We are pleased to announce a partnership between DSD and OpenDAO! Happy New Year indeed! The future of stablecoins is finally here…
What is DSD
DSD is a decentralized self-stabilizing and censorship-resistant algorithmic stablecoin without any collateral backing. Oracle-driven pricing for voluntary supply elasticity is used without having to trust third-parties. The Dynamic Set Dollar combines the strengths of different stablecoin projects that came before it. By utilizing the knowledge and experiences of former stablecoin designs, DSD precedes to improve various factors, e.g. capital efficiency, stabilizing requirements and governance. For DSD to become a sustainable and useful stablecoin, integrations with all sorts of DeFi applications are of the utmost importance, particularly lending and borrowing platforms and exchanges.
What is OpenDAO
OpenDAO serves as a bridge between real-world and crypto assets. 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 working closely with UMA and Ren to develop new stable coins and in Q1 2021 will release the USDO — a dollar pegged stable coin backed by the world around you: starting with Bitcoin and Ethereum, but rapidly expanding to include other on-chain and off-chain assets.
Mint a Stablecoin with DSD
Soon, you will be able to use DSD as collateral to mint a stablecoin with OpenDAO! Now, why is this great? If you’re a DSD holder, and you are long on the project, you can deposit your DSD during a debt cycle to mint DSDO. From there, you can convert to USDC and use it as you wish! The sky’s the limit, but you could use the USDC for yield farming opportunities and keep your money working hard while you wait. Then later, come back, and convert back to your original DSD and be in extra profit.
Built on UMA
The decision to go with UMA was an easy one: the safety and security UMA provides, with its unique settlement system, creates a line of defense against the growingly common flash loan exploit attacks. Not only that, but the creation of the OpenDAO suite of stablecoins timeline has come significantly closer, and instead of a summer 2021 release of USDO, we are looking at only a few weeks from the writing of this article.
Liquidity and rewards
Could this deal get any sweeter? Yes! There will be a DSDO/USDC pool set up which in the future (requires a vote) could earn DSD rewards as a LP provider! More possibilities to come! Be among the first to get in on this unique opportunity by tuning in for the latest updates:
That it’s for now, but stay tuned! Knowledge is power — be sure to check the links below for more info!
DSD Main Links
OpenDAO Main Links
White Paper: https://opendao.gitbook.io/whitepaper-v2/
Transparency Document: https://opendao.gitbook.io/transparency/
STAKE LP TOKENS: