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ERD · 2w

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. https://preview.redd.it/4idhdnsq50r51.png?width=679&format=png&auto=webp&s=31ad089f5e5ea430347e55366aa2b392ee864f13 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)
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