Building the Yield Dollar Interface and USDO
We are proud and excited to officially announce what we’ve been building with both UMA and Ren Protocol!
Check out the new Yield Dollar interface at ydollar.opendao.io
For the past few months, we have been working closely with the amazing team at UMA (shout out to Clayton, Hart, David and Sean!) to build a new interface for the Yield Dollar (yDollar) which will eventually transition to the USDO stablecoin minter.
For a detailed explanation on why we‘re building on UMA, rather than our previous architecture, you can watch this video below:
In the event our main opendao.io site is down for any reason, here is the list of official IPFS links to access our various pages.
DO NOT access any IPFS links unless provided from one of our official announcements, this post, or from one of our admins.
🦄 USDT/OPEN PAIR— https://info.uniswap.org/pair/0x507d84fe072Fe62A5F2e1F917Be8Cc58BdC53eF8
On 26/11/2020, OPEN tokens, the governance token of OpenDAO, will be released publicly and available to purchase via Uniswap.
We’d like to thank all of our current backers, community members, beta testers and team members in getting involved and supporting us to date. We wouldn’t be here without you, and we won’t be able to get to where we’re going without you either. Thank you.
Below we will outline how the token rollout will take place, where you’ll be able to buy/earn more OPEN, and what you can do with your OPEN once you have them.
LISTING AND DISTRIBUTION
In the current cash box architecture, you set a token pair and price. One of the tokens is called cash and the other is called Asset, but there is no technical reason why the tokens can be used interchangeably.
You deposit DAI or some other stable coin on one side and say that I am willing to swap my cash for any one who has the assets at a certain price.
You get CashBox tokens that represent your claim on the money deposited in the cashbox.
At any point someone with the Asset tokens can present their Asset tokens and…
The last few months in the DeFi space have been a roller coaster, with the biggest thing that has emerged being the advent of liquidity mining.
Liquidity mining looks something like this -
A platform launches to the general public, and beyond just its own product/service it rewards users with governance tokens. These governance tokens represent ownership of the platform. They are liquid on Uniswap or another DEX.
As more people use the platform, the value locked increases. This in turn pushes the price of the governance token up. Increased gov token price in turn attracts more users as they…
OPEN DAO is getting ready for its crowdsale. The intention of doing crowdsale is to get the token out in the wild and establish price discovery. If the tokens have a clearly defined price with public tradeability yield farming and liquidity mining become possible. In the absence of the tokens trading at a known price liquidity mining incentives can only go so far.
Having a clear price on the token also allows us to attract more team members in return of tokens.
Our options have been Uniswap or Balancer or any of the other DEXs. The problem with them often…
Before reading this article it would be helpful to refer to the whitepaper and its part 3 in particular.
Below is a video on how CashBoxes work
The next stage of our beta testing involves the cashbox and the liquidity layer infrastructure which is probably the most important piece of the ecosystem.
We have secured a commercial property in Melbourne, it will be acquired by a SPV (Special Purpose Vehicle). Details on this will be provided at launch.
The share registry for this SPV is tokenized. Which means those who own the tokens are effectively part owners of…
Our next phase of testing is the Cashbox, which is also the most important piece of the puzzle.
We have tokenized a commercial property in Melbourne and will be setting up a cashbox for it. Cashbox tokens can be bought for DAI.
Those participating in the cashbox will be able to stake their cashbox token and earn OPEN tokens against it.
The reward rate for Cashbox staking will be higher than the OPM rewards but will be announced closer to launch.
is the code for the cashbox. We are doing internal testing and will be getting audits done as well…
In the previous two articles we described a cash box which can act as a perpetual counter-party to certain assets.
The same cash box architecture can be extended to make decentralized exchanges with order books possible.
Consider a USDC cash box that has been setup to buy Asset token “AT” at price $1 per AT, or more accurately 1 USDC per AT.
Anyone having AT can approach the cashbox and exchange their AT for USDC as long as the reserves in the cashbox are not depleted.
The price of the cashbox is however fixed, at the best it can use…
In the last article we discussed how we are creating a custom solution to replace Uniswap as our liquidity solution. Early stage projects that are trying to launch on a DEX face capital inefficient solutions.
After further thinking we believe we can offer our solution to other projects who are in a similar boat in the form of common goods.
The parameters of the cash box are
Any one looking to launch on…