Bidao Price Chart (BID)
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Bidao price is $0,001465, hoch 0.17% in the last 24 hours, and the live market cap is $36,510,312.845. It has circulating supply volume of 2,650,000,000 BID coins and a max. supply volume of 2,650,000,000 alongside $62.1 24h trading volume.
Bidao is a novel blockchain system that aims to create an innovative DeFi space and a one-stop-shop for DeFi applications. It's also the first trustless stablecoin running on the Binance chain.
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Read on to learn everything you need to know about the Bidao platform and the BID stablecoin.
What Is Bidao
Bidao is a multichain decentralized finance platform and a stablecoin which uses Binance Chain as a settlement layer. The protocol aims to create a blockchain-agnostic decentralized finance ecosystem and a new generation algorithmic stablecoin that integrates the chains of Bitcoin, Ethereum, and Binance.
Bidao adopted MakerDAO's (Decentralized Autonomous Organization) working model. DAOs are essential elements of DeFi as they are member-owned communities allowing governance through tokens.
Bidao creators offered the protocol's concept as a solution to a problem in DeFi. As mentioned in the Bidao whitepaper, the space needed a trustless stablecoin which would allow different assets as collateral. Maker had a similar system, but it was completely dependent on Ethereum.
The team chose Binance blockchain integration and BNB as collateral to bring speed, reliability, interoperability, and efficiency to the ecosystem.
Gradually expanding partnerships with other networks, Bidao aimed to turn into a one-stop shop for DeFi applications.
Despite having similar features, Bidao and Maker DAO differ drastically. While Maker DAO is based on the Ethereum blockchain, Bidao was created to bring DeFi to the Binance ecosystem.
Maker DAO has the ERC 20 algorithmic stablecoin DAI and the governance token Maker (MKR). Bidao's algorithmic stablecoin is the BEP 2 token BAI, and its governance token is BID.
Maker DAO allows users to get DAI stablecoins by depositing Ethereum-based assets as collateral.
In its ultimate goal of becoming the main stablecoin for all chains, Bidao supports cryptocurrencies from various blockchains as collateral for BAI.
BAI is the first stablecoin backed by BNB. It's 1:1 pegged to the US dollar.
Although BNB was the initial cryptocurrency to allow borrowing loans in the stablecoin, the number of tokens enabling this function has increased with the protocol's development.
Bidao was co-founded by innovators from Germany, Bastian Aigner and Long Zhang, in 2018. They both have educational and working backgrounds in high tech.
Bastian Aigner, the CEO at Bidao, is an AI and Internet of Things (IoT) developer. In 2014 he co-founded Crococoding, a custom website designing platform. Aigner received the WWDC Student Scholarship from Apple three times and took second place in Techfest Munich 2018.
As for Long Zhang, he's a computer scientist who is currently a researcher at the Duke Blockchain Lab.
The main goal of the Bidao team has been to provide an easy-to-use DeFi platform and chain agnostic trustless stablecoin.
Bidao's ICO ended on September 3, 2020. It was followed by a token sale during which $18 million was raised. Investors could earn rewards through staking tokens, and the sooner the investment was made, the higher the rewards were.
Fundraising was managed through 5 phases. It began in the third quarter of 2019 and ended in the third quarter of 2020. At the first stage, the staking reward was 50%, and at the final stage, it was 3%.
At the time of ICO offering, Bidao price was $0.01 per token. The maximum amount of BID that could be purchased by one account was 1 million BID or $10,000 worth. That was done to prevent anyone from taking control of the platform governance.
75% of the token's supply was provided for the token sale, 5% went to founders, 5% was reserved for Developer bounty, 13% for Marketing Bounty, and 2% was directed to the Advisory Board.
The maximum supply of BID tokens is 2.650.000.000.
BID tokens began to trade in September 2020. The total supply of Bidao tokens is set to increase at a flat inflation rate of 3% annually, with newly minted tokens being divided between BID stakers.
How Does BID Work
Bidao cryptocurrency (BID) utilizes a Proof-of-Stake consensus mechanism. It serves as a means of governance and is also used for staking and fee payments.
Token holders can receive passive income. Staking is possible from the Bidao wallet. Users start earning rewards at the annual rate of around 3% by just keeping tokens untouched in a practice known as power staking.
BID also allows token holders to make proposals and vote. The higher the number of owned tokens is, the stronger the vote.
The supply of BID tokens is reduced from time to time through token burning, making the tokens in circulation rarer and more valuable. The first BID token burning took place on November 29, 2020.
Bidao adopted Maker's Collateralized Debt Position (CDP) smart contract model. It uses Binance Chain to build an additional blockchain system and handle the smart contract process management faster, low cost, and more scalable.
This means users can lock different assets as collateral and get BAI stablecoins instead. The collateral is unlocked when the borrower pays back the debt.
To keep the BAI price equal to 1 US dollar, BID holders vote on stability fees, which is the amount that borrowers need to pay to withdraw their collateral. The Stability Fee has to be paid in BID Tokens. The equilibrium is achieved through an algorithm.
In Bidao, loans are overcollateralized, which means users must lock a higher amount of assets than the value of the open debt position. This way, a loan's security is ensured.
The Bidao ecosystem already partners with various blockchain networks such as Polygon, Tron, etc. One of them is the decentralized oracle solution Chainlink, allowing protocols to access outside data. This partnership increased the number of Bidao-supported crypto/USD pairs.
Where Can You Buy BID
BID first appeared on exchanges in September 2020. Currently, various decentralized and centralized exchanges, i.e., Uniswap, v2, 1inch Exchange, Poloniex, Hoo, LBank, etc., allow trading the token.
Bidao can't be directly bought with fiat currency. Users need to buy Bitcoin from a fiat-to-crypto exchange first to purchase the coin. The next step will be transferring the coin to an altcoin exchange that allows trading BTC and swapping it with BID.
Bidao supporters are known as "Bidao Warriors" on social media.
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