OpenDAO Integrates RenVM
Mint Yield Dollars with BTC
We are excited to announce that OpenDAO has integrated RenVM.
Over the last few months, OpenDAO has been working closely with the Ren and UMA teams to build a new interface for the Yield Dollar (yDollar) which will eventually transition to the USDO stablecoin minter.
RenVM Integration
As part of this build, the team at OpenDAO has integrated RenVM, allowing BTC to be used as collateral in a seamless manner for the minting of the yield dollar. By implementing RenVM, Bitcoin holders can now use their BTC as collateral for minting the yield dollar, and eventually USDO.
You can go to ydollar.opendao.io now to mint Yield Dollars with your BTC!
Looking Forward | OpenDAO x UMA x Ren
OpenDAO will be working with both organizations to enact their Phase 1 through 3 plans:
Yield Dollar | Phase 1
Phase 1 involves building a new interface for UMA’s existing Yield Dollar (yDollar) product. If you’re unfamiliar with the Yield Dollar, you can check out this article but effectively, the yield dollar represents a fixed-rate, fixed-term loan.
Single-Asset USDO Stablecoin | Phase 2
Phase 2 of the OpenDAO plan, involves utilizing UMA’s upcoming perpetual contracts (currently being audited) to build the first iteration of their USDO stablecoin. This allows OpenDAO to mint a stablecoin that does not expire like the Yield Dollar, giving it characteristics on par with other stables in the market.
Whilst the USDO will ultimately be backed by a basket of both on and off-chain collateral, the first iteration will be single asset on-chain collateral. We will be starting with ETH and BTC (via renBTC) as the on-chain collateral, before moving to include other asset types including off-chain assets such as stocks and real estate in phase 3. You can read more about our roadmap for USDO in OpenDAO’s whitepaper here. They anticipate the release in Q1 2021.
Multi-Asset USDO Stablecoin | Phase 3
In phase 3, OpenDAO will usher in the end form of USDO — a global stablecoin backed by a multitude of productive assets ranging from crypto to real-world assets such as listed stocks and real estate. They anticipate that by Q3 2021, the multi-asset USDO stablecoin will be ready for minting and be exchangeable for other stable coins via various liquidity pools.
We look forward to working with these two teams to help deliver the USDO over the coming year. If you have questions, go check out the OpenDAO community or check out their blog for more information!
Onwards and upwards,
— Michael Burgess, COO
About OpenDAO
The bridge between real-world assets and DeFi.
Website | Twitter | Discord| Reddit | Github
About Ren
Ren is an open protocol that enables the movement of value between blockchains.
Website | Docs | Telegram | Announcements | Twitter | Reddit | Github
