The ICO of Bidao is still in progress, and some news concerning this crypto have come to light.
Bidao is a project which aims to launch a stablecoin in some ways very similar to DAI (BAI), but based on Binance Chain, instead of Ethereum.
Recently, however, it announced a partnership with Chainlink in order to support several cryptocurrencies as collateral to BAI, in addition to BNB.
In fact, from the very first moment, Bidao’s goal has always been not to limit itself to using BNB as collateral, and thanks to this agreement with Chainlink they will be able to use their oracles to retrieve secure and reliable data on the prices of the various cryptocurrencies that will be used as collateral.
This will allow the use of data related to the BTC/USD, ETH/USD and LINK/USD trading pairs from the very beginning, so that Bitcoin, Ether and Link can also be used as collateral, in addition to BNB.
Bidao’s goal is to equip decentralized finance tools with a new stablecoin based on the Binance Chain network, which uses Proof-of-Stake instead of Proof-of-Work, as Ethereum and Bitcoin do today.
This way it will not only be possible to borrow or lend BAI, but also to stake its governance token, BID, and receive passive income.
Furthermore, Bidao’s goal in the future would also consist in becoming a DeFi agnostic application with respect to the blockchain in use, i.e. integrating also other blockchains in addition to Binance Chain. This will be easier thanks to the integration with Chainlink.
Some time ago they also announced another similar collaboration with the oracle Tellor Inc.
At present, however, they are very active especially on YouTube to promote the initiative, or to have it promoted via prominent crypto YouTubers such as Ivan On Tech, so much so that they have organized and promoted a giveaway on their official channel through their CEO Bastian Aigner.
The project is often presented as a direct rival of DAI, potentially better, with the almost explicit intention to replace MakerDAO and become the main protagonist of the DeFi world.
This ambition doesn’t really seem justified to date, as BAI hasn’t even been launched on the mainnet yet, and when promises made solely of words contrast with existing leading realities, which consists of actual tools that work properly, with the aim of undermining them even before having produced something solid and working, that ambition starts to seem vain.
Promoting Bidao as a leading project in the DeFi world is an obvious stretch, revealing a strategy based above all on communication and marketing. This strategy may not be enough to undermine MakerDAO from its undisputed, and real, leadership role in this sector.