komodo-expands-multi-chain-interoperability-thru-integration-with-bidao

Komodo expands multi-chain interoperability thru integration with Bidao

Komodo, an originate-provide blockchain ecosystem exploring multi-chain structure and atomic swap abilities since 2014, launched on the present time its strategic partnership with Bidao, a decentralized finance and stablecoin system. This partnership furthers Komodo’s mission of interoperability, as this could perhaps allow Komodo’s native coin KMD to be a collateralized asset at some level of the Bidao ecosystem thru the BAI stablecoin. This partnership will encompass itemizing Bidao’s governance token, BID, on AtomicDEX, the realm’s leading inappropriate-protocol decentralized replace (DEX).

Bidao is a trustless stablecoin that’s both blockchain-agnostic and permits for diverse crypto belongings to be old-fashioned as collateral. Although it is miles tied to the Binance Chain, Bidao can accommodate any blockchain community and is able to work together frictionlessly with varied crypto belongings. Bidao utilizes two tokens: the governance token, BID, which uses a totally decentralized proof-of-stake blockchain with an extra collateral-backed imprint token which is 100% stable in imprint, and the stablecoin BAI, which is pegged 1:1 to the US greenback.

Partnership creates a brand unique use case for KMD holders

Bidao is building a blockchain system in which users can originate Collateralized Debt Positions (CDPs) by locking KMD as collateral to generate BAI, the Bidao stablecoin. BAI limits publicity to volatility as it is miles anchored to the imprint of the US greenback thru orderly contracts. To unlock their KMD, users can discontinuance the CDP at any time by repaying their BAI to the system using a straightforward feature name.

adPlace

Kadan Stadelmann, Chief Abilities Officer at Komodo, acknowledged, “The use of cryptocurrencies as collateral to salvage loans is a genuinely important and immediate-rising vogue at some level of the broader DeFi space. As an thrilling unique use case for KMD, this integration permits Komodo to broaden its capabilities into the DeFi space. We get out about ahead to broadening the Komodo ecosystem to encompass more DeFi products for our users.”

Fine straight, AtomicDEX may even list Bidao’s governance token, BID. Komodo’s leap forward AtomicDEX is powered by inappropriate-chain atomic swaps. AtomicDEX affords an all-in-one non-custodial pockets and decentralized replace in which users can retailer their digital belongings and replace them across varied protocols. As an illustration, users can replace BTC for ETH, and vice versa, with none third celebration.

Bastian Aigner, CEO at Bidao acknowledged, “We’re totally impressed with what the crew at Komodo is building and are extremely pleased to hold BID listed on AtomicDEX. Having launched in 2014, Komodo is the traditional DeFi venture, sooner than the timeframe DeFi used to be coined and smartly acknowledged in the distance, and we’re mad to partner with them to make a with out boundary traces, transparent and more decentralized monetary system thru person-suited tools.”

Leave a comment