The collaboration grants substantial new utility to USDO, seeking to make the stablecoin a top asset on Binance Smart Chain.
New Pools and Leverage Trading
MCDEX and OpenDAO are partnering together on Binance Smart Chain to provide users with a plethora of financial tools and DeFi utility, which will allow users to earn on assets while they are trading, mint stablecoins, and more.
Access is slated to be available from November 3rd, 2021 on participating platforms.
New Features at MCDEX include the ability to trade perpetual contracts in BTC or ETH and settle in USDO with up to 15X leverage. Users can also earn MCB by trading with USDO via the trading mining program, and earn MCB (provided by OpenDAO) and trading fees by providing USDO LP to MCDEX.
Features via OpenDAO include: MCB stakers soon being able to “Yield Mint” USDO with MCB/BNB LP as collateral – this means being able to borrow stablecoins against the value of simultaneously auto-compounding collateral. In line with these efforts, MCDEX’s MCB/BNB LP Tokens on PancakeSwap are now being auto-compounded on the OpenDAO partner site OCP Finance with twice the APY for LPs,with the two step process outlined below.
Features Up Close
- Capital Efficiency
Being backed by yield generating collateral, USDO offers highly-competitive capital efficiency to traders. An example of how this works in practice is as follows: Mint USDO by depositing CAKE into OCP Finance and start earning a 70%+ APY.
Then, deposit the minted USDO into MCDEX’s pool to earn additional trading fees. In this way, users are earning whilst simultaneously deploying the USDO as collateral for trading.
- Bringing Multi-Collateral Assets to MCDEX
USDO is a multi-collateral stablecoin which can be minted with the biggest tokens in the industry, such as major stablecoins (USDT, USDC, BUSD) as well as other ‘top tier’ crypto projects (BTC, BNB, Fetch.AI, Reef, Cake, Lina, etc).
Users can check out the minter and current assets at OCP Finance.
This allows traders to effectively leverage the assets they already own, whilst earning yield on them, creating a trading experience superior to what CEX’s currently offer.
- Auto-Compounding and Upcoming Yield Minting
The MCB – BNB LP Tokens on PancakeSwap are already auto-compounding at OmniSteaks, which is the first step towards accepting the LP as collateral for minting USDO from staked collateral. Simply unstake at PancakeSwap, and restake at OmniSteaks to get started.
This means that MCB/BNB liquidity providers will soon be able to use their collateral for minting USDO, thus making for so-called “virtuous loops.”
3 – Use USDO for trading on MCDEX, earning MCB via trade mining in the process
4 – Re-supply to MCB/BNB LP
5 – Rinse & Repeat!
- USDO Stable Coin
All of these features orbit the USDO stablecoin: “Minted with the tokens you have, to buy the tokens you want.” A “USDO Minting Guide” can be found here.
USDO is an over-collateralized stablecoin at parity with the US Dollar, able to be backed by cryptocurrencies, stocks, real estate, and a wide variety of other real world assets.
The token serves as the flagship stablecoin from OpenDAO, though is native to Binance Smart Chain; cross chain compatibility is expected in Q4 of 2021, and has a growing number of use cases: in game currency, use for trading stock-synths, and more.
All of this is available on their platforms at MCDEX and through OpenDAO.
How It Works
USDO on MCDEX
Users can either:
1) Trade perpetual contracts of BTC and ETH and settle in USDO, or
Incentives include MCB tokens from trading perpetual contracts on MCDEX, and the earning of trading fees by adding USDO LP on MCDEX.*
*Reminder: Adding liquidity to the USDO pool on MCDEX is not risk-free. There are drawbacks and liquidity providers may suffer losses. Please trade responsibly and use at your own risk.
How to Trade Perps with USDO on MCDEX
BTC-USDO and ETH-USDO perpetual contracts are currently live on MCDEX with up to 15 leverage. Click to see related tutorials:
How to Add Liquidity to USDO Pool on MCDEX
Navigate to ‘Pool — Certified’ and click on the USDO pool (or enter “USDO” in the searching bar)
Switch to the tab of ‘Add / Remove Liquidity’, and enter the amount of USDO you wish to deposit. Now you will be able to see the amount of LP tokens and your pro rata share of the pool.
Click on ‘Add Liquidity’ and approve it in your MetaMask wallet.
More About MCDEX
MCDEX (Monte Carlo Decentralized Exchange) is a decentralized crypto derivatives trading platform supported by Mai Protocol.
MCDEX V3 is a decentralized perpetual contract protocol based on automatic market maker (AMM). Perpetual contract is a financial contract with its prices pegging the underlying asset prices, which has no expiration date and supports margin trading. The goal of V3 is to enable anyone to permission-free create and trade DeFi perpetual contracts.
More About OpenDAO / USDO / OCP
OpenDAO is the governance behind USDO. The DAO governs the attributes of USDO’s circulation, collateral types, fees and how they’re used.
USDO is the flagship stablecoin of OpenDAO that’s built for DeFi. Unlike fiat-backed stablecoins, USDO is multi-collateral and over collateralized by the tokens you already love and hold. USDO’s collateral is yield generating, making it a competitor as the most capital efficient stablecoin on the market.
OCP (Omni Consumer Protocols) is a Yield Optimizers and USDO minter on BSC. As an OpenDAO portfolio company, OCP has built a suite of dApps that enable users to get the most out of their tokens whilst providing hyper-efficient ways to mint USDO.
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