Linear Finance X OpenDAO AMA Recap 17/11/2021
Earlier today host Ant and our Co-Founder Kevin Tai got into great detail with Logan from OpenDAO on the different synergies created with this new partnership. Please find below the highlights from today’s AMA and for those interested to read the full AMA, which was, packed with exciting information and a lot of fun, the full AMA can be found here: https://t.me/LinearExchangeCommunity/270088
Ant (Host): Thank you both for being here today and answering some of the community’s questions! Logan, you care to make a quick introduction before we start the questions?
Logan | OpenDAO: I’d be honored. So… I’m Logan. I work at OpenDAO and am the Comms Lead there. I’ve been in crypto since 2014 and have been in DeFi in some form for almost 2. I love art, speak Japanese, and of course am “the crypto guy” amongst my friends and family
Ant: Question 1: This is a two part question,
Linear; what results do you see coming from the Linear X Opendao partnership, what are the benefits to Linear’s users, and OpenDAO; what do you hope to achieve and what sets OpenDAO apart from others?
Logan: Oooh. A Double Kevin, feel free to jump in. I’ll start typing too…. There aren’t many overcollateralized non-algorithmic stablecoins that are also multi-collateral. OpenDAO can thereby provide crypto netizens with exposure to assets like Facebook/Tesla stocks, prime real estate, and more. Imagine a stablecoin backed by any asset in the world. It’s what the world’s been waiting for! We would like to see the number of use cases for USDO, and other stablecoins we create, to skyrocket throughout 2022. Progress? Still 6 months ahead of schedule :-)
Kevin: LOL thanks….. From Linear’s perspective, we are always looking for partners that will continue to expand our ecosystem and bring additional use cases to our LINA token and any of our liquids. OpenDao gives us just this as users can now use LINA to continue their DeFI lego building through OpenDAO and that is quite powerful… I expect that we will continue to flush out this relationship!
Ant: Question 2: Is there any pairing for USDO?
Logan: Oh man… Do I have an answer for YOU! There are MANY pairings for USDO, and probably a lot of features that you might not be aware of yet. Unfortunately, sites like Coingecko and Coin Market Cap are often quite slow to update new pools, features, etc — even if we’re prompt in telling them, but I imagine their workload is Herculean in size.
This is what I’m talking about:
Mint USDO with tokens you already own at app.ocp.finance
Supply Liquidity to the USDO/BUSD LP to earn fees at omnisteaks.ocp.finance
Use your USDO to trade ANY perpetual markets with up to 15X leverage on MCDEX
Supply USDO liquidity to earn MCB
Lend your USDO to borrowers on the OCP vaults for a return
Use your USDO to trade TSLA Long/Short Perpetuals on Mettalex Exchange.
Turn your USDO into Australian Dollars (AUD) with PeerTC.
Support for credit cards are also in the pipeline.
Ant: Next question! Number 3: After the multiple exploits to lending and minting DAOs that also had Audits (CREAM comes to mind), how does OpenDAO make sure user funds are safe?
Logan: Wow, good one. This is a pretty serious Q. Let me smash some keys here…
We do security preemptively, and you’re right, audits are not “impenetrable armor”, though many people look at them that way.
For starters though, when it comes to security, all of the platforms we operate on tend to be forks of other unhacked/patched protocols — this helps significantly, as it is all already battle tested! However…
The CREAM hack in particular was close to home, as we have our stablecoin and governance token on a similar platform — operated by OCP. We took preemptive steps to ensure that ALL our platforms (not just the one similar to CREAM) built with our OCP were safe.
This required OCP and OpenDAO to temporarily pause minting and hire a professional to do a site-wide “line by line” security probe (not an audit — more thorough), in addition to ongoing auditing. We were up and running again pretty quickly, and only a few features of the sites were disabled — almost nobody noticed, so we’re capable of doing this in the background as operation continues smoothly.
Our platform is secure, though we managed to uncover an exploit that could potentially affect our tokens! It was NOT on our platform and we were able to quickly work with the partner to update the issue, thereby protecting over 50 other tokens/projects in the process.
We continue to be vigilant in watching for other protocols’ exploits and checking our against theirs, before we have to worry about it.
Kevin: Great job on this guys….and thanks for working to keep users and their funds safe…
Ant: Whew, I’ve never felt in such safe hands :D Good work. Great to read such in depth work is being done to keep funds safe.
Kevin: Logan is right, users are always asking about auditors…but it really takes a solid team effort to triple check code and logic and look for exploits. So we commend you guys on this.
Ant: Next question!
What is the reason for waiting for a 1million LINA liquidity before we can avail the much anticipated YIELD MINTING?
Logan: Great questions in this AMA today. I’ll try not to get too technical here.
In order to make Yield Minting possible, there are a few details “under the hood” that need to be in place. Yield minting is a fairly complex operation, and thus requires a certain amount of liquidity to be made viable. It’s partly there for everyone’s financial security!
As OpenDAO, and our sister company OCP, begin to expand, we hope to reduce or potentially eliminate this limit.
All roads lead back to Safetyville
Kevin: Obviously the team at Linear recognizes these requirements and are fully here and willing to support in any way possible to achieve this limit. No worries on this point
Logan: Thank you Kevin. You guys have been nothing but supportive and awesome on this.
Super great team to work with, I might add, and there have been a few.
Personally. Thank you 😊 Absolute dream to work alongside.
Ant: I’ve got a nice question here for you Kevin!
It is nice to see these new partnerships for Linear, OpenDAO and Sifchain, that there’s finally some traction. Can you tell us if you have any other partnerships in the pipe and if so, what sort of partnerships are you looking for? for example: Would there ever be a fiat onramp implementation?
Kevin: Without having good partners in place like OpenDAO, Linear would simply be sitting on an island by itself so yes, we are constantly exploring new partnerships which bring additional value to our Linear users. We continue to look for partners in both the BSC and ETH ecosystem.. Right now we are working to find our way onto a solid borrower/lender for LINA and our Liquids and yes, we are exploring a partnership with another protocol which will provide other payment methods for users to purchase LINA.
And of course on the infrastructure side we are exploring partners that will help us expand our cross chain compatibility…
Ant: Oh my… other payment methods. Thanks for the tease Kevin!
Some of us in the crypto community are not experienced with how a DAO works. I’ve read in Discord channel that Lina is implementing a DAO soon. Can that not occur without the assistance of OpenDAO?
Logan: I think you can field this one Kevin, but perhaps I’ll add some color.
I do have a lot to say about DAOs…However, let me sit on my hands for a moment.
Kevin: Yes, our LinearDAO has been a long time coming and we are in the final stages of the implementation. Once done, users will be able to provide and vote on proposals that will guide or change how Linear is run/operated. This has always been one of our goals since the beginning. All DAO’s are different and custom to the protocol itself… I will let Logan give some color on this too!
Logan: It’s in my opinion that DAOs will be the “bones” of future governments and organizations. We still have a ways to go, in terms of how we decentralize but not sacrifice the ability to execute and mobilize.
I’m really glad to hear LinearDAO is on its way, I think we’re right there side-by-side with you in this process. It’s something that will happen as an industry and broad community. I’m looking through my screen out there at all of you…
Let’s show this world what we can build.
Kevin: That’s right…. all of these DAO’s and the structures put in place, it’s always a work in progress
Ant: Next question: After adding lBTC and lETH, what more exotic assets could be added to openDAO? And when will the liquids get added?
Logan: We are really excited to start adding more l-assets! As many as possible please. Yum! As mentioned, it’s something we talked about internally this week. Ball is rolling! Hypothetically, if it can be tokenized, it can be added to OpenDAO. I frequently have lightbulb moments of what could be tokenized and then check to see if it is (or if it’s easily doable.) In terms of time frame… Well, both teams are hammering on that as we speak. I suppose this AMA is part of it!
Oh yeah that reminds me, We’ve gotten some pretty wild ideas that would sound bizarre at first, but then start to make a ton of sense. Think literal steaks/beef and chickens. Think desks. Guest rooms. 8-bit characters. Fine Art. Electrical Energy. IDs… Sky’s the limit, and we’ve made progress with a few of these. In terms of what assets could someday be added.
Kevin: Ultimately, we would love to see more of our Liquids utilized on OpenDAO!! It’s just a matter of time, especially as we find creative ways to expand our asset list.
Ant: Aight, next question it is! What frameworks can OpenDAO integrate into? Do you have conversations with large companies about bringing OpenDAO technologies into everyday use?
Logan: I guess I started to touch on this, with my comment about the wacky outreach we do sometimes. That being said, OpenDAO is built to be a bridge to real world assets, though this early we are focused on crypto assets. However, we are almost ready to start introducing more real world assets. Our business development efforts in the background include reaching out to a variety of “meat space” companies, and I personally have spoken to livestock management companies, shipping companies, and members of the government… Our goal is to completely transform a variety of industries. In five years, we plan to have our hands in nearly every industry where ‘transactions’ happen. So, we’re not just a “Crypto” project. It’s one of the things that sets us apart from the pack at large. Though we’re not alone (that’s a good thing.)
Ant: Very interesting! I’m starting to get ideas in my head too! Don’t make it hurt too much….
Logan: Technically, I might add, OpenDAO started as a “Real Estate Project Finance” platform 6 years ago… errr… Real Estate Finance Project? You get it …
Ant: Nice little info, I didn’t even know that. Great :D Next question! Are you considering increasing more cross chain to gain more investors?
Logan: May I just tentatively say: Arbitrum, Avalanche, Polygon, FTM, CELO, Ethereum, Solana, Algorand. All probably before 2022. We had better work fast. Poor devs.
Logan: Yeah, we are going aggro on the cross chain thing, it’s time All of our pieces are in place, and we’ve got the partnership muscle now too
Logan: We have a lot on our plate. Marketing is in full swing (finally) also. So you know I’m busy.
Ant: :D Then I only have one question left for you so you can go and do moar marketing!
Logan: Hahahaha, excellent. I’ve got a Bitcoin ATM to hit up this afternoon as well
Ant: Get me one of those golden ones thanks. OpenDAO enables real world assets such as stocks, bonds and real estate to be used in the Defi ecosystem. So can you share some of the real-life use cases of Open Dao being applied to those real-world assets? How did it impact OpenDao?
Logan: Let me add some color… We’ve already arranged partnerships with a few companies in “the real world” and we will see a lot more of these real world assets coming on board throughout 2022, after we hit a few TVL milestones. Our actual growth metrics are VERY good, though the market has yet to realize it — we’re a sleeper I guess! Haha! I know I’ve already hinted to a degree, and, I can’t say too much until things are set in stone, but… I can give you an example of a company we’ve been talking to: we are looking to work with a group that manages “coworking spaces” and using NFTs to make their spaces effectively fungible and create exposure to real estate at the same time, albeit in a small way. This would be a good example of a more immediate foray into some of these real world assets. Also talking to a gentleman about tons and tons of copper. And…. As value moves across the DAO to the crypto space, from the “real world”, we should expect our holders to benefit in a proportional manner. More responsibility and revenue passthrough will be handed over to DAO members soon. The faster we grow, the sooner this happens, so, you know what to do ;-) And…. I think that is it
Kevin: Thanks for this and thanks for the great AMA Logan…. Looking forward to an awesome partnership
Logan: Likewise Kevin! And yes, very good AMA. It was FUN!
Ant: Yes, I’ve learned a lot and am excited for this partnership!
Kevin: Thanks for hosting Ant!
Logan: Yes, grade SSS hosting Ant
Ant: And thanks to the community for their questions! Their rewards will be sent in due time
About Linear Finance
Linear Finance is a cross-chain compatible, decentralized delta-one asset protocol that allows users to get synthetic exposure to various assets, including cryptocurrency, commodities, and market indices. Users can utilize our cross-chain swap functionality to instantly swap assets across leading blockchain environments and DeFi protocols with unlimited liquidity and zero slippage.
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