Dogecoin (DOGE) will soon be available for use as collateral in minting the dollar-pegged $DOGEO stable coin at OpenDAO! This is all made possible thanks to our ongoing collaboration with Ren. Learn how this affects you and more below!
What is Dogecoin?
Dogecoin (DOGE) is a peer-to-peer open-source cryptocurrency. It is a famous, or perhaps infamous, altcoin known widely for its reputation as a “sarcastic meme coin.” Launched in December 2013, Dogecoin can be easily recognized by its Shiba Inu dog logo.
While created seemingly in jest, Dogecoin not only garners a lot of attention, but also deserves it! And no, it’s not just hot air from Elon Musk tweets… it’s backed up by a serious blockchain; Dogecoin’s underlying technology is derived from Litecoin’s Scrypt algorithm, and as such, can be mined simultaneously alongside LTC!
Marketwise, Dogecoin typically has a low and fairly stable price, though it enjoys a devout base with bursts of investor interest that create sudden market movements, seemingly out of nowhere. DOGE has an unlimited supply. The current market cap is $1,121,664,970 and has a 24-hour trading volume of $256,350,066.
What is OpenDAO?
OpenDAO (OPEN) serves as a bridge for real-world assets to onchain infrastructure. The goal is to bring more value into the space by providing exposure to real estate, stocks, and more… all in a permissionless and seamless manner. Currently, the protocol is developing a suite of ‘flagship stablecoins’ and in early 2021 will release a new stable coin backed by the world around you: starting with Bitcoin and Ethereum collateral, but steadily move to include more off-chain assets and on-chain assets.
Made Possible by Ren
Ren Protocol and RenVM are the true catalyst in bringing Dogecoin to DeFi, and the DOGEO stablecoin isn’t possible without their renDOGE onramp. Their continued efforts to bring interoperability to the cryptosphere is remarkable and promises to bring waves of cross-chain compatibility into decentralized finance, and in a non-custodial manner to boot!
User Benefits: Mint a Stablecoin with DOGE
The process for using DOGE as collateral to mint a dollar-pegged stablecoin ($DOGEO) with OpenDAO is underway! But, how does it work and why is this great?
If you’re a DOGE investor and you are long on the project, or are just a hard core DOGE coin believer, you can effectively “take out a loan on your DOGE”, by using it as collateral — all made possible by DeFi! By converting your DOGE holdings into renDOGE, your Dogecoin have entered decentralized finance. From there, you can mint $DOGEO. You would do this if you want to ‘go long’ on the Dogecoin project and use the new capital for further investments! The sky’s the limit: exchange to USDC for yield farming opportunities or buy even more DOGE!
There is one further merit to minting of the DOGEO stable coin — integration. DOGE is no longer ‘just a meme’ coin, and is now a viable financial instrument in its own right. The further incorporation and networking of projects in the DeFi and wider cryptospace serves the further establishment of Dogecoin’s credibility, utility, and scale. We’re looking forward to what this will bring.
Mint YOUR renDOGE here!
Got your renDOGE? Become an LP (Liquidity Provider) at Uniswap and begin collecting fees for your LP service! Add your renDOGE + ETH and BE THE BANK! Start with the link below. https://info.uniswap.org/pair/0xc84778a8737b81a8c48dbf7b9bc84ae97bf33fa4
MORE DEVELOPMENTS TO COME…
That it’s for now, but knowledge is power — be sure to check the links below for more info! If you’d like to hear more of these developments or see even more articles like this, be sure to show us that you’re here! Be heard and slap that ‘clap’ button a few times!
Ren Main Links
DOGE Main Links
OpenDAO Main Links
White Paper: https://opendao.gitbook.io/whitepaper-v2/
Transparency Document: https://opendao.gitbook.io/transparency/
STAKE LP TOKENS: