Bidao
Crypto Overview
Overview
Bidao aims to be a decentralized stablecoin system built on the Binance Smart Chain. The project claims to provide a stablecoin that is collateralized by cryptocurrencies like Bitcoin and Ethereum.
Purpose and Utility
The stated purpose of BID is to serve as a governance token for the Bidao ecosystem, where holders can participate in decision-making regarding protocol parameters. The platform also aims to enable users to create collateralized debt positions (CDPs) to mint stablecoins.
Business Model Analysis
The platform's core functionality revolves around lending and borrowing mechanisms through CDPs, which raises concerns from an Islamic finance perspective as it involves interest-bearing transactions not done as acts of charity.
Development and Adoption
Research indicates minimal recent development activity on the project's GitHub repositories. The project's social media channels and community engagement appear dormant, suggesting limited current adoption and usage.
Token Distribution and Governance
Information about token distribution and vesting schedules is not readily available from official sources, which raises transparency concerns. The governance mechanism, while theoretically halal, appears to have limited real-world implementation.
Crypto Impact
To assign a comfort level investing in Bidao from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Bidao.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.