Bidao is implementing the Oasis ROSE token as a collateral asset
The Oasis Network continues to expand its DeFi ecosystem with the addition of ROSE to the Bidao Network
We’re excited to announce that Bidao will be integrating the Oasis Network’s ROSE token as a collateral asset on their network. Through this integration Bidao’s users will be able to lockup ROSE in CDPs to generate the BAI stable coin.
Bidao is building a new blockchain system that is dedicated to Decentralized Finance, short DeFi. Their 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 ROSE as collateral is very easy. At first, ROSE 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 ROSE, the BAI has to be repaid to the system. This is done by a simple function call and sending back the BAI to the CDP. After that, the ROSE are unlocked and can be transferred freely again by the CDP creator.
“Expanding the use cases for ROSE is a demonstration of the growing interest in private and scalable DeFi”, Luca Cosentino, Oasis Product Lead said, “thanks to this integration, ROSE holders will be able to gain easy access to BAI”.
Through this implementation, the Oasis Network hopes to further their vision for privacy-enabled DeFi. This partnership is another example of the Network’s fast growing ecosystem of DeFi partners. To learn more about the Oasis Network visit oasisprotocol.org.
About the Oasis Foundation
Designed for the next generation of blockchain, the Oasis Network is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionizing Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi, but also create a new type of digital asset called Tokenized Data that can enable users to take control of the data they generate and earn rewards for staking it with applications — creating the first ever responsible data economy.
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.