Bidao Imposes Ontology (ONT) as its Collateral Asset
The Ontology network has entered into a partnership with Bidaochain. As per the partnership, Ontology will be joining the Bidao ecosystem and $ONT will be used as its collateral asset.
🚀 @OntologyNetwork is entering a partnership with @Bidaochain. Ontology is joining the #Bidao ecosystem so $ONT can be used as a collateral asset in the future. https://t.co/UhKARJsQKK pic.twitter.com/9xvj85QKPX
— Bidao (@Bidaochain) April 25, 2020
Bidao is a growing new blockchain ecosystem that focuses on Decentralized Finance (DeFi). The primary motive of the ecosystem is to develop a blockchain-agnostic ecosystem for DeFi applications. The Bidao ecosystem makes use of 2 different tokens, i.e., governance Token BID and the stablecoin BAI. The users can also stake their BID tokens and support the Bidao network. The BAI is a stablecoin that is algorithmic and pegged 1:1 to the US-Dollar.
This integration will allow ONT to be locked up in the CDPs to generate the BAI stablecoin to be further used freely by the CDP creator. It’s easy for the Bidao ecosystem to use ONT as its collateral asset. To have access to the locked ONT, the BAI has to be repaid to the system. This process is accomplished by a simple function call and sending back the BAI to the CDP. The ONT will be unlocked after that and can be transferred freely again by the CDP creator.
Ontology is a public blockchain platform, its unique infrastructure supports robust cross-chain collaboration. Along with this, Ontology supports Layer 2 scalability and includes a suite of decentralized identity with data sharing protocols to boost the speed and security essential for global business cooperation.