Bidao

Bidao operates as a multi-chain decentralized finance (DeFi) platform and stablecoin system. It distinguishes itself as the first trustless stablecoin linked to the U.S. dollar (USD) built on the Binance Chain infrastructure. A key capability of Bidao is its acceptance of diverse cryptocurrencies as collateral for minting BID stablecoins, such as TRON (TRX), Ontology (ONT), and Dash (DASH).

By fully integrating with the Binance blockchain, this new stablecoin solution leverages the network's speed, reliability, and efficiency. The team aims to surpass the transaction speeds of traditional ERC-20 tokens and achieve long-term scalability, facilitated by the straightforward deployment of Bidao sidechains and the efficient smart contracts provided by Binance Chain. Plans are in place to incorporate additional blockchains in the near future.

Utilizing Binance Chain as the settlement layer provides advantages over other platforms like Ethereum, specifically regarding significantly faster settlement times and lower fees. To generate BAI stablecoins, users require BNB alongside a supported collateral asset. These stablecoins maintain a 1:1 peg with the US dollar. Borrowing BAI tokens requires over-collateralization, and the Bidao team has established a stability mechanism using multiple techniques to ensure the stablecoin remains pegged at 1 USD.

Bastian Aigner and Long Zhang established Bidao in 2018. Aigner, who specializes in AI and Internet of Things (IoT) development, also co-founded Crococoding, a popular website design platform. Zhang studied applied and computational math and statistics at Duke University and serves as a research executive at the Duke Blockchain Lab.

Other key team members include Chief Technology Officer (CTO) Brian Condenanza, an alumnus of the University of Oxford, and Chief Marketing Officer (CMO) Caroline Kurpiers, who brings significant experience in consulting and research.

The team aims to build a blockchain-agnostic ecosystem specifically for DeFi applications. Additionally, they plan to launch the first open-access stablecoin that is genuinely user-friendly, leveraging the wide variety of collateral assets supported by the platform.

Bidao distinguishes itself through a trustless framework tailored for DeFi, utilizing a three-part structure: BID serves as the governance and staking asset, BAI functions as the stablecoin pegged 1:1 to the U.S. dollar, and BNB acts as the primary collateral.

Built on Binance Chain, the platform offers a quicker and cheaper alternative to Ethereum-based options such as TrueUSD (TUSD) and Tether (USDT). Holders can engage in “powerstaking,” which involves keeping BID tokens in a private wallet rather than transferring them. This method supports the network while generating staking rewards, currently set at 3% APR per year.

The stability mechanism for BAI also stands apart from rivals. It employs a variable stability fee that boosts demand for BAI when its value drops below the peg, or encourages borrowing via collateralized debt positions (CDPs) to expand supply when the price exceeds the peg.

Bidao has a current supply of 4,000,000,000 BID tokens. During its September 2020 token sale, which raised $18 million, at least 1.8 billion of these tokens were sold. The team states that any tokens from the sale allocation that remain unsold are scheduled to be burned. As of October 2020, the precise tokenomics for BID have not yet been published.

Trading for the Bidao token commenced in September 2020 after the completion of its token sale. The total supply is projected to increase at a flat inflation rate of 3% per year, with the newly created tokens distributed to those who stake BID.

Bidao relies on a proof-of-stake (PoS) consensus mechanism to maintain security. Under this system, participants must stake their BID tokens to contribute to network protection. Additionally, the BID token serves as the governance instrument for the platform. This role allows holders to exercise voting rights and submit proposals that could alter network operations, provided they receive majority approval.

Bidao (BID) first became available on exchanges in September 2020. Currently, it is traded on a limited number of venues, including the centralized platforms Poloniex, Hoo, and LBank, alongside the decentralized exchange Uniswap V2. As of October 2020, there are no trading pairs that allow direct conversion of BID to fiat currency.