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Justin Sun has announced that TRX is now available on Bidao DeFi ecosystem and they are joining the TRON Foundation so TRX can be used as a collateral asset in the future which means that TRX can be locked up in CDPs to generate the BAI stablecoin.

Bidao, a decentralized finance and trustless Stablecoin on Binance-chain has announced a strategic partnership between Justin Sun’s TRON Foundation. Now, using TRX as collateral is very convenient on the Bidao platform. First, the TRX is locked up in the CDP. In return, the amount of BAI is generated and can be used freely by the CDP creator. To gain access to the locked TRX, the BAI has to be repaid to the system and simply done by a simple function call and sending back the BAI to the CDP. Then TRX is unlocked and can be transferred by the CDP creator.

Currently, 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.

The strategic partnership between TRON and Bidao would provide TRX users to have an alternative way to make investments besides the TRON Foundation ecosystem.

 

What is Bidao?

Bidao is a blockchain system that creates a trustless stablecoin and a decentralized financial tool that allows leveraged trading in a trustless setup. The company’s goal is to create a blockchain-agnostic ecosystem for Defi applications.

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 has integrated with different blockchains like TRON Foundation, Bitcoin and Ethereum.

This makes Bidao a one-stop-shop for Decentralized Finance (Defi) applications.

Does this new strategic partnership catch your attention? It sure did catch ours and gives us an idea that we can have an alternative option to have more investment opportunities with our TRX with different blockchains like Bidao. Should you be interested in using Bidao soon? Let us know in the comments and tell us your feedback about this strategic partnership between the two cryptocurrency companies.

For more news and updates, see TronSpark’s website.

Comments

Jino Tokieda

Former EMEA/APAC Operations Executive for a global photography company with 5 years of experience working with top technology companies in the US and have been involved with cryptocurrencies since 2019. Always been a fan of TRON and started getting into the TRX scene around January 2020. Besides creating articles for Tron Spark, I'm a skateboarder and working for a coffee company in Fort Worth, Texas.

Bidao: Tron Foundation's TRX can generate BAI stablecoin