Komodo Expands Interoperability Through an Integration With Bidao for Multi-Chain Benefits

Delton Rhodes
Delton Rhodes
Komodo Expands Interoperability Through an Integration With Bidao for Multi-Chain Benefits

Through a unique industry partnership, Bidao enables KMD holders to use KMD as a collateral asset for loans.

Through a unique industry partnership, Bidao enables KMD holders to use KMD as a collateral asset for loans.

Komodo, an open-source blockchain ecosystem pioneering multi-chain architecture and atomic swap technology since 2014, announces its strategic partnership with Bidao, a decentralized finance and stablecoin system. This partnership furthers Komodo’s mission of interoperability, as it will enable Komodo’s native coin KMD to be a collateralized asset within the Bidao ecosystem through the BAI stablecoin. This partnership will include listing Bidao’s governance token, BID, on AtomicDEX, the world’s leading cross-protocol decentralized exchange (DEX).

Bidao is the only trustless stablecoin that is both blockchain-agnostic and allows for different crypto assets to be used as collateral. Although it is tied to the Binance Chain, Bidao can accommodate any blockchain network and is able to interact frictionlessly with other crypto assets. Bidao utilizes two tokens: the governance token, BID, which uses a completely decentralized proof-of-stake blockchain with an additional collateral-backed value token which is 100% stable in value, and the stablecoin BAI, which is pegged 1:1 to the US dollar.

This partnership creates a new use case for KMD holders. Bidao is building a blockchain system in which users can open Collateralized Debt Positions (CDPs) by locking KMD as collateral to generate BAI, the Bidao stablecoin. BAI limits exposure to volatility as it is anchored to the value of the US dollar through smart contracts. To unlock their KMD, users can close the CDP at any time by repaying their BAI to the system using a simple function call.

Kadan Stadelmann, CTO at Komodo, said,

“Using cryptocurrencies as collateral to receive loans is an important and fast-growing trend within the broader DeFi space. As an exciting new use case for KMD, this integration allows Komodo to expand its capabilities into the DeFi space. We look forward to broadening the Komodo ecosystem to include more DeFi products for our users.”

Effective immediately, AtomicDEX will also list Bidao’s governance token, BID. Komodo’s breakthrough AtomicDEX is powered by cross-chain atomic swaps. AtomicDEX provides an all-in-one non-custodial wallet and decentralized exchange in which users can store their digital assets and trade them across different protocols. For example, users can trade BTC for ETH, and vice versa, without any third party.

Bastian Aigner, CEO at Bidao, said,

“We are thoroughly impressed with what the team at Komodo is building and are thrilled to have BID listed on AtomicDEX. Having launched in 2014, Komodo is the original DeFi project, before the term DeFi was coined and well recognized in the space, and we are excited to partner with them to build a borderless, transparent and more decentralized financial system through user-friendly tools.”

About Komodo

Komodo is a community-led blockchain project for passionate, dedicated, and inquisitive tech enthusiasts. The Komodo community helps shape the future of the project’s technology initiatives, marketing efforts, and overall strategy. Komodo’s AtomicDEX is an all-in-one non-custodial wallet and decentralized exchange that offers the industry’s widest cross-protocol support. Available on all devices, AtomicDEX supports 20+ blockchain networks. Users can trade BTC, ETH, ERC-20 tokens, LTC, KMD, and much more directly from their wallets. Komodo’s other open-source technologies enable developers to launch independent chains with UTXO smart contract technology and create robust cross-protocol DeFi applications such as multi-coin wallets, DEXs, and marketplaces.

Website | Telegram | Twitter | Reddit | Discord | GitHub

About Bidao

The Bidao Cryptocurrency (BID) utilizes a completely decentralized proof-of-stake blockchain with an additional collateral-backed value token which is 100% stable in value quite in contrast to other cryptocurrencies such as Bitcoin, Binance Coin, or Ethereum which experience huge price fluctuations.

Bidao is integrating with many different blockchains like Bitcoin, Ethereum, Ontology, and Tron. This way Bidao becomes the one-stop-shop for Decentralized Finance (DeFi) applications.

Website | LinkedIn | YouTube | Twitter  | Telegram

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