PRESS RELEASE. OpenDAO is proud and excited to announce that it is one of the first DeFi projects to participate in UMA’s dapp mining program.
Check out the new Yield Dollar interface at ydollar.opendao.io
For the past few months, OpenDAO has been working closely with the team at UMA to build a new interface for the Yield Dollar (yDollar) as part of UMA’s dapp mining initiative.
The aim is to create an interface which is more accessible and intuitive to use, whilst still leveraging the robust contracts which have been built by UMA.
The yield dollar will be a pre-cursor of sorts to the USDO, OpenDAO’s multi-collateral backed stablecoin, which will also be built on UMA.
PHASE 1 (Yield Dollar)
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 written by Clayton of UMA.
As a quick overview, the Yield Dollar is a stable synthetic token which is minted by locking up ETH as collateral. The difference between the current iteration of the yield dollar and other stables is that there is a rolling 3 month expiry, at which point it will be redeemable for $1 of the collateral asset at the exact time of expiry.
Effectively, the yield dollar represents a fixed-rate, fixed-term loan.
Note: Due to the demand from users to buy yDollars, it is currently trading at a premium and thereby gives the minter the equivalent of a negative interest rate loan! For the time being, this means that participants are actually making money by minting yDollars.
OpenDAO is rolling out this phase first in order to become familiar with building on UMA. This will also allow both UMA and OpenDAO’S communities to get familiar with the minting process and evolve the interface and functionality over time.
To mint your first yield dollar, head on over to ydollar.opendao.io
REN Protocol Integration
As part of this build, the team has also been…