Komodo, an open-source blockchain ecosystem exploring multi-chain structure and atomic swap expertise since 2014, introduced immediately its strategic partnership with Bidao, a decentralized finance and stablecoin system. This partnership furthers Komodo’s mission of interoperability, as it can allow Komodo’s native coin KMD to be a collateralized asset throughout the Bidao ecosystem by means of the BAI stablecoin. This partnership will embody itemizing Bidao’s governance token, BID, on AtomicDEX, the world’s main cross-protocol decentralized change (DEX).
Bidao is a trustless stablecoin that’s each blockchain-agnostic and permits for various crypto property for use as collateral. Though it’s tied to the Binance Chain, Bidao can accommodate any blockchain community and is ready to work together frictionlessly with different crypto property. Bidao makes use of two tokens: the governance token, BID, which makes use of a totally decentralized proof-of-stake blockchain with an extra collateral-backed worth token which is 100% secure in worth, and the stablecoin BAI, which is pegged 1:1 to the US greenback.
Partnership creates a brand new use case for KMD holders
Bidao is constructing a blockchain system wherein customers can open Collateralized Debt Positions (CDPs) by locking KMD as collateral to generate BAI, the Bidao stablecoin. BAI limits publicity to volatility as it’s anchored to the worth of the US greenback by means of sensible contracts. To unlock their KMD, customers can shut the CDP at any time by repaying their BAI to the system utilizing a easy operate name.
Kadan Stadelmann, Chief Expertise Officer at Komodo, stated, “Utilizing cryptocurrencies as collateral to obtain loans is a crucial and fast-growing pattern throughout the broader DeFi area. As an thrilling new use case for KMD, this integration permits Komodo to develop its capabilities into the DeFi area. We sit up for broadening the Komodo ecosystem to incorporate extra DeFi merchandise for our customers.”
Efficient instantly, AtomicDEX can even record Bidao’s governance token, BID. Komodo’s breakthrough AtomicDEX is powered by cross-chain atomic swaps. AtomicDEX supplies an all-in-one non-custodial pockets and decentralized change wherein customers can retailer their digital property and commerce them throughout totally different protocols. For instance, customers can commerce BTC for ETH, and vice versa, with none third celebration.
Bastian Aigner, CEO at Bidao stated, “We’re totally impressed with what the crew at Komodo is constructing and are thrilled to have BID listed on AtomicDEX. Having launched in 2014, Komodo is the unique DeFi venture, earlier than the time period DeFi was coined and nicely acknowledged within the area, and we’re excited to accomplice with them to construct a borderless, clear and extra decentralized monetary system by means of user-friendly instruments.”