The OpenDAO minter
A Step-by-Step guide to minting your first Odollars
- First, connect your wallet to the OpenDAO Odollar minter.
- 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,
- 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