- TRON CEO, Justin Sun, has announced cooperation with the DeFi ecosystem Bidao to drive the adoption of the TRX token.
- The TRX token can be used as collateral on the platform from now on.
Via his Twitter account, TRON CEO Justin Sun has announced a new cooperation with Bidao Chain’s DeFi ecosystem. The cooperation will enable a greater adoption of the TRX token which will be implemented in Bidao, as confirmed by Sun. There, TRX will be able to be used as a collateral asset.
Bidao uses two tokens in its ecosystem, the first is the BID governance token and the second is the stablecoin BAI which is pegged to the US dollar on a 1:1 basis. Through the cooperation with Bidao the TRX token can be used as collateral and held in a Collateralized Debt Positions (CDP). In this way a certain amount of BAI is generated, which according to Bidao can be freely used by the user:
Using TRX as collateral is very easy. At first, the TRX is locked up in the CDP. In return, the appropriate amount of BAI is generated and can be used freely by the CDP creator. To regain access to the locked TRX, the BAI has to be repaid to the system. This is simply done by a simple function call and sending back the BAI to the CDP. After that, the TRX are unlocked and can be transferred freely again by the CDP creator.
The Bidao platform uses a form of decentralized Proof-of-Stake. The platform is being integrated, according to Bidao, with other blockchains. In addition to TRON, Bidao is being integrated with Ethereum and Bitcoin. However, the platform claims to have an advantage because of its stablecoin:
(Bidao) 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 for example Bitcoin, Binance Coin or Ethereum which experience huge fluctuation.
🔥 Now #TRX is available on @Bidaochain’s DeFi ecosystem that is secured by the trustless @Chainlink price oracle. Bidao is joining the #TRON ecosystem so $TRX can be used as a collateral asset in the future.https://t.co/qPMlEkEPgO pic.twitter.com/ZJbNpqPWqF
— H.E. Justin Sun å™å®‡æ™¨ (@justinsuntron) April 19, 2020
TRON registers user growth
On the other hand, crypto community member and co-founder of TronWalletMe, Misha Lederman, posted positive figures for TRON on Twitter. According to Lederman, the TRON network registered its highest growth in number of accounts created yesterday, April 20th. Lederman said a total of 65,226 new accounts were created on the TRON blockchain, according to Lederman:
65,226 new $TRX accounts (+1,2% daily increase in relation to all 5.3M TRX accounts). It’s also 61% higher than the previous daily record of 40,386 from Feb 28, 2019.
At the time of publication, TRON is priced at $0.012 with a 3.70% loss in the last 24 hours.
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