Reef x OpenDAO
REEF backed USDO, REEF mining rewards
Marking the beginning of an exciting partnership and bright future of collaboration between Reef and OpenDAO, we are pleased to announce the $REEF token as approved collateral for minting $USDO stablecoins.
Reef are building their Reef Chain to connect a range of major DeFi networks such as Ethereum, Polkadot, Avalanche, Cosmos and Binance Smart Chain, giving their users exposure to interoperability across these multiple ecosystems.
Looking to the future, in coordination with OCP, we plan to also deploy the OmniCOMP minter on Reef Chain, allowing users to natively mint $USDO on the network backed by $REEF, with potential for other ecosystem tokens.
REEF USDO Liquidity Mining 🌊
To kick things off, we are immediately onboarding Reef as an official Liquidity Mining partner.
Users already providing liquidity to USDO-BUSD stablecoin pair on PancakeSwap need only stake their LP tokens to begin earning $REEF when rewards activate.
This farm is hosted on the OmniFARMS platform, developed by our portfolio partners OCP:
Thanks to a highly generous contribution from the Reef team, users staking in this farm will earn their share of $25,000 in $REEF rewards, released over the 6 month farm duration.
Rewards for staking begin at Smartchain block #109238109283,
about 2 days from this article. Follow this countdown for more accurate timing: https://bscscan.com/block/countdown/8947000
To stake in this farm you will need LP tokens from adding to the USDO-BUSD liquidity on PancakeSwap:
- While you can surely just market buy USDO, the smart play is to mint your own on OmniCOMP. Simply stake crypto assets as collateral to mint USDO backed by the value of your deposit:
For those unfamiliar with the OmniCOMP platform, this video offers a broad overview of the USDO minter and money market, and OpenDAO Logan has prepared a step-by-step Medium to guide you: https://medium.com/opendao/stake-reef-mint-usdo-a-defi-how-to-deeeea53aae3
More about Reef 🐠
Reef’s mission is to make DeFi easy and accessible to more people.
Reef Finance has developed a fast, scalable, and EVM-compatible chain for DeFi applications, Reef Chain.
Reef Chain is currently in the canary version of the mainnet and the official mainnet is due to launch in the next couple of weeks.
Reef Chain is a customized blockchain that allows developers to build DApps or deploy existing projects from Ethereum.
Reef Token is the native currency on the Reef Chain, and is used for transaction fees (gas) and on-chain governance (NPoS and PoC). Reef token is also available as ERC-20 on Ethereum and BSC and will be made convertible 1:1 with native Reef chain tokens.
With 12.6 Billion Reef Tokens in circulation, $17 million daily trading volume, and an overall market cap of $186 million, it’s clear $REEF is a sufficiently liquid asset to be used as collateral to back the USDO.
More about 🌐 OpenDAO, & OCP 🤖
The OPEN project is a toolkit to connect the real world to DEFI.
The DAO incubates and provides grants to teams using the OPEN toolkit to build solutions that further our mission.
We believe that the key to connecting real world assets to DeFi is to build enough distribution that makes programmatic liquidation enforcement of real world assets possible, and to this end, we created $USDO — a decentralised stable coin backed by a verifiable collateral pool of both on-chain and off-chain assets.
OpenDAO’s role, as the creator of $USDO, is to increase both the demand and liquidity of the currency via partnerships, development grants, and on/off-ramping solutions.
For BSC, and soon other chains, we have partnered with portfolio company OCP who have built the OmniCOMP platform for the minting of $USDO, with view to deeply integrate the USDO stablecoin into their fast growing network of DeFi platforms.
Be sure to keep an eye on what Reef are building, and OCP.. and all our project partners! Some very interesting changes are brewing in DeFi.
Will you become part of the change?