Bidao is implementing Polygon (MATIC) as collateral
What is Bidao
Bidao is building a new blockchain system that is dedicated to Decentralized Finance, short DeFi. Our goal is to create a blockchain-agnostic ecosystem for Defi applications. The Bidao ecosystem uses 2 different Tokens: the governance Token BID and the stablecoin BAI. Users can also stake their BID tokens and support the Bidao network. The stablecoin BAI is an algorithmic stablecoin that is pegged 1:1 to the US-Dollar.
Bidao + MATIC = ❤
Bidao is implementing MATIC as a collateral asset. This means that MATIC can be locked up in CDPs to generate the BAI stablecoin.
Using MATIC as collateral is very easy. At first, the MATIC is locked up in the CDP. In return, the appropriate amount of BAI is generated and can be used freely by the CDP creator. To regain access to the locked MATIC, the BAI has to be repaid to the system. This is simply done by a simple function call and sending back the BAI to the CDP. After that, the MATIC are unlocked and can be transferred freely again by the CDP creator.
The Bidao Cryptocurrency (BID) utilizes a completely decentralized proof-of-stake Blockchain with an additional collateral-backed value token which is 100% stable in value quite in contrast to for example Bitcoin, Binance Coin or Ethereum which experience huge fluctuation.
Bidao is integrating with many different Blockchains like Ontology, Tron, Bitcoin and Ethereum. This way Bidao becomes the one-stop-shop for Decentralized Finance (Defi) applications.
About Polygon (Formerly Matic)
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Matic POS, designed for flexibility and independence. Polygon’s Layer 2 Chains have seen widespread adoption with 90+ Dapps, ~7M txns and ~200K unique users.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.