Ren and OpenDAO have revealed the next milestone in their partnership, bringing Dogecoin (DOGE) to Ethereum (ETH) via the synthetic asset renDOGE, according to an announcement made on Jan. 26.
Users can now mint renDOGE with DOGE on OpenDAO’s Dapp and use it on DeFi platforms
The auditing is yet to be completed, but once done, users can put renDOGE up as collateral to mint the dollar pegged stablecoin DOGEO
The DOGEO stablecoin can essentially be used by DOGE investors to go long on the asset, by way of taking out a loan on DOGE, converting it in to DOGEO and using it for investment
The migration of DOGE to Ethereum is possible as a result of the RenVM, which recently adopted Chainlink’s Proof-of-Reserve solution to increase the transparency of cross-chain assets
Ren is most well known for bringing Bitcoin to Ethereum, with 15,499 renBTC currently on Ethereum
OpenDAO is building solutions to bridge real-world assets with the DeFi market, and is working on tokenized representations of fiat currencies like GBP, EUR, INR, SGD and AUD, as well as stocks and real estate