Bidao is working on developing a novel Blockchain-based system to create an innovative DeFi space. It is the primary objective of Bidao to build a Blockchain-agnostic space for the launch of DeFi applications. The environment of Bidao is powered by two cryptocurrency tokens, and these include the stablecoin BAI and BID, the governance token. At Bidao, the users are allowed to engage in the staking of BID tokens for supporting the Blockchain network of Bidao. The algorithmic stablecoin BAI has a value that is directly pegged to the US dollar value at the ratio of 1:1.
The asset of TOMO belongs with Tomochain, the scalable, Blockchain-based platform used by corporations around the globe. Driven by the POS Voting consensus mechanism, Tomochain is associated with the launch of a vast array of DeFi products, including Fast & Near-Zero Fees: 2000 TPS, EVM compatibility, $0 gas fees, and 2-second blocktime. The DeFi products of Tomochain are engineered with protocols that support the users’ liquidity, usability, privacy, and speed requirements in one platform.
Bidao is currently focusing on the implementation of Tomochain as a collateral asset that will allow the locking up of the TOMO token at CDPs to generate the BAI stablecoin. It is very convenient to use the TOMO token as a collateral asset. Locking the TOMO token in the CDP will generate an equivalent amount in BAI that can be employed freely by the CDP creator. The cryptocurrency token of Bidao, BID, employs a decentralized POS Blockchain with an extra collateral-reserved value token. This token is 100% stable when it comes to its value, especially when compared with cryptocurrencies like Bitcoin, Ethereum, and Binance Coin. Bidao is also looking forward to establishing partnerships with several Blockchain-based platforms like Ethereum, Bitcoin, Tron, and Ontology.