Binance Launches BiDAO: Differences With MakerDAO (DeFi)
Binance Launches BiDAO: Differences With MakerDAO (DeFi)


The big trend launched in recent years is certainly that of ๐”ป๐•–๐”ฝ๐•š. I had already talked about MakerDAO And DAI (The Most Interesting DeFi Projects), now ๐Ÿ„ฑ๐Ÿ„ธ๐Ÿ„ฝ๐Ÿ„ฐ๐Ÿ„ฝ๐Ÿ„ฒ๐Ÿ„ด also wanted to enter this market with ๐“‘๐“ฒ๐““๐“๐“ž.
Official site: BiDAO
There is also an important partnership behind it such as Chainlink.
What is the decentralized oracle for? Well, they handle all the information about the price. In fact, in a collateral system there is the need to maintain a certain type of loan: if the collateral decreases there is the liquidation risk.
But how do you know in a decentralized system if the collateral decreases in price? The market price is recovered through oracles (with smart contracts).

On BiDAO we find a collateral system similar to MakerDAO but instead of Ethereum ... is used Binance Coin.

More precisely:
-BID: BiDAO (Governance + Staking)
-BNB: Binance Coin (Collateral)
-BAI (StableCoin)

The main difference is that BiDAO has also introduced a staking system. That is, there is a passive gain by owning the BIDs, not only when they are released but also during the sale phase (when they are bought; even if they are not yet listed).
Then we find the usual functions: liquidation price, current price, liquidation penalty, collateralization ratio, stability fee.

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BID is therefore the token that will be sold during the token sale, leaving it staking on your wallet you receive a reward (initially it was 50%, then it dropped to 30%).
The choice of Binance Chain makes it possible to exchange the BiDao stablecoin with all the crypto assets running on the same Binance Chain and presumably also on the Binance dex.
The whitepaper also reads that BiDao will be integrated with other blockchains (Ethereum, Tezos and EOS) in the future, to become a single access point for decentralized finance (DeFi) applications.
MakerDAO is completely dependent on the Ethereum blockchain, and is unable to interact with other blockchains. On the other hand, BiDao's ambitious long-term goal would be to make its stablecoin integrated into decentralized financial instruments based on multiple blockchains.



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