The OpenDAO minter

Simon Eddie K
OpenDAO
Published in
3 min readApr 2, 2021

A Step-by-Step guide to minting your first Odollars

  • Then select your asset. Let’s use Ocean for this example.
  • Minimum mint is 100 tokens, so be make sure you have enough collateral for that.
  • Then just click approve,
    And create!
  • Now with your Odollars, you can add them to the liqui ..

“But wait I want to swap to USDC???”

Not so fast! At the time of writing, the liquidity pool is still just under $1Mil.
You can see its current volume here: https://pools.balancer.exchange/#/pool/0x4e2579468f414f3b2c683e8562d4c67056d5cb4b/

Be aware that larger swaps will impact the price and may result in less than a 1:1 swap. This creates interesting arbitrage opportunities which Moresh, Lead Architect at OpenDAO, has written a short article on.
For now, adding to the pool and soaking up liquidity mining rewards is the safest play.
Anyway, as i was saying ..

  • 😅 Now, with your Odollars, you can add them to the liquidity pool..
  • Just deposit them with equal value USDC, and you will begin earning weekly rewards in the form of $BAL and $UMA tokens.
  • Your Odollars are minted with a generous collateral ratio, to protect against underlying price shifts.
  • Do be aware of the liquidation price however, you may need to supply more collateral if your collateral ratio gets too low.

As a final note - ALWAYS check the liquidity before trying to swap and check our walkthrough unless you 100% know what you are doing! As a new token, liquidity building is in the early stages! Add liquidity FIRST to earn UMA rewards.

Any further questions, please visit the OceanO channel in the OpenDAO Discord - https://discord.gg/N37H2EDSZs

OpenDAO Main site - http://OpenDAO.io
ODollar Minter - http://ODollar.opendao.io

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OpenDAO
OpenDAO

Published in OpenDAO

OpenDAO’s USDO stablecoin is backed by the world. Scalable to any economy, backed by nearly any valuable asset, superior to its predecessors in design and support.

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