New stable coin & more DeFi for eGold holders via Bidao partnership
We’re excited to announce that we’re working with Bidao to make eGold usable as collateral for issuing the multi-asset backed stable coin BAI, which will also be issued on the Elrond mainnet.
Bidao is building a Layer-2 DeFi solution that will integrate with multiple different chains. The native assets of the different chains can be locked into Collateralized Debt Positions (CDPs) to issue BAI, a trustless meta-stable coin that is algorithmically pegged to the USD.
The collaboration is important for the Elrond ecosystem as it enables eGold holders to participate in cross-chain DeFi opportunities while simultaneously holding onto their preferred asset, and brings an additional stable coin on our blockchain.
\#eGoldMarathon Day 10 👊🏻
👉🏻 Read more: [https://elrond.com/blog/bidao-bai-stable-coin-egold-collateral](https://elrond.com/blog/bidao-bai-stable-coin-egold-collateral)