Ontology Enters DeFi Ecosystem of BiDao – Product Release & Updates

Using a very decentralized proof-of-stake blockchain, BiDao brings two cryptocurrencies to its decentralized finance (Defi) platform. Whereas one occurs to be BID (the governance token), the opposite is a 100% stablecoin BAI. 

Primarily, BAI is an further collateral-backed worth token that has launched the Ontology (ONT) token as a collateral asset. Which means that utilizing ONT, one can generate BAI, thereby making BiDao a multi-collateralized platform.

In distinction to different collateral-backed worth tokens that use cryptocurrencies like Bitcoin or Ethereum for backing, it’s the fiat foreign money USD that backs the BAI stablecoin. And this ensures the BiDao ecosystem is far much less inclined to crypto market volatility. BiDao’s system makes use of Binance Chain because the settlement layer. Thus the BiDao’s customers can work together with any asset on Binance Chain.

To generate BAI utilizing ONT, the holder should lock up ONT within the CDP (collateralized debt place). The creator can use ONT to generate an quantity of BAI and may use it throughout the property on Binance Chain. Producing BAI mainly generates debt within the BiDao system. It’s this debt that locks the collateral. And the one means to unlocking the debt is when the debtor pays again equal BAI. To make sure system safety, the system at all times over-collateralizes the debt.

Many crypto lovers have questioned the necessity for BiDao as its modus operandi is kind of much like MakerDao. Nonetheless, there may be extra to BiDao that would result in the mass adoption of crypto property like BNB and ONT.

To remind, BiDao just lately chalked up strategic collaboration with Tron. Earlier this yr, the infrastructure supplier of Fb’s Libra, Bison Trails had added Ontology nodes to its platform.