Komodo expands multi-chain interoperability thru integration with Bidao
Komodo, an open-source blockchain ecosystem exploring multi-chain architecture and atomic swap technology since 2014, announced today 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 a 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.
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, Chief Technology Officer 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.”
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