Development Update — Ethereum Bridge and CDP system
Hi Bidao Warriors,
the team is working very hard to bring an awesome new Defi protocol to the cryptocommunity. As you may already know, we are currently focused on the Ethereum Bridge. You may ask: What is an Ethereum Bridge? The Ethereum Bridge allows to transfer ERC20 Tokens to the Bidaochain in a bidirectional manner. This means that you can send LINK (or other ERC20s) to the Bidaochain and use them to open CDPs. Of course the LINK can also be sent back to the Ethereum chain.
In the screenshot above you can see that the Token Bridge UI is very simple and is directly connected to Metamask so that it is fast and easy to switch between the chains. To use the Token Bridge you only need Metamask and the Bidao extension and of course some ERC20 Tokens.
Update on the CDP system
The CDP system is the hardest part of the development but we are already very far with the development. The CDP system is the core functionality of Bidao. Digital assets can be locked as collateral and the stablecoin BAI can be generated. We want to support as many crypto assets as possible, because of that we built the Ethereum Bridge so that ERC20 Tokens can be integrated very easily.
In the screenshot above you can see the CDP interface. You can easily select the collateral asset (in the example above LINK) and generate the BAI stablecoin.
To see all your open CDPs you can simply click the button “Go to CDP”.
Then you will see all your open CDPs and can close them if you want to.
Thank you to all the Bidao Warriors that are out there on social media and educate other people about Bidao.
