Bidao is a multi-chain decentralized finance (DeFi) platform and stablecoin. It is the first trustless stablecoin pegged to the U.S. dollar (USD) using the Binance Chain platform. One of the main features of Bidao is that it allows various different cryptocurrencies to be used as collateral for BID stablecoins — including TRON (TRX), Ontology (ONT) and Dash (DASH).

This new stablecoin solution introduced by Bidao is completely integrated with the Binance blockchain, helping it benefit from the speed, reliability and efficiency offered by the platform. Bidao aims to achieve greater transaction speed than traditional ERC-20 tokens as well as long-term scalability thanks to the ease with which Bidao sidechains can be deployed, and the efficiency of the smart contracts offered by Binance Chain. The goal is to incorporate other blockchains in the near future.

Using Binance Chain as the settlement layer has various benefits over other platforms like Ethereum, including dramatically faster settlement times and reduced fees. Bidao users will need BNB in addition to a supported collateral asset to generate BAI stablecoins. These stablecoins are pegged 1:1 with the US dollar.

Users must over-collateralize to borrow BAI tokens (the stablecoins of the BAI ecosystem), and the Bidao team implemented a stability mechanism that employs several techniques to ensure the stablecoin maintains its peg at 1 USD.

Bastian Aigner and Long Zhang co-founded Bidao in 2018. Aigner is an AI and Internet of Things (IoT) developer who also co-founded Crococoding — a successful platform used to design websites. Zhang, on the other hand, studied applied and computational math and statistics at Duke University, and also holds the role of research executive at the Duke Blockchain Lab.

The Bidao team also includes Brian Condenanza, the chief technology officer (CTO) and University of Oxford alumni, and Caroline Kurpiers, Bidaos chief marketing officer (CMO) with an extensive consulting and research background.

The Bidao teams main goal is to create a blockchain-agnostic ecosystem designed explicitly for DeFi applications. On top of this, the Bidao team looks to create the first open-access stablecoin that is truly easy to use, due to the range of collateral assets supported by the platform.

One of the main unique features of Bidao is its trustless setup, which is specifically designed for DeFi applications. The ecosystem uses a three-way architecture with BID as the staking and governance coin, BAI as the stablecoin with a 1:1 peg to the U.S. dollar and finally BNB as the main collateral token.

Unlike other traditional platforms, Bidao uses a new and improved blockchain architecture built on Binance Chain to provide a faster, low-cost alternative to Ethereum-based solutions like Tether (USDT) and TrueUSD (TUSD).

BID tokens can be powerstaked, which refers to the practice of keeping the tokens held in a private wallet without transferring them. By doing so, BID holders can help support the Bidao network, and also earn staking rewards at the same time — this is currently set to 3% APR per year.

BAI's stability mechanism also differs from most competing stablecoin solutions, since it uses a fluctuating stability fee system to drive up demand for BAI when its price falls below its peg, or increase the supply of BAI by making BAI collateralized debt positions (CDPs) more attractive to borrowers if it rises above the peg.

Get to grips with stablecoins at BYDFi Alexandria.

Learn about Tether (USDT) — the most popular dollar-backed stablecoin.

Read about Wrapped Bitcoin (WBTC) — a BTC-pegged asset for Ethereum.

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Bidao currently has a supply of 4,000,000,000 BID tokens. Out of this, at least 1.8 billion tokens were sold in its September 2020 token sale — raising $18 million. Any unsold tokens allocated to the Bidao token sale are due to be burned. As of October 2020, the exact tokenomics for the BID token havent yet been released.

The Bidao token first began trading in September 2020, following a successful token sale. The total supply of Bidao tokens is expected to grow at a flat inflation rate of 3% per year, with these newly minted tokens being distributed to BID stakers.

The Bidao blockchain uses the proof-of-stake (PoS) consensus algorithm as a security measure. This setup requires users to stake their BID tokens to help secure the network.

The BID token is also used as the network governance token, which grants holders voting rights and the potential to submit governance proposals — which can change how the network functions if voted in by the majority.

BID initially launched on exchanges in September 2020, and can now be traded on a handful of platforms including centralized exchanges like Poloniex, Hoo and LBank, as well as the decentralized exchange (DEX) Uniswap V2. As of October 2020, there are no available BID to fiat trading pairs. To learn how to buy other cryptocurrencies with fiat, click here.

Bidao is a decentralized finance (DeFi) platform and stablecoin that operates on multiple chains. It is the first trustless stablecoin pegged to the U.S. dollar (USD) using the Binance Chain platform. Bidao allows various cryptocurrencies like TRON, Ontology, and Dash to be used as collateral for BID stablecoins. The platform is integrated with the Binance blockchain, offering faster transaction speed and scalability. BNB is required along with supported collateral assets to generate BAI stablecoins, which are pegged 1:1 with the USD.

Bidao employs a stability mechanism to maintain the peg of BAI stablecoins at 1 USD. Users must over-collateralize to borrow BAI tokens.

Bidao was co-founded by Bastian Aigner and Long Zhang in 2018. Aigner is an AI and IoT developer, and Zhang has a background in applied and computational math and statistics. The team also includes Brian Condenanza, the chief technology officer (CTO), and Caroline Kurpiers, the chief marketing officer (CMO). Bidao aims to create a blockchain-agnostic ecosystem for DeFi applications and an open-access stablecoin that supports a range of collateral assets.

Bidao stands out with its trustless setup designed for DeFi applications. It utilizes a three-way architecture with BID as the staking and governance coin, BAI as the stablecoin pegged to the USD, and BNB as the main collateral token. Built on Binance Chain, Bidao offers a faster and low-cost alternative to Ethereum-based solutions. BID holders can earn staking rewards by powerstaking their tokens. BAI's stability mechanism uses a fluctuating stability fee system to maintain its peg.

Currently, there are 4,000,000,000 BID tokens in circulation. At least 1.8 billion tokens were sold in the September 2020 token sale, raising $18 million. Unsold tokens allocated to the sale will be burned. The exact tokenomics for BID are yet to be released. The total supply of BID tokens is expected to have a flat inflation rate of 3% per year, with newly minted tokens distributed to BID stakers.

The Bidao blockchain utilizes the proof-of-stake (PoS) consensus algorithm for security. Users stake their BID tokens to help secure the network. BID is also the network governance token, granting holders voting rights and the ability to submit governance proposals.

BID can be traded on centralized exchanges like Poloniex, Hoo, and LBank, as well as the decentralized exchange Uniswap V2. As of October 2020, there are no available BID to fiat trading pairs.