Bidao is implementing VeChain (VET) as collateral asset 👏
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 + VeChain = ❤️
Bidao is implementing VET as a collateral asset. This means that VET can be locked up in CDPs to generate the BAI stablecoin.
Using VET as collateral is very easy. At first, the VET 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 VET, 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 VET are unlocked and can be transferred freely again by the CDP creator.
About Bidao
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 VeChain
Launched in 2015 as a private consortium network, the VeChain Foundation went on to develop the VeChainThor public blockchain, a fully programmable EVM compatible L1 smart contract platform that is adaptable to wide-ranging real-world needs. Supply chain, sustainability, carbon emissions, SDGs, De-Fi, NFTs and more, VeChainThor seamlessly handles it all.
A unique two-token model ensures low and stable transaction costs while an advanced Proof-Of-Authority consensus mechanism guarantees high throughput, scalability, and security with minimal energy consumption, culminating in zero downtime for the network after 3+ years of continuous operation.
VeChain Technology continues to pioneer real-world blockchain applications across the globe with offices in China, Singapore, Luxembourg, Japan, France, San Marino and the United States.
Strong independent development capabilities combined with the professional compliance guidance of strategic partners PwC and DNV GL has enabled VeChain to establish partnerships with leading enterprises including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, H&M Group, Shanghai Gas, LVMH, D.I.G, ASI Group and more.
