Stake REEF - Mint USDO: A DeFi How To

Published in

OpenDAO

4 min readJul 6, 2021

We admit it. DeFi can be hard. That’s why we’ve made this staking and minting walkthrough for you!

Keep in mind that many of the steps will require you to confirm the interaction in your wallet, but aside from that, this is truly step by step!

Don’t skip anything, but let’s jump right in!

1. Go to https://omnicomp.ocp.finance

Omni Consumer Protocols is an OpenDAO partner and recipient of an OpenDAO grant. They host the $USDO minting platform.

2. Enable $REEF Staking

(Do take note of those other assets…)

3. Stake your $REEF!

You are now earning $OmniC Rewards! (See “Rewards” at top of site)

4. Before Minting USDO… Toggle

First make sure that you have toggled on your staked assets, to be available as collateral.

Your collateral will also allow you to borrow other assets in the money market — more on that later.

5. Mint USDO

Up to 65% of the value of your supplied assets.

Select the amount you would like to mint, and click submit! You can repay your USDO later by simply clicking the “Repay” button and doing the same process.

You are now earning $OmniC rewards on top of the rewards you received from staking!

Did you know? 👇

You can also swap BUSD for USDO at OmniTrade with extremely low slippage, if you don’t want to mint against the value of your assets.

6. Supply USDO/BUSD Pool

We are going to ‘be’ the exchange!

First things first: Make sure you have some BUSD or USDO

We can then add liquidity to the USDO/BUSD pool on OmniTrade here.

Select “Add Liquidity”
Select “Multi-Asset” if you have BUSD and USDO, or…
Select “Single-Asset” if you have BUSD or USDO
Add the amount
Click “Buy LP Tokens”

Use “Single-Asset” to become an LP, if you ONLY have BUSD or USDO.

Once you’ve added liquidity, you’ll start earning fees every time someone swaps between USDO and BUSD!

Further, you’ll receive ‘LP Tokens’ that represent your share in the pool, and we can stake them to really start earning some rewards.

7. Go to OmniFarms — Enable Staking

Go to OMNIFARMS via this link. Enable Staking. Enough Said.

8. Stake your LP Tokens — All of them

Now the fun part. Stake your tokens and start earning $REEF!

At the time of writing, we must manually input the amount. I copied and pasted from the indicated amount of tokens in my wallet (technically leaving a small fraction in my wallet.)

You will now be earning $REEF tokens, fees from PancakeSwap for exchanges between BUSD and USDO, and earning $Omnic at 2 different steps (for staking REEF and minting USDO.)

Now is the time to start thinking about what you are going to do with all that REEF you’re about to harvest!

Pro Tip: Platform auto-harvests when staking/unstaking

9. Tread & Trade Carefully!

Be sure to watch your limit and borrow like you would in ‘real life!’

Put simply, if your borrowing exceeds your supplied collateral, you run the risk of getting ‘R.E.K.T.’ as they so colorfully say at OCP (see top of site.)