Cryptocurrency

TRON is Now Available on Bidao Chain; Looks to Implement TRX as Collateral Asset

TRON will now be available on the Bidao Chain DeFi ecosystem, CEO Justin Sun tweeted on Monday. He further added that the ecosystem is secured by Chainlink price oracle and that the partnership will let TRX to be used as a collateral asset in the future.

Bidao announced its partnership via a blog post on its website, stating that it will implement TRON (TRX) as a collateral asset, which means that TRX can be locked up in CDPs to generate the BAI stablecoin, the native token of the Bidao ecosystem. It also said,

“Using TRX as collateral is very easy. At first, the TRX 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 TRX, 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 TRX are unlocked and can be transferred freely again by the CDP creator.”

Bidao is a dynamic blockchain ecosystem that is focused on promoting decentralized finance, which aims to create a robust network to support DeFi applications. The network uses two cryptocurrencies – an altcoin BID, and a stablecoin BAI.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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