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.
🔥 Now #TRX is available on @Bidaochain’s DeFi ecosystem that is secured by the trustless @Chainlink price oracle. Bidao is joining the #TRON ecosystem so $TRX can be used as a collateral asset in the future.https://t.co/qPMlEkEPgO pic.twitter.com/ZJbNpqPWqF
— Justin Sun (@justinsuntron) April 19, 2020
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.