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HomeCOINSBuddy DAO (BDY) Coin Complete Detailed Review

Buddy DAO (BDY) Coin Complete Detailed Review

REVIEW OVERVIEW

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Introduction Buddy DAO

Buddy DAO Protocol is designed to enable guarantor based lending on Binance Smart Chain. The Buddy DAO Protocol is inspired by Goldfinch, trufi, maple and teller. Borrowers need money, but they might not have a credit history, yet they have something more powerful, a relational history. Buddy DAO can leverage on. Buddy DAO gives everyone, including the unbanked, an opportunity to take an immediate loan, but leveraging their personal relationships. Buddy DAO can leverage borrowers’ off-chain personal relationship with guarantors and enable them to have access to credit from lenders all over the world.

Buddy DAO Basic Point Table

Coin BasicInformation
Coin NameBuddy DAO
Short NameBDY
Circulating Supply62,500,000.00 BDY
Max Supply999,999,997
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Meet The Team

Buddy DAO

Problems

DeFi has been growing exponentially in recent years. TVL has grown from $5Bill TVL in 8/2020 to $200Bill TVL todate. We see this trend will continue but there are many issues. One main issue is that most defi loans need to be over collateralized. That means, if a borrower wants to borrow $1, he or she needs to put down more than $1 worth of digital assets such as Bitcoin as collateral. This is like the old days of a pawn shop.

Solution – Uncollateralized loan with a crypto buddy

The solution for over-collateralized loans is to offer uncollateralized loans. Relationship based underwriting is nothing new in the TradFi world. Buddy DAO is porting what’s working on TradFi to DeFi. This will allow everyone to participate and get loans in seconds. The main issue is that there is not enough on chain data such as credit scores for lenders to decide the default rate for a given borrower. We, Buddy DAO, propose a solution by having a borrower to bring along a guarantor. This guarantor knows the borrower and he certainly has a lot of off-chain data about the borrower and should be able to predict the borrower’s creditworthiness. As the protocol does more and more loans, can have on-chain data to analyze each borrower and the role of guarantor will become less significant.

Governance

Buddy DAO Protocol is empowered by BDY Token, a governance token to guarantee and incentivize the improvement of the protocol over time. On-chain governance is designed to bootstrap the long term sustainability and prosperity of the Buddy DAO Protocol, driven by the buddy DAO governance token BDY. At genesis, 10,000 BDY tokens will be minted to economically incentivize community participation. They shall be distributed with different airdrops.

BDY Price Live Data

The live Buddy DAO price today is $0.015002 USD with a 24-hour trading volume of $589.10 USD. We update our BDY to USD price in real-time. Buddy DAO is up 5.17% in the last 24 hours. The current CoinMarketCap ranking is #6335, with a live market cap of not available. The circulating supply is not available and a max. supply of 999,999,997 BDY coins.

Conclusion

The Buddy DAO Protocol is designed to be the first guarantor based DeFi lending protocol. It enables all borrowers to get loans in seconds. Unlike compound or aave or most of the defi lending protocol, borrowers do not need to deposit collateral to borrow. The alpha version will first run the Binance Smart Chain for low gas fee and fast confirmation time. This enables the creation of a scalable lending market completely governed by the community through its governance token BDY

Faq Of Buddy DAO

Where I Can Find Buddy DAO Coin Whitepaper ?

You Can Find Buddy DAO Whitpaper By Clicking Here

Where I Can Buy/Sell Buddy DAO

You Can Buy Or Sell Buddy DAO On Some Popular Exchange For Example – Binance , Coinbase , Huobi Etc .

What Is Max Supply Of Buddy DAO?

Max Supply Of Buddy DAO Is 999,999,997

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Buddy DAO (BDY) Coin Complete Detailed Review Introduction Buddy DAO Buddy DAO Protocol is designed to enable guarantor based lending on Binance Smart Chain. The Buddy DAO Protocol is inspired by Goldfinch, trufi, maple and teller. Borrowers need money, but they might not have a credit history, yet they have something...