The Bidao ICO(https://www.bidaochain.com) recently ended after running around 1yr. It is a chain agnostic stable coin platform using multiple coin/tokens as collateral(along with BNB) to produce BAI. You can think of Bidao essentially as MKR with validators. There are 3 tokens in its ecosystem
BID = MKR (this is what the ICO was for)
BAI = DAI (collateral based stablecoin)
BNB(+ other collateral) = ETH
I spoke with Xiaolong Zhang, the COO for the project and he is very interested in having YFI be used as collateral in their ecosystem. How would we proceed with that sort of partnership?
Announced Collateral Partnerships:
Binance Chain recently launched their Smart Contract platform and it is EVM compatible. Binance has essentially missed the DeFi boat of sorts and have strong tied to Bidao since Bidao intends to build on top of Binance Chain. We’ve discussed cross chain operations before and I think a partnership where YFI can be used as collateral is a fantastic and simpler use case.
Please share your thoughts and possible next steps.