Introducing $BAI and $ATID: USD-pegged Stablecoin and Protocol Token
Hi, everyone!
AstridDAO will launch in mid-April. Before that, we plan to introduce the components of AstridDAO via several articles to help community members understand the mechanism behind it!
And today, we are going to introduce the two major fungible tokens issued in the AstridDAO ecosystem, $BAI, and $ATID.
What is $BAI?
$BAI is the USD-pegged stablecoin issued by AstridDAO. $BAI is used to pay out loans of AstridDAO, and can be redeemed against the underlying collateral at the face value.
Users can deposit risk assets including $ASTR, $BTC, $ETH, $DOT, native assets of other parachains, etc., and borrow $BAI at a minimum collateral ratio with a 0% interest. In this case, users will be able to convert the risk assets to stablecoin liquidity, without having to sell the risk assets.
Users can use $BAI in many scenarios: adding $BAI to AstridDAO’s stability pool and earn $ATID, adding $BAI to liquidity pools on ArthSwap, Starlay, Sirius Finance, Kagla, Starbank, etc. and earn liquidity rewards, depositing $BAI to Starlay as collateral and borrowing other assets, high-APY yielding using $BAI on Avault or Alnair…
As a project supported by Astar Incubation Program, AstridDAO will work closely will other protocols on Astar and in the Polkadot ecosystem to provide the best use cases and the highest APY. $BAI is aiming to be the dominant stablecoin on Astar Network and in the Polkadot ecosystem.
What is $ATID?
$ATID is the protocol token issued by AstridDAO. It can be used to generate $veATID token, which captures the fee revenue generated by the system, incentivizes early adopters, governs the protocol in a DAO manner, etc.
Users can earn $ATID in several ways. We will incentivize users who add $BAI to AstridDAO’s stability pools via $ATID tokens. And we will also use $ATID to incentivize users who deposit assets into AstridDAO and lock $ATID to generate $veATID in the initial phase.
Users can lock $ATID and generate the voting escrow $ATID token, $veATID. The longer the $ATID lock for, the more $veATID can be received. Users can use $veATID to boost $ATID rewards, share protocol revenues, earn staking rewards, vote to add new collaterals and etc. Users can also yield using $ATID on veToken boosters including Avault and Muuu.
About AstridDAO
AstridDAO is the multi-collateral stablecoin on Astar Network and for the Polkadot ecosystem. AstridDAO allows users to use risk assets as collaterals and borrow $BAI, a USD-pegged stablecoins at a minimum collateral ratio and 0% interest rate.
Website: https://astriddao.xyz/
Twitter: https://twitter.com/AstridDAO
Discord: https://discord.gg/FxbbBNAvEy
Telegram: https://t.me/+YXG1yvbTEiAyYmE1
