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For the first time since we emerged from stealth mode we’re sharing what’s ahead for Open Dollar, as well as reflecting on our major achievements so far. Our official Testnet launch is a significant milestone for us, bringing us closer to more exciting events in the near future.
Here’s a brief recap of our progress and glimpse at what this future holds for Open Dollar:
âś… New DeFi primitive NFV v1 created
âś… Code4rena audit (report to be released next week)
âś… Galxe campaigns begin
✅ Testnet launch on Arbitrum Sepolia (You are here✖️)
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.
Our contract has withstood the test of dozens of the industry’s best devs in our recent audit with Code4rena. Now it’s time for you to take it for a test drive before our mainnet launch.
We welcome any and all suggestions or feedback at this stage as you experience our dApp for the first time. Jump in our Discord and let us know what you think!
The Open Dollar Testnet Application allows users to open vaults, create leveraged positions, borrowing OD, repaying loans, and more with Arbitrum Sepolia testnet tokens.
Let’s dive in!
You can obtain your free testnet tokens in our Discord server using the “/claim” command. You’ll need to add the Arbitrum Sepolia network to your wallet first and if you’re unsure of what to do next, you can check our Walkthrough video.
Once you have your testnet tokens, you can proceed to the Testnet application and be among the first to experience NFVs by opening your first vaults!
Creating Vaults
Create a vault by clicking “open vault facilitator” and “create a vault”. Here you can select the amount of collateral you’d like to deposit and OD you want to borrow.
Select the amount of collateral to deposit and OD to borrow, and approve the transaction. Wait a few moments for it to process, then click “review transaction” and “confirm transaction” to create your vault.
You can create as many vaults as you wish, we encourage it! Experiment with different collateral ratios, this is your chance to take risks without any consequences that you would face with real assets.
Once you’ve created your first vault, your app screen will show you a list of all vaults you have created as well as their liquidation risks. You can create new vaults, repay loans, borrow more OD against them, or liquidate them from here.
Non-Fungible Vaults (NFVs)
Each NFV features dynamic .svg display images generated fully on-chain. These show important information about the vault, such as the debt minted, collateral deposited, and the current liquidation risk.
Once your NFV is minted, you can view it in your Metamask wallet by adding the contract. To do this:
Auctions
In the Auctions tab, you can participate in any debt, surplus, or collateral auction opportunities available as a result of market fluctuations and liquidated vaults.
Collateral Auctions
Collateral auctions are meant to sell collateral that was seized from a Vault in exchange for OD. The OD that is received by an auction will be burned.
Surplus Auctions
Surplus auctions are meant to sell OD that has accrued inside the protocol in exchange for ODG. The ODG that is received by an auction will be burned.
Debt Auctions
Debt auctions are meant to mint and auction new ODG in exchange for OD. The OD that is received by an auction will be used to eliminate bad (or otherwise called uncovered) debt from the system.
Open Dollar Stats
On the Stats tab you can find a number of important metrics about the Open Dollar protocol. These include:
Once you’ve taken the Testnet App for a proper spin, be sure to get credit on our Galxe campaign and invite your friends to do the same. You’ll receive a special NFT in addition to Loyalty Points as thanks from us for participating in our Testnet, in addition to becoming eligible for a piece of the $10,000 prize pool. What are these NFTs and Loyalty Points good for? Stick around and follow our socials to find out!
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Open Dollar is a DeFi lending protocol where users can lock their Liquid Staking Tokens (LSTs) and other assets into a modified Collateralized Debt Positions (CDPs) called a Non-Fungible Vault. By doing so, they are able to borrow $OD while continuing to earn 100% of their yield.
Open Dollar’s native stablecoin ($OD) is an overcollateralized stablecoin backed by LSTs. An algorithmic control system with automatic debt repricing incentivizes users to take actions that maintain its stability. This makes it more flexible and minimizes the need for governance.
Open Dollar seeks to dampen the volatility of LSTs and boost liquidity between tokens while providing a new tradable vaults primitive. Learn more about the protocol by reading our Litepaper.
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Join Discord and ask our community or helpful bot, or visit our FAQ.
Leverage your liquid staking tokens with the most flexible stablecoin protocol
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