IOST Now Listed As A Collateral Asset on Bidao’s DeFi Ecosystem

IOST Foundation
Jul 31, 2020 · 2 min read

Bidao is building a new blockchain system dedicated to Decentralized Finance, with a 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.

Using IOST as collateral is very easy. At first, the IOST 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 IOST, 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 unlocked IOST 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 Tron, Bitcoin, Ethereum, and now IOST to become the one-stop-shop for Decentralized Finance (Defi) applications.

Official website: https://www.bidaochain.com/

Official Twitter: https://twitter.com/Bidaochain

About IOST

Supported by Sequoia, Matrix, ZhenFund and other world-class investors, IOST is a blockchain platform developed for online service providers, empowered by its unique, next-generation Proof of Believability consensus.

With a one-year-old mainnet, IOST has swiftly risen to become a world-leading public chain renowned for its numerous government collaborations and enterprise partnerships around the world. IOST is one of the Big Four public chains with a rich user base and real applicability alongside Ethereum, EOS, and TRON. 500,000 community members, over 20 countries worldwide, and over 400 nodes, top staking economy, and growing.

If you would like to hang out with the IOST community on chat, social media or to discuss product development, we have something for everyone:

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IOST

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