Ever since the peak of the ICO craze in 2017, I have been on the fence about jumping into any ICOs. I did well with a few but then, there were also too many that simply went in the gutter and never produced the projected results so my strategy has been to wait until they get launched on some of the major exchanges and trade them accordingly.
I still don’t recommend ICOs but this week I found one that actually makes sense. So, what is it that made me invest in this ICO after more than two years of rejecting all offers?
Here’s some of the information I have about it and why I decided it might be a good idea to put some money into this one. This is by no means a recommendation or endorsement on my part, but simply my own reasoning for adding this to my personal crypto portfolio.
Number One: the project is endorsed by some of the giants in the industry: Binance, Tron, Chainlink, Ontology and Qtum have all showing support for this project, which is impressive and very promising for its future growth – just what any investor needs as affirmation of taking a calculated risk.
Number Two: It’s fundamentals are solid.
It’s a DeFi project and this is currently the fastest growing fintech sector. It is reported that over 450 million USD is currently locked in Defi applications – a number that is growing every day. The ICO price of each token is only 0.01 USD which means we are looking at 10x potential profit once it is launched.
It’s also a staking coin, which is another reason to get me excited. The combined marketcap of stakingcoins currently sits above 8 billion USD. The annual staking rewards come to 3% but during the ICO stage you get 30%. You receive staking rewards for just holding your coins in your own wallet, without the need to trust a third party.
And when we talk about trust, the very nature of this coin is one that eliminates trust but more importantly, it is interoperable with other platforms, not just its own.
Let me explain…
BiDao is a new blockchain system that creates a trustless stablecoin and a new decentralized financial tool to allow leveraged trading in a trustless setup.
In a way, BiDao is a one-stop-shop for DeFi applications. Right now there is no trustless stablecoin that is blockchain-agnostic and allows different crypto assets as collateral. The only similar system is MakerDAO, but it is completely dependent on the Ethereum Blockchain and therefore not able to interact with other crypto assets.
As I mentioned, the decentralised finance (Defi) market is growing each day and users are looking for new tools that can be used in the new decentralised financial world.
BiDao is building a new blockchain system that is dedicated to DeFi.
As a start, BiDao is completely integrated with the Binance Blockchain and the BNB token will be used as the collateral. In the future we will see other Blockchains integrated into the BiDao ecosystem achieving the goal of creating a blockchain-agnostic ecosystem for various Defi applications.
The BID Token (the token of the Bidao network) is a BEP-2 compliant token that is running on the Binance Blockchain. It’s one of the first few tokens built on Binance since they started their own blockchain last year. Binance Exchange is still the biggest and most popular exchange in the world and they’re growing their ecosystem by adding more services all the time. The Binance Dex is one of their many projects that are yet to be developed properly and that will utilise this coin, alongside others.
To sum it up: the BiDao token (BID) utilises a completely decentralized proof-of-stake blockchain with an additional collateral-backed value token which is 100% stable in value quite in contrast to the majority of the other cryptocurrencies which experience huge fluctuation. As a settlement layer the BiDao system utilizes Binance-chain. This means that you can also freely interact with all crypto assets that are running on Binance-chain. In future, BiDao will be also integrated with other blockchains like Ethereum, Tezos, and EOS, making BiDao a one-stop-shop for Decentralized Finance applications (Defi Apps).
Here are some of the ICO details:
- Project : BiDao – Decentralized Finance and Trustless Stablecoin
- Token: Bidao Token / BID
- Type : Utility
- Price : 1 Bidao Token / BID = 0.01 USD
- Bonus : 30% staking rewards during ICO stage
- Platform : Binance
- Accepting payment in : BTC, ETH, LTC, BCH, XMR, USD
- Hard cap : 19,500,000 USD
- Country : Germany
- Whitelist/KYC : None
- Restricted areas : USA, China
Official Website: https://www.bidaochain.com
Should you decide to look further into this ICO offer, go through their website and white paper. There are no affiliate links or any referral commissions. I am not promoting this for personal gain, I genuinely think it’s a good opportunity to earn passive income from the fact that buying in at this stage is at a much lower price than the token will be valued at once it’s released. Unlike most ICOs, this is not going to be a volatile token, hence we have less of a risk of the token crashing below our buy-in price. This is also why I feel confident enough to share this here publicly.
But don’t take my word for it, research and verify. This is really the way forward. And don’t get greedy. I personally put under $1000 in this ICO because I feel the potential is to make at least 10x from it, which is okay for me, but also, if anything goes wrong and my projection does not come to fruition, I would be perfectly fine with the risk of my amount. I don’t see how it can flop though, especially with the endorsement from Binance and Chainlink – two of the most respected and popular crypto project and everyone else who backed it up so far. You can also check these on Twitter, on the official account of Bidao you will find re-tweets about these endorsements and partners.
Good luck and stay profitable.
#UseBNB https://t.co/VljaZdQYaO— Binance (@binance) February 18, 2020
.@Bidaochain, a decentralized stablecoin built on @Binance_DEX, to use multiple Chainlink Price Reference Contracts to create & liquidate CDPs based on aggregated market prices. This expands the types of assets that can be used to collateralize Bidao CDPs. https://t.co/7cOvwONAjf pic.twitter.com/uedroVcKhT— Chainlink – Official Channel (@chainlink) March 24, 2020
Ontology + Bidao = ❤️$ONT is now a #collateral asset on @Bidaochain‘s #DeFi ecosystem🗣️, powered by the #decentralized, secure and reliable @Chainlink #oracle solution. This allows ONT to be locked up in CDPs to generate $BAI #stablecoin.👏— Ontology (@OntologyNetwork) April 26, 2020
Read more👉: https://t.co/78rHp7zTZI pic.twitter.com/zAAXIUyRsN
🔥 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— Justin Sun (@justinsuntron) April 19, 2020
8 thoughts on “What is the Bidao ICO and is it worth it?”
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