The builders of OpenDAO (SOS) bet ordinary people will use stablecoins for more than payments.
To explain, OpenDAO offers a permissionless stabelcoin minting protocol that allows users to mint and trade the USDO or USD Open Dollar (USDO) stablecoin. They describe USDO as an over-collateralized and multicollateral stablecoin backed by assets. In particular, they claim you can use OpenDAO to use any assets to mint USDO.
The USDO stablecoin has some value. For instance, CoinMarketCap estimates the USD Open Dollar had a Coin Price of 99.53₵ Market Capitalization of $24.226 million and a 24-Hour Market Volume of $153,029 on 29 December 2021. They based numbers on a self-reported circulating supply of 24.349 million USDO. USDO was CoinMarketCap’s 4,151st largest cyrptocurrency on 29 December 2021.
What is the OpenDAO?
The OpenDAO governs USDO and earns fees from USDO. For instance, the OpenDAO members control USDO origination, USDO whitelisting, USDO preseeding markets, USDO fees, and how they use USDO fees.
The OpenDAO allows users to mint USDO. In addition, users can use OpenDAO to supply liquidity to USDO and the Binance USD (BUSD) stablecoin liquidity protocol. In addition, people can use liquidity protocol tokens to farm and earn rewards through liquidity protocol farms.
Beyond liquidity, you can use USDO to trade synthetic investments in perpetual markets. Individuals can use USDO as collateral to trade Bitcoin (BTC) and Ethereum (ETH) synthetic investments.
The OpenDAO Investment tools
I consider OpenDAO a suite of fintech and investment tools. Those tools allow investors and speculators to make trades, speculate, and lend through OpenDAO.
In addition, users can use USDO liquidity on the MCDEX (MCB) decentralized exchange to earn the MCB token. The MCDEX is a permissionless automatic market maker that offers traders high levels of liquidity and large amounts of liquidity through the Binance Smart Chain (BSC) cryptocurrency.
Plus, USDO lets users lend USDO through vaults and trade USDO through other stablecoins through OmniTrade. Users can participate in various USDO farms to earn higher yields.
Interestingly, they claim you can take long or short positions on Tesla Motors (TSLA) stock with USDO through the Mettalex Exchange. They also allow you to buy and trade TSLA long and short synthetic investments.
Finally, users can convert or off ramp USDO to Australian Dollars (AUD) with the PeerTC. They hope to add the ability to off ramp USDO to other fiat currencies. However, they do not say what fiat currencies PeerTC will off ramp to next.
OpenDao and Jupiter
In addition, OpenDAO’s StableCoin Minter on the Binance Smart Chain or Open Minter allows users to mint USDO with the Jupiter (JUP) cryptocurrency. Jupiter’s builder, the Jupiter Project, claims to have a blockchain that offers “military grade encryption.”
They also claim Jupiter’s blockchain can support dApps on public and private networks. However, they do not say what “military-grade encryption” is. Jupiter’s solutions include Metis Messenger, an encrypted messaging dApp. The Metis Messenger is available for Apple and Android devices.
Other Jupiter Apps include Leda, a marketplace for NFTs on Jupiter and Decentralized Git, a storage app for Git repositories.
What Value does OpenDAO (SOS) have?
There is a strong interest in the OpenDAO. For instance, CoinMarketCap estimates OpenDAO (SOS) was the fourth most trending cryptocurrency on 26 December 2021.
In contrast, CoinMarketCap estimates OpenDAO was the 317th largest cryptocurrency on 29 December 2021. CoinMarketCap gave OpenDAO a Coin Price of $0.000003675, a Market Capitalization of $183.522 million, a Fully Diluted Market Cap of $397.300 million, and a 24-Hour Market Volume of $177.076 million. They based on those numbers on a Circulating Supply of 49.96 trillion SOS, a Maximum Supply of 100 trillion SOS, and a Total Supply of 73.546 trillion SOS.
Similarly, Coinbase gave OpenDAO (SOS) a $0.00000368 Coin Price, a $183.5 million Market Capitalization, a $176.8 million 24-Hour Market Volume on 29 December 2021. They based those numbers on a Circulating Supply of 50 trillion SOS.
I think OpenDAO is a decentralized autonomous organization (DAO) that could make money. I think OpenDAO could make money because of the enormous popularity of stablecoins. In particular, OpenDAO is working a successful stabelcoin (USDO).
Moreover, OpenDAO is partnering with some solutions that could make money. Those solutions include Jupiter (JUP) and Binance. In conclusion, OpenDAO and USDO are cryptocurrencies speculators need to watch.
Originally published at https://marketmadhouse.com on December 29, 2021.