Open Dollar enables users to borrow against liquid staking tokens by utilizing a flexible, over-collateralized stablecoin protocol. This approach provides predictable loans while allowing users to maintain yield from their assets, addressing the need for liquidity without sacrificing investment returns.
Funding
$2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
SFounders
Product
Problem
Users who stake their tokens often face a dilemma: they can earn yield on their staked assets, but they lose access to the liquidity those assets represent. This lack of liquidity can prevent users from participating in other DeFi opportunities or addressing unforeseen financial needs.
Solution
Open Dollar is a decentralized stablecoin protocol that allows users to borrow the $OD stablecoin against their liquid staking tokens (LSTs) and other Arbitrum-native assets. By depositing LSTs as collateral, users can access loans while continuing to earn staking rewards on their deposited assets. The protocol employs over-collateralization and proactive debt repricing mechanisms to maintain the stability of the $OD stablecoin. Open Dollar also introduces Non-Fungible Vaults (NFVs), which represent a user's entire position and can be seamlessly transferred or sold without requiring loan repayment, providing enhanced flexibility and composability.
Target Audience
Open Dollar targets DeFi users who hold liquid staking tokens or Arbitrum-native assets and seek to unlock the value of these assets without sacrificing their staking rewards.
Features
- Borrowing against LSTs and Arbitrum-native assets, including ETH and GRT
- Over-collateralized loans to ensure the stability of the $OD stablecoin
- Non-Fungible Vaults (NFVs) for representing and trading entire loan positions
- Low APRs, starting as low as 1.75%
- Continuous yield earning on deposited collateral
- Autonomous protocol-driven incentives for stability
- Minimized governance to ensure predictable and impartial protocol operations