Open Dollar Launches Mainnet

After successful audits by Quantstamp, Code4rena, and Pessimistic, months of testnet feedback, and thousands of collective coding hours, the first tradable vaults in DeFi and the most flexible stablecoin ever are now live on Arbitrum. 

Today marks yet another significant step in the evolution of decentralized finance, as users now have more freedom and flexibility than ever before to leverage their digital assets. To celebrate this achievement with all those joining us for launch, we’ve prepared a few surprises for our day 1 users!

Unlock Your Tokens 

LST enthusiasts can now borrow against and leverage their rETH and wstETH tokens at some of the industry’s lowest rates, 1.75% and 1.85% respectively, while keeping 100% of their yield. We’ve also recently added support for ARB token as a collateral type at launch. Additional collateral types will be progressively added by the DAO.

All vaults opened on Open Dollar are NFVs, DeFi’s first NFT-controlled CDPs, giving users the unique flexibility to transfer or sell their vaults at any time on any NFT marketplace. NFVs are a new primitive in Web3, making loans tradable for the first time and enabling the creation of the first secondary loan marketplace, one of the next milestones on our Roadmap.

Open Dollar’s stablecoin, OD, is now available to mint against your deposited collateral. The most flexible overcollateralized stablecoin in DeFi, OD can be used for payments, swapped for other tokens, redeemed for your deposited tokens, or used to unlock the collateral of other users when NFVs are acquired on the open market. This decentralized stablecoin is designed to compete with its centralized counterparts, featuring full reserve transparency, protocol-driven stability, and on-demand redemption for the digital assets backing it.

Using the App

Both existing and new users will have no problem navigating the primary features of the mainnet app:

  • Create Non-Fungible Vaults
  • Deposit collateral: rETH, wstETH, and ARB
  • Borrow OD
  • Auctions
  • Stats

The biggest difference our users will note is the improved UI, designed to match our website and new branding with a clean, modern look and feel. Our testnet will remain accessible and now serve as a platform to demo and test our newest features before they’re progressively deployed to mainnet. 

If you’re new to Open Dollar, we recommend starting with our Docs and Blog, where you’ll learn all about our key innovations, OD and NFVs, as well as a handy guide to walk you through creating your first vault. If you have any questions, jump into our official Discord, where our questions bot or community will be happy to help.

Commemorative Launch Day NFT

To celebrate this special occasion, we’ve designed a commemorative Genesis NFT to mint exclusively for our early users. We’ve limited the minting period to 48 hours, after which no more of these NFTs will be produced. These NFTs are hosted on the Arbitrum network and all proceeds from the mint will be deposited in the DAO Treasury. Holders of these NFTs will be able to claim a special role in our Discord and may have access to special perks in the future.

Mint yours today! 

Genesis Vaults

Vaults that mint 1000 OD or more within 48 hours of launch will be specially designated as Genesis Vaults. These vaults will feature a “Genesis” NFT trait, special artwork, and may be selected for additional perks by the DAO.

Implementation of the Genesis traits and artwork will follow shortly in the coming weeks after launch and will retroactively appear on all qualifying vaults.

What’s next

While this incredible milestone for Open Dollar is certainly worth celebrating, our story has just begun, and so much more is on the way. One can peer into the future with our DAO-guided roadmap for a glimpse at some of our upcoming features, and subscribers to our monthly newsletter receive exclusive previews of the month ahead.

Users of Open Dollar can look forward to a number of exciting campaigns, new features, partnerships, and incentive programs in addition to the recently received grant from the Arbitrum Foundation and our partners at Tally.

Our team at Open Dollar wish to thank all of you for your wonderful support and constructive feedback through our testnet period and we are thrilled to build a fairer, more accessible future for DeFi together.

Try the Open Dollar App today!

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