Ocean + OpenDAO: A New Stablecoin

Jan 29 · 3 min read

We have a special announcement!

OpenDAO is excited to be working closely with the Ocean team to bring further integration and interoperability between protocols. The $OCEANO stable coin is going to be a flexible financial instrument, a benefit for our respective communities, and a cornerstone for further development, not only for Ocean Protocol (https://oceanprotocol.com/) and OpenDAO, but for the DeFi space as a whole. A big thanks to the Ocean Protocol 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 does this affect you? Read more below to find out!

What is OCEAN?

OCEAN is used to stake on data, to govern Ocean Protocol’s community funding, and to buy & sell data. The smart contracts for OCEAN functionality are also deployed to Ethereum mainnet, and to further networks over time.

Ocean Protocol’s mission is to:

Unlock data, for more equitable outcomes for users of data, using a thoughtful application of both technology and governance.

Ocean Protocol’s primary goal is kick-starting a New Data Economy that reaches every single person, company and device, giving power back to data owners and enabling people to capture value from data to better our world.

Tokenomically, the supply of OCEAN is capped at 1.41 billion tokens; 51% of this supply is disbursed according to a Bitcoin-like schedule over decades, to fund community projects curated by OceanDAO. At the time of writing, the OCEAN token market cap is $243,700,423 with a 24-hour trading volume of $137,565,116.

The creation of synthetic $OceanO gives people full control of their assets while extending the potential use cases of the Ocean token. We applaud OpenDAO for initiating this and using the innovative technology developed by UMA Protocol.
Bruce Pon, Founder, Ocean Protocol

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 and DSDO are in development] and in early 2021 will release a new stable coin backed by the world around you: starting with Bitcoin and Ethereum collateral, but steadily moving to include more off-chain assets and on-chain assets as 2021 progresses.

User Benefits: Mint a Stablecoin with Ocean Tokens

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

If you’re an OCEAN holder and you’re long on the project, but want to free up some capital for further investments , ‘double down’ on OCEAN, or diversify your investments, the $OceanO stable coin was created with you in mind. $OceanO 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 OceanO/USDC pool and receive Open token and Ocean token rewards!

Audits by OpenZeppelin are now finished, so we expect this process to take only a few 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!