Ferrum Network and OpenDAO Form Strategic Partnership — OpenDAO Joins the Iron Alliance
Ferrum Network and OpenDAO join forces to increase FRM buy pressure, incentivize liquidity, and bridge the USDO token!
About OpenDAO?
OpenDAO (bOPEN) serves as a bridge for real-world assets to cross over into the growing DeFi infrastructure. The goal is to bring more value into the space by providing exposure to real estate, stocks, and more…all in a uniquely permissionless and seamless manner.
The protocol is working on a USDO stablecoin: “Backed by the world around you,” starting with Bitcoin, Ethereum, and other crypto assets as collateral but steadily moving to include more off-chain assets and on-chain assets as 2021 progresses.
What does this partnership entail?
There are a few primary objectives with this partnership. OpenDAO aims to increase the buying pressure of FRM while simultaneously incentivizing liquidity. In exchange, Ferrum will be building a white label bridge for OpenDAO’s stable coin USDO!
Auto-Compounding FRM/BNB Farm Via OmniSteaks
Ferrum recently launched our BEP20 version of FRM. By listing on our preferred partner DEX ApeSwap, we were able to offer a pretty lucrative farming option for FRM/BNB liquidity providers… and it just got a lot more lucrative thanks to our partners at OpenDAO who have created an auto-compounding farm through OmniSteaks!
While BANANA tokens are generated as the reward token through the FRM/BNB pool on ApeSwap, when FRM/BNB LP tokens are deposited through OmniSteaks, BANANA is periodically and in an automated fashion, harvested, sold for FRM & BNB, and added to the LP! This leads to a few things:
- Faster growth as you are auto-compounding your rewards
- Upward buy pressure as FRM is continuously being bought
- Additional liquidity.
Not to mention, at the time of this writing, the APY on OmniSteaks is a whopping 845% as opposed to the 226% currently on ApeSwap.
What is the relationship between OpenDAO and OCP?
OpenDAO is the governing entity of USDO. USDO is the stable coin attached to OpenDAO. OpenDAO has invested in a company called Omni Consumer Protocols or OCP. OCP runs a wider ecosystem of various smart contracts which are synergistic with USDO. OmniSteaks is one of these which is an auto-compounding dApp that auto-compounds various farms to give much higher returns.
White Label USDO Bridge
These are the kinds of partnerships that we at Ferrum strive for! It's a sort of “you scratch our back, we’ll scratch yours” type of partnership. Therefore, we are thrilled to say that we will be building out OpenDAO’s very own white label USDO bridge!
OpenDAO Important Links
Website| Discord | Twitter | Telegram | Medium
