The Ontology network has entered into a partnership with Bidaochain. As per the partnership, Ontology will be joining the Bidao ecosystem and $ONT will be used as its collateral asset.
Bidao is a growing new blockchain ecosystem that focuses on Decentralized Finance (DeFi). The primary motive of the ecosystem is to develop a blockchain-agnostic system for DeFi apps. Bidao makes use of 2 tokens, i.e., stablecoin BAI and governance Token BID. Users can support the Bidao network by staking their BID tokens. The BAI is a stablecoin that is algorithmic and pegged 1:1 to the US-Dollar.
This integration will allow users to lock their ONT in the Collateralized Debt Position (CDP) to create stablecoin BAI so that the CDP creator can use it freely later. It’s easy for the Bidao ecosystem to use ONT as its collateral asset. To access the locked ONT, users would have to repay BAI to the CDP.
Ontology is a public blockchain platform that backs promising cross-chain collaboration. Along with this, Ontology supports Layer 2 scalability and includes a range of decentralized identity with data sharing processes to boost the speed and security essential for global business cooperation.