February 24th, 2021 - OpenDAO is happy to announce that they are welcoming Algorand into their DeFi family. Work has already begun on the process for creating the $wAlgoO stable coin with wAlgo as collateral!
Algorand’s efforts to build open source software for an inclusive ecosystem have created a cascade of opportunity throughout the cryptospace and our team and community are beyond excited to be a part of it. We look forward to making the future happen together!
-Sean Qian, OpenDAO Cofounder
What is OpenDAO?
OpenDAO (OPEN) serves as a bridge for real-world assets to cross over into the growing DeFi infrastructure. The goal is to bring more value into the space by providing exposure to real estate, stocks, and more… all in a uniquely permissionless and seamless manner.
Currently, the protocol is developing a suite of ‘flagship stablecoins’ [DOGEO, OCEANO, and DSDO are in development.] This will eventually culminate in a new stable coin backed by the world around you: starting with Bitcoin, Ethereum, and other crypto assets as collateral, but steadily moving to include more off-chain assets and on-chain assets as 2021 progresses.
User Benefits: Mint an $Algo backed Stablecoin
The process for using Algo as collateral to mint a dollar-pegged stablecoin ($wAlgoO) with OpenDAO is underway! But, what’s in it for the end user? If you’re an Algo holder and you’re long on the Algorand Protocol, but want to free up some capital, ‘double down’ on Algo, or diversify your investments, the $wAlgoO stable coin was created with you in mind. The Algo hodler community can convert their Algo to wAlgo and then into the new stable coin. $wAlgoO minters will be able to easily convert their stablecoin to $USDC or similar for deployment elsewhere or will be able to add their newly minted stable coins to the soon-to-come wAlgoO/USDC pool and receive both $Algo and $OPEN as rewards for being a liquidity provider! The process will be streamlined and made as intuitive as possible. The net result is more utility for holders and increased scarcity as a result of removing Algo from circulation.
Audits by OpenZeppelin are now finished, so we expect this process to take only a couple more weeks to complete; you can be sure we will keep you updated!
To learn more and stay updated on news from OpenDAO you can check out the links below.