All good things come in threes, and this is no exception.
You can now mint $USDO and $EURO using your 1INCH as collateral on omnicomp.ocp.finance (BSC)
We’re more than thrilled to welcome the 1inch Network to our little community, and for their token holders to unlock more value against their 1INCH tokens by having it become an accepted collateral for $USDO.
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User Benefits: Mint Stablecoins backed by your 1INCH as collateral
If you’re a 1INCH holder and you’re long on the project, but want to free up some capital to ‘double down’ on 1INCH, or diversify your investments without needing to sell first, then the OmniCOMP minter was created with you in mind.
The 1INCH hodler community can now stake (aka supply) 1INCH to the OmniCOMP minter, and from there, mint $USDO or $EURO on the other side — stablecoins which can be easily swapped for other major stablecoins such as USDT!*
From there, well, the sky’s the limit!
On top of unlocking cash against your 1INCH positions, you can also participate in some nifty yield farming in the process, such as:
- Earning $OMNIC by supplying 1INCH and minting $USDO
- Being a liquidity provider for $USDO/$EURO and staking to earn $OPEN
And the result of all this?
More utility for holders and increased scarcity as a result of removing 1INCH from circulation.
*The OmniCOMP minter is currently on BSC which means you will need to supply the BSC version of the app.1inch.io in order to mint.
What is 1inch?
The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space.
The initial protocol of the 1inch Network is a DEX aggregator solution that searches deals across multiple liquidity sources, offering users better rates than any individual exchange. This protocol incorporates the Pathfinder algorithm which finds the best paths among different markets over 50+ liquidity sources on Ethereum and 20+ liquidity sources on Binance Smart Chain. In less than two years the 1inch DEX aggregator surpassed $35B in overall volume.
The 1inch Aggregation Protocol facilitates cost-efficient and secure swap transactions across multiple liquidity sources. The 1inch Aggregation protocol is also available on Polygon (formerly known as Matic), one of the most promising scaling solutions on Ethereum.
The 1inch Network launched its governance token, 1INCH, in December 2020.
The main way to receive 1INCH tokens is by providing liquidity to the 1inch Liquidity Protocol.
Website | Blog | Twitter | Telegram
What is OpenDAO?
The OPEN project is a toolkit to connect the real world to DEFI.
The DAO incubates and provides grants to teams using the OPEN toolkit to build solutions that further our mission.
We believe that the key to connecting real world assets to DeFi is to build enough distribution that makes programmatic liquidation enforcement of real world assets possible, and to this end, we created $USDO — a decentralised stable coin backed by a verifiable collateral pool of both on-chain and off-chain assets.
OpenDAO’s role, as the creator of $USDO, is to increase both the demand and liquidity of the currency via partnerships, grants, and on/off-ramping solutions.
Website | Blog | Twitter | Telegram
What is OCP?
Omni Consumer Protocols is a BSC native DeFi conglomerate.
OCP were the grant recipient’s in OpenDAO’s grant to build a minter for $USDO on BSC, which is live now at omnicomp.ocp.finance
On top of the minter, OCP has many more applications in the pipeline including:
OmniTRADE — A trading platform for synths with no slippage
OmniFARM — White label yield farming platform
Delta City — An NFT game and marketplace
Their philosophy is simple, if it makes money, OCP will build it.
