Open Dollar November Highlights

Welcome to the first Open Dollar Highlights! Your monthly rendezvous where we share with you the month’s developments and highlights from the Open Dollar protocol. Make sure you sign up to our newsletter HERE to get a sneak peak on what’s coming up next! 👀

Developments

Open Dollar Testnet App Launch 🚀

The Open Dollar testnet has officially launched. The culmination of months of rigorous development and internal testing are now ready for public release and feedback. We’re proud of what our devs have accomplished and are ready to show the world the power of NFVs.

We welcome any and all suggestions or feedback at this stage as you experience our dApp for the first time.

Try it now! & Learn more.

Highlights

Benzinga’s “The Future of DeFi” Twitter Spaces

Our founder @CupOJoseph joined industry leaders to discuss "The Future of DeFi" in @Benzinga's spaces.

Listen to the recording here.

Our CTO Patrick Gallagher Explains Open Dollars NFT Vaults

Our CTO hosted an impromptu session with the community, answering questions from the Discord and running through the features of our testnet application shortly after it’s debut. If you missed it, be sure to check the recording on Twitter!

Watch it here.

CEO Joseph Schiarizzi Interview with Hitesh Malviya!

Joseph shared insights on Liquid Staking protocols, LST-backed stable coins and detailed information about Open Dollar — introducing new primitives of NFT vaults for DeFi positions, offering the ability to avoid liquidation penalties for DeFi investors, and much more!

Watch here.

Code4rena OD Security Audit Awards Announced!

Congrats to everyone who participated and helped us secure the future of Open Dollar! We're proud to be paying out $35,000 in prizes to many hard working auditors.

The findings and suggestions from the thorough auditors at Code4rena will make our protocol even more robust!

Read more.

DappRadarDAO’s Twitter Spaces with CEO Joseph Schiarizzi!

Our founder @CupOJoseph joined the @DappRadarDAO Twitter spaces with industry leaders @UMAprotocol, @GnosisDAO, @SnapshotLabs, @AragonProject and others to discuss favorite DAO tools, gasless snapshots, the future of DAOs and more!

Listen here.

Open Dollar Meme Monday Series

When you're on the brink of liquidation and you realize you might have missed the $OD NFT vault memo.

View here.

What are Over-Collateralized Stablecoins?

OC Stablecoins are backed by assets that exceed the value of the stablecoins issued. For example, a collateralization requirement of 150% means at least $150 worth of assets is deposited for every $100 of stablecoin issued.

⚡️ This buffer is designed to absorb the shocks of market volatility.🔗 Ensuring that the stablecoin remains closely pegged to its underlying asset. 🛡️ The primary advantage of overcollateralization is the heightened sense of security it provides.

Read more.

Blog Updates

Why We Need Overcollateralized Stablecoins

In the unpredictable world of web3, stablecoins are consistent. Designed to minimize price volatility, they have become indispensable in bridging the gap between traditional finance and decentralized finance. This article delves into the significance of overcollateralized stablecoins and their pivotal role in ensuring trust and stability.

Overcollateralization is central to OpenDollar's functioning. When users lock their LSTs or other assets into CDPs via NFT Vaults, they're essentially providing collateral. This collateral is crucial for the issuance of the $OD stablecoin.

Read more.

Understanding Liquid Staking Tokens (LSTs) & Collateralized Debt Positions (CDPs)

An introduction to LSTs, CDPs, and the role of Open Dollar in expanding their use cases.

TL;DR

• LSTs are derivative tokens representing assets locked in staking contracts (e.g. stETH)
• CDPs are smart contracts that enable users to lock their assets to borrow liquid assets
• Open Dollar enables users to lock LSTs into CDPs to borrow $OD

This article offers a high-level introduction to LSTs, CDPs, and their relationship with one another.

Read more.

Onchain Green Energy: Blockchain-Based RECs

Explore how blockchain is revolutionizing RECs in our latest blog. We dive into the challenges of the current $16.2B REC market and how blockchain solutions enhance transparency and credibility. Discover innovative projects and Open Dollar's role in integrating RECs into DeFi, unlocking new opportunities in green energy trading and lending.

Read more.

Newsletter exclusive content - Upcoming Events

Next month is set to be even more exciting than the last. If you haven’t signed up for our newsletter yet, you’re missing exclusive sneak peeks at what’s coming next, only for subscribers!

Head over to our website and sign up today so you can stay informed with our upcoming events. Also, be sure to try our testnet app and follow us on our socials to stay up to date with all the latest developments. Thank you for your support!

-The Open Dollar team

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