Elrond + OpenDAO: $EGLDO Stablecoin

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OpenDAO

4 min readFeb 11, 2021

We have a special announcement!

We are excited to be collaborating with the Elrond team to bring more utility and interoperability between protocols. The $EGLDO stable coin is going to be a powerful financial instrument, a boon for our respective communities, and a cornerstone for development, not only for Elrond (https://www.elrond.com/) and OpenDAO, but for decentralized finance, as a whole. Applause out to the Elrond team and community for helping make the future happen together.
Sean Qian, CoFounder, OpenDAO

Also, we’d like to offer a HUGE thanks to UMA (https://umaproject.org/) for making all of this all possible. The crypto community salutes you!

How do you benefit from the partnership? Read more below to find out!

What is Elrond?

Elrond is a highly scalable, fast, and secure blockchain platform for distributed apps, enterprise use cases, and the new internet economy. Elrond’s 3 pronged approach harnesses:

“Adaptive State Sharding” to dramatically increase performance through parallel processing.
“Secure Proof of Stake,” which eliminates PoW computational waste, and is more energy efficient than other blockchains.
The “EVM,” or Elrond Virtual Machine, is a dedicated smart contract execution engine built on WASM. It expands the family of languages available to smart contract developers to include Rust, C/C++, C#, and Typescript.
You can learn more about Elrond’s approach by clicking this link.

The Elrond Network features a native token called eGold (EGLD) which will be used for everything from staking, governance, transactions, smart contracts, and validator rewards.

Tokenomically, Elrond’s EGLD token has a circulating supply of 17 Million and a max supply of 20.4 Million. At the time of writing, it is trading for approximately $183 per token. See more details at Coingecko!

What is OpenDAO?

OpenDAO (OPEN) 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.

Currently, the protocol is developing a suite of ‘flagship stablecoins’ [DOGEO, OCEANO, and DSDO are in development.] This will eventually culminate in a new stable coin backed by the world around you: starting with Bitcoin, Ethereum, and other cryptoassets as collateral, but steadily moving to include more off-chain assets and on-chain assets as 2021 progresses.

User Benefits: Mint a Stablecoin with EGLD

The process for using EGLD as collateral to mint a dollar-pegged stablecoin ($EGLDO) with OpenDAO is underway! But, what’s in it for the end user?

That’s magic question…

If you’re an EGLD holder and you’re long on the Elrond Network, but want to free up some capital for further investments , ‘double down’ on EGLD, or diversify your investments, the $EGLDO stable coin was created with you in mind. $EGLDO minters will be able to quickly convert to $USDC for deployment elsewhere or will be able to add their newly minted stable coins to the soon-to-come EGLDO/USDC pool and receive both $EGLD and $OPEN as rewards for being a liquidity provider!

That’s not all though! $EGLDO will also be available as a stable coin on the Elrond mainnet (details TBA)! The OpenDAO and Elrond teams are also looking at long term integration options, such as using native eGold in OpenDAO smart contracts deployed on the Elrond mainnet.

Audits by OpenZeppelin are now finished, so we expect this process to take only a couple more weeks to complete; you can be sure we will keep you updated!

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!