Justin Sun, CEO of Tron, has announced that his company has entered into strategic partnership with Bidao Chain’s DeFi ecosystem, to boost the adoption of TRX token.
He added on his Twitter account that the token will be used as a collateral asset.
“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.”
On the other hand, Bidao applies a type of decentralized Proof-of-Stake. In addition, the platform is integrated with other blockchains such as Ethereum and Bitcoin. However, the exchange claims having the advantage of owning a 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.”
TRON on top of CCID rankings
EOS, TRON and Ethereum have been in the top positions for a long time. With an average ranking of 156.1, EOS has taken the leadership for over 4 months. It was followed by TRON (138.4) and Ethereum (136.4).
On the other hand, Bitcoin ranked 14th in the ranking with 104.9.
The ranking is based on different metrics which aim to present crypto projects in a clear matrix. In addition, the index shows the accessibility of real life and business.
The CCID ranking clearly analyses cryptocurrencies that seek to provide tremendous promise for businesses and investors.
The report reads:
“During this evaluation period, Application Chain, Ant, Dash and Zilliqa have successively released updates for core components to optimize performance and algorithms. They ranked 4th, 8th, 10th and 26th, while Dash, Quantum Chain, Stratis and Ark have updated their wallet systems to improve usability.”