What is Bidao (BID) | What is Bidao token | What is BID token
What Makes Bidao (BID) Unique?
One of the main unique features of Bidao is its trustless setup, which is specifically designed for DeFi applications. The ecosystem uses a three-way architecture with BID as the staking and governance coin, BAI as the stablecoin with a 1:1 peg to the U.S. dollar and finally BNB as the main collateral token.
Unlike other traditional platforms, Bidao uses a new and improved blockchain architecture built on Binance Chain to provide a faster, low-cost alternative to Ethereum-based solutions like Tether (USDT) and TrueUSD (TUSD).
BID tokens can be “powerstaked,” which refers to the practice of keeping the tokens held in a private wallet without transferring them. By doing so, BID holders can help support the Bidao network, and also earn staking rewards at the same time — this is currently set to 3% APR per year.
BAI’s stability mechanism also differs from most competing stablecoin solutions, since it uses a fluctuating stability fee system to drive up demand for BAI when its price falls below its peg, or increase the supply of BAI by making BAI collateralized debt positions (CDPs) more attractive to borrowers if it rises above the peg.
Relevant Pages
Get to grips with stablecoins at CoinMarketCap Alexandria.
Learn about Tether (USDT) — the most popular dollar-backed stablecoin.
Read about Wrapped Bitcoin (WBTC) — a BTC-pegged asset for Ethereum.
Stay on top of the market with the CoinMarketCap blog!.
How Many Bidao (BID) Coins Are There in Circulation?
Bidao currently has a supply of 4,000,000,000 BID tokens. Out of this, at least 1.8 billion tokens were sold in its September 2020 token sale — raising $18 million. Any unsold tokens allocated to the Bidao token sale are due to be burned. As of October 2020, the exact tokenomics for the BID token haven’t yet been released.
The Bidao token first began trading in September 2020, following a successful token sale. The total supply of Bidao tokens is expected to grow at a flat inflation rate of 3% per year, with these newly minted tokens being distributed to BID stakers.
How Is the Bidao Network Secured?
The Bidao blockchain uses the proof-of-stake (PoS) consensus algorithm as a security measure. This setup requires users to stake their BID tokens to help secure the network.
The BID token is also used as the network governance token, which grants holders voting rights and the potential to submit governance proposals — which can change how the network functions if voted in by the majority.
Where Can You Buy Bidao (BID)?
BID initially launched on exchanges in September 2020, and can now be traded on a handful of platforms including centralized exchanges like Poloniex, Hoo and LBank, as well as the decentralized exchange (DEX) Uniswap V2. As of October 2020, there are no available BID to fiat trading pairs.
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