THELOGICALINDIAN - PRESS RELEASE OpenDAO is appreciative and aflame to advertise that it is one of the aboriginal DeFi projects to participate in UMAs dapp mining program
Check out the new Yield Dollar interface at ydollar.opendao.io
For the accomplished few months, OpenDAO has been alive carefully with the aggregation at UMA to body a new interface for the Yield Dollar (yDollar) as allotment of UMA’s dapp mining initiative.
The aim is to actualize an interface which is added attainable and automatic to use, whilst still leveraging the able-bodied affairs which accept been congenital by UMA.
The crop dollar will be a pre-cursor of sorts to the USDO, OpenDAO’s multi-collateral backed stablecoin, which will additionally be congenital on UMA.
PHASE 1 (Yield Dollar)
Phase 1 involves architecture a new interface for UMA’s absolute Yield Dollar (yDollar) product. If you’re alien with the Yield Dollar, you can analysis out this article accounting by Clayton of UMA.
As a quick overview, the Crop Dollar is a abiding constructed badge which is minted by locking up ETH as collateral. The aberration amid the accepted abundance of the crop dollar and added stables is that there is a rolling 3 ages expiry, at which point it will be redeemable for $1 of the accessory asset at the exact time of expiry.
Effectively, the crop dollar represents a fixed-rate, fixed-term loan.
Note: Due to the appeal from users to buy yDollars, it is currently trading at a premium and thereby gives the minter the agnate of a abrogating absorption amount loan! For the time being, this agency that participants are absolutely authoritative money by minting yDollars.
OpenDAO is rolling out this appearance aboriginal in adjustment to become accustomed with architecture on UMA. This will additionally acquiesce both UMA and OpenDAO’S communities to get accustomed with the minting action and advance the interface and functionality over time.
To excellent your aboriginal crop dollar, arch on over to ydollar.opendao.io
REN Protocol Integration
As allotment of this build, the aggregation has additionally been alive carefully with the Ren Protocol aggregation to acquiesce Bitcoin to be acclimated as accessory in a absolutely permissionless address for the minting of the crop dollar as well.
By implementing RenVM, Bitcoin holders can now use their BTC as accessory for minting the crop dollar, and eventually USDO!
This allows those who are continued BTC to excellent a crop dollar with their BTC, catechumen to USDC or accommodate clamminess to the Y Dollar/USDC basin to acquire rewards, and finer acquire a acknowledgment whilst befitting your BTC.
You can go to ydollar.opendao.io now to excellent Yield Dollars with your BTC!
PHASE 2 (Single Asset USDO Stablecoin)
Phase 2 involves utilizing UMA’s accessible abiding affairs (currently actuality audited) to body the aboriginal abundance of OpenDAO’s USDO stablecoin.
This allows the minting of a stablecoin which does not expire like the Yield Dollar, giving it characteristics on par with added stables in the market.
Whilst the USDO will ultimately be backed by a bassinet of both on and off-chain collateral, the aboriginal abundance will be distinct asset on-chain collateral.
Initial accessory will be ETH and BTC (via renBTC) as the on-chain collateral, afore affective to accommodate added asset types including off-chain assets such as stocks and absolute acreage in appearance 3.
You can apprehend added about the roadmap for USDO in the whitepaper here.
It is estimated that users will be able to excellent USDO with ETH and BTC in aboriginal Q1 2021!
PHASE 3 (Multi Asset USDO Stablecoin)
In appearance 3 OpenDAO intends to realise the ultimate anatomy of USDO — a all-around stablecoin backed by a aggregation of advantageous assets alignment from crypto to absolute apple assets such as listed stocks and absolute estate.
To date they accept already developed protocols which acquiesce for the accepting of off-chain assets as collateral, such as the CashBox system.
OpenDAO anticipates that by Q3 2025, the multi asset USDO stablecoin will be accessible for minting and be changeable for added stablecoins via assorted clamminess pools.
Relevant Links:
OpenDAO Website: https://www.opendao.io
Telegram: https://www.t.me/opendao
Twitter: https://www.twitter.com/opendaoprotocol
Y Dollar Minter: http://ydollar.opendao.io/
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