MCDEX and OpenDAO Partner to offer USDO Stablecoin Pools and Leveraged Trading
We are excited to announce our partnership with MCDEX with our very own USDO pools!
FEATURES
- Users will be able to trade perpetual contracts in BTC and ETH and settle in USDO with up to 15X leverage.
- Earn MCB by trading with USDO via the trading mining program.
- Earn MCB (provided by us) and trading fees by providing USDO LP to MCDEX.
- MCDEX’s MCB/BNB farm on Pancakeswap is now autocompounded on app.ocp.finance with twice the APY for LPs.
- Coming soon — Yield Mint USDO with MCB/BNB LP as collateral.
SUMMARY
Starting from today, users can begin deploying their USDO to trade BTC and ETH perpetuals with 15X leverage, and receive MCB mining rewards as well as trading fees by supplying to the USDO LP on MCDEX!
This is not only a fantastic use-case for USDO, our decentralised multi-collateral backed stablecoin which can be minted with yield generating assets, but also enables our users to seamlessly participate in the derivatives market, the largest trading segment of crypto.
Unlike FIAT backed stablecoins like USDT and BUSD, USDO is backed by yield-generating collateral, which presents various benefits to MCDEX users, such as:
- Capital Efficiency
Being backed by yield generating collateral, USDO offers unprecedented capital efficiency to traders. For instance, you can mint USDO by depositing CAKE into app.ocp.finance and earn a 70%+ APY. The minted USDO can then be deposited into MCDEX’s pool to earn additional trading fees. In this way, users are earning whilst simultaneously deploying the USDO as collateral for trading.
2. Bringing Multi-Collateral Assets to MCDEX
USDO is a multi-collateral stablecoin which can be minted with the biggest tokens in the industry, such as major stablecoins (USDT, USDC, BUSD) as well as leading crypto projects (BTC, BNB, Fetch.AI, Reef, Cake, Lina, etc). Users can check out the minter and current assets at app.ocp.finance.
This allows traders to effectively leverage the assets they already own, whilst earning yield on them, creating for a trading experience superior to what CEX’s currently offer.
3. Auto-compounding Farms
Additionally, we have auto-compounded MCDEX’s farm on PCS, which is the first step towards accepting the LP as collateral for USDO. This means that eventually, MCB/BNB LPs will be able to use their collateral for minting USDO, making for virtuous loops.
One such loop is:
- Provide LP to MCB/BNB
- Stake LP tokens to earn the highest yield whilst minting USDO
- Use USDO for trading on MCDEX, earning MCB via trade mining in the process
- Re-supply to MCB/BNB LP
- Rinse & Repeat!
We are excited to work with the MCDEX team on this endeavor and further integrations which will allow for greater virtuous loops and synergies between our protocols. Watch this space!
How to Mint USDO
USDO is a multi-collateral overcollateralized stablecoin governed by OpenDAO, and backed by yield-carrying collateral which greatly improves capital efficiency and usability for users.
Users can supply any number of accepted collateral to app.ocp.finance (the minter on BSC) and mint USDO whilst they earn yield on their collateral.
You can view a step by step minting guide here.
How to Use USDO on MCDEX
Users can either 1) trade perpetual contracts of BTC and ETH and settle in USDO; or 2) add liquidity to the USDO pool on MCDEX.
You will get rewarded with MCB tokens from trading perpetual contracts on MCDEX, and you’ll earn trading fees by providing USDO LP on MCDEX.
Reminder: adding liquidity to the USDO pool on MCDEX is not risk-free. There are drawbacks and LP may suffer losses. Please use at your own risk.
How to Trade Perps with USDO on MCDEX
BTC-USDO and ETH-USDO perpetual contracts are currently live on MCDEX with up to 15 leverage. Click to see related tutorials:
How to Add Liquidity to USDO Pool on MCDEX and Farm
Liquidity providers (LPs) are generally the counter-party of traders, so LPs will take market-making profits and associated risks.
- Navigate to ‘Pool — Certified’ and click on the USDO pool (or enter “USDO” in the searching bar);
- Switch to the tab of ‘Add / Remove Liquidity’, and enter the amount of USDO you wish to deposit. Now you will be able to see the amount of LP tokens and your pro rata share of the pool.
- Click on ‘Add Liquidity’ and approve in your MetaMask.
- Go to ‘Farm’ and deposit your LP tokens to farm MCB.
About MCDEX
MCDEX (Monte Carlo Decentralized Exchange) is a decentralized crypto derivatives trading platform supported by Mai Protocol.
MCDEX V3 is a decentralized perpetual contract protocol based on automatic market maker (AMM). Perpetual contract is a financial contract with its prices pegging the underlying asset prices, which has no expiration date and supports margin trading. The goal of V3 is to enable anyone to permission-lessly create and trade DeFi perpetual contracts.
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About OpenDAO / USDO / OCP
OpenDAO is the governance behind USDO, the stablecoin that pays. The DAO governs attributes of USDO’s circulation, collateral types, fees and how they’re used.
USDO is the flagship stablecoin of OpenDAO that’s built for DeFi. Unlike FIAT backed stablecoins, USDO is multi-collateral and over collateralized by the tokens you already love and hold. What’s more, USDO’s collateral is yield generating, making it the most capital efficient stablecoin on the market.
OCP (Omni Consumer Protocols) is a Yield Optimiser and USDO minter on BSC. As an OpenDAO portfolio company, OCP has built a suite of dapps that enable users to get the most out of their tokens whilst providing hyper efficient ways to mint USDO.
We welcome you to join our community.
OpenDAO
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