OpenDAO
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OpenDAO

OpenDAO New year update: Recap and road ahead

Happy new year everyone.

2020 was a difficult year for a lot of people, but at OpenDAO it was generally a good year. I am very grateful for the confidence the community has placed in us and incredibly proud of the team we have assembled to execute our game plan.

We were able to raise a seed round with several backers which has allowed us to roll out significant portions of our technology. Some of our key achievements and milestones in the last year are as follows. Note that this is not an exhaustive list.

  1. Money market built and beta testing done
  2. CashBox built and beta testing done
  3. Governance token listed on Uniswap
  4. Phase 2 of the project launched
  5. Collaborations secured with Ren and UMA, with actual integrations built and deployed on mainnet
  6. Site updated with DDoS defences and IPFS links
  7. Audits for all major tech components complete, throughout the beta and till date, no smart contract hacks or loss of funds locked
  8. A new yDollar interface built on top of UMA with over 26 Million dollars worth of ETH and BTC locked in it already

In the coming weeks, our game plan is as follows

  1. Fine tune the ydollar interface and create other flavors of the ydollar product to boost adoption.
  2. Starting Jan 3 we will start earning UMA token rewards for any new yDollars minted which we will pass to OPEN LPs on Uniswap via an airdrop.
  3. Launch BTC and ETH backed perpetuals which is essentially the stable coin v1. USDO will go live late Jan to early Feb. Contracts have been completed and are in audits with OpenZeppelin.
  4. In mid to late Feb we will start rolling out non USD variants of the stable which will include the Indian Rupee, Malaysian Ringitt. These non USD variants will generally target countries which have the following attributes

a) A substantially large young tech savvy population

b) Incompetent economic management by the government

In the second half of 2021 we expect to have the multi collateral version of the stable coin ready. More details will be provided as we get closer to that.

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