Tron News Today – Headlines for April 22

  • Tron chief Justin Sun announces collaboration with Bidao
  • The purpose of the collaboration is to drive TRX adoption
  • TRX to be used as collateral on Bidao henceforth

Tron News Today – the CEO of the Tron network, Justin Sun via his Twitter account, announced that his company has entered a new partnership with Bidao Chain’s DeFi. The collaboration will ensure that there is a greater adoption rate for the TRX token. This token will be implemented in the Bidao platform. Sun also confirmed that the TRX token will be used as a collateral on the Bidao Platform.

Bidao Uses Two Different Token in its Ecosystem

Bidao makes use of two tokens on its ecosystem. The first one is the BID governance token. The second token one is the stablecoin known as BAI (a token pegged to the USD on a 1:1 basis). Through this collaboration with Bidao Tron’s TRX can serve as collateral. It will be held in a CDP (Collateralized Debt Position). In this pattern, a specific amount of BAI will be generated, which Bidao says can be used freely by users. Here is what the platform said:

With TRX being used as collateral it will be very easy for users. Initially, the TRX will be locked up in CDP. After this, the appropriate sum of BAI will be generated and used freely by the creator of the CDP. To retake their access to the locked TRX tokens, the BAI must be repaid into the system. This is simply done by a simple function call and sending back the BAI to the CDP. After that, the TRX tokens will be unlocked and transferred freely once more by the creator of the CDP.”

Tron Registers Huge Growth in Users

Bidao’s platform uses a decentralized Proof-of-Stake remake. The platform is now integrated, with other Blockchain networks. Additionally to TRON, Bidao is already being integrated with the Ethereum and Bitcoin networks. However, the platform claims to have an advantage because of its stablecoin:

(Bidao) uses an adequately decentralized PoS (proof-of-stake) Blockchain with an extra collateral-backed value token that measures up to 100% stable in value in contrast to Bitcoin, Binance Coin, or Ethereum.”

Misha Lederman who is a crypto community member and also the co-founder of TronWalletMe posted positive figures for the Tron protocol on Twitter. According to the figures posted by Lederman, Tron’s network registered the highest growth numbers in terms of accounts created on April 20. Lederman said no less than 65,226 new accounts were made yesterday on the Tron Blockchain. Here is how Lederman puts it:

65,226 new Tron accounts (marking a 1,2% daily rise). It is 61% higher than its previous daily record. This was at 40,386 on February 28, 2019.”

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she’s not writing, she spends time with her adorable cat, Ginger and works out often.

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