UMA's yDollar attracts over $6 million of minting activity in 2 days following OpenDAO launch

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Written by

lucas

Software developer, amateur historian and writer, and crypto enthusiast living on a farm.

3 years ago

In community: Cryptocurrency and Blockchain(7b7f)

Topics: Defi, Stablecoin, OpenDAO, Investment

OpenDAO is working towards a stablecoin and banking solution with real-world collateral such as $TSLA stocks and real estate. In recent months, the team has worked closely with UMA Protocol to build an interface for UMA's 3-month rolling smart contracts which essentially represent a fixed-term loan backed by collateral tokens.

"OpenDAO's Stablecoin Will Use UMA for Collateral Like Real Estate and Stocks!"

As of December 23rd, OpenDAO's new interface has gone live at yDollar.OpenDAO.io, and it has already had decent success following the launch of the March yDollar contracts by UMA.

As you can see, nearly 15,000 Wrapped ETH and 187 renBTC have been locked to mint the yDollar at time of writing this article. Many of the users interacting with the protocol have made a profit already because of the nature of the synthetic assets building UMA and the buy pressure for this latest iteration of yDollar.

Thanks to the UMA Developer Mining program, OpenDAO's protocol will begin receiving UMA rewards on January 3rd. The team is discussing methods of distribution of these rewards, and the idea to airdrop them regularly to $OPEN governance token LP providers has been floated.

"OpenDAO Builds New Yield Dollar Interface on Top of UMA, Accepts BTC as Collateral" Press Release from Bitcoin.com

OK, but what is OpenDAO?

Building on UMA Protocol's upcoming perpetual contracts, OpenDAO plans to make a more stable and valuable stablecoin, backed by a variety of productive assets. The team has a history of work in real estate and blockchain tech, and they are bringing that experience to this project, incrementally building a market for the less liquid assets coming in the future.

If you want a detailed rundown of OpenDAO, the history of the project, team members, current goals and the work being done, read my other article on Read.Cash.

"OpenDAO Is About to Revolutionize DeFi. You Don't Want to Miss Out!"