Bidao is a trustless stablecoin platform that allows multiple cryptocurrencies as collateral for its BAI stablecoins. With a three-way architecture using BID as the staking and governance coin, BAI as the pegged stablecoin, and BNB as the main collateral token, Bidao aims to create a blockchain-agnostic ecosystem for DeFi applications. It uses a new and improved blockchain architecture on Binance Chain, offering faster and low-cost alternatives to Ethereum-based solutions. Bidao's stability mechanism uses a fluctuating stability fee system to maintain its peg at 1 USD. The platform first launched in September 2020 and achieved $18 million from its token sale.
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