we are unable to display peg/depeg rates.
About One Cash
One Cash (ONC) was an algorithmic stablecoin and Basis Cash fork on Ethereum, using a seigniorage model (ONC bonds and ONS shares) to maintain its dollar peg. The project is now effectively defunct with ONC trading at approximately $0.01.
One Cash is described on its contract page as "an experimental project for the Basis protocol — a fork of BasisCash." It used a three-token seigniorage model (ONC stablecoin, ONB bonds, ONS shares) inspired by the algorithmic stablecoin designs of 2020–2021.
Mechanism
- Algorithmic seigniorage — supply expands and contracts to target $1 peg
- When ONC > $1: new ONC minted and distributed to ONS share stakers
- When ONC < $1: ONB bonds sold to contract supply
- No collateral backing
Status
Effectively defunct. ONC trades at approximately $0.01, far below its intended $1 peg.
The project has 586 holders and ~1.5 million ONC in supply. The official website
(onecash.finance) appears to have been repurposed by an unrelated project.
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