What is OneDAO Finance (ODAO) ?
OneDAO Finance (ODAO) is the decentralized reserve currency protocol available on the Harmony Network that relies on the ODAO token. Each ODAO token is backed by a basket of single assets (like DAI, USDT, USDC, UST) and liquidity provided (“LP”) assets (like DAI-ODAO, ONE-ODAO, ETH-ODAO LP pair Tokens). These assets help grow the OneDAO treasury and back the ODAO token’s intrinsic value that it cannot fall below. OneDAO also introduces economic and game-theoretic dynamics into the market through staking and minting.
OneDAO Finance (ODAO) Coin Storage Key Points
| Coin Basic | Information |
|---|---|
| Coin Name | OneDAO Finance |
| Short Name | ODAO |
| Circulating Supply | |
| Total Supply | 1,161 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Purpose of OneDAO
OneDAO Finance (ODAO) goal is to build a policy-controlled currency system, native to the Harmony network, that is driven by the ODAO token. In the long term, believe this system can be used to optimize for stability and consistency so that ODAO can function as a global unit-of-account and medium-of-exchange currency. In the short term, intend to optimize the system for growth and wealth creation.
OneDAO Finance (ODAO) intention is to achieve price flatness for a representative basket of goods without the use of fiat currency. Establishing this community-owned decentralized financial infrastructure will allow the cryptocurrency industry to finally detach once and for all from the world of traditional finance!
Participate in OneDAO
OneDAO Finance (ODAO) There are two main strategies for market participants to engage with OneDAO: (1) Staking and (2) Bonding. Stakers offer their ODAO tokens in exchange for OXY tokens that automatically compound (rebase) every 2 hours (ODAO and OXY are 1:1).
OneDAO Finance (ODAO) Minters provide bonds backed by single assets or LP paired tokens in exchange for buying ODAO tokens at a discounted price. These tokens are distributed linearly over a fixed vesting period of 5 days. Bonding is the main mechanism to mint new ODAO tokens.
Benefits of OneDAO
OneDAO Finance (ODAO) benefit from the supply growth of ODAO. The protocol mints new ODAO tokens from the treasury. The majority of which are distributed to the stakers. The auto-compounding of staking balances provides an incentive for stakers. Additionally, price exposure remains an important consideration for stakers. For example, if an increase in token balance outpaces the potential drop in price (due to inflation), stakers would make a profit.
OneDAO Finance (ODAO) The primary benefit for minters is price consistency. By providing capital upfront the minter is promised a fixed return at a set point in time. In this case, the return is given in ODAO tokens and any profit depends on the price of ODAO upon the bond’s maturity. Minters benefit from a rising or static price for the ODAO token.
OneDAO Team
OneDAO Finance (ODAO) is a fork of on the Harmony Network. Their team is mostly anonymous, born from the DeFi Community. they aim at becoming a Decentralized Autonomous Organization (“DAO”), and are actively working towards that goal.
How to Buy ODAO
- Make sure the output currency is ODAO. You can also copy and paste ODAO contract address in the output currency field to ensure you are swapping the right token.
- ODAO contract: 0x947394294F75D7502977AC6813FD99f77C2931ec
- You can select any input currency based on your available wallet balance. We recommend to using DAI for the deepest liquidity!
- Select the amount of ODAO you want to swap for. Then click “Approve” and sign the transaction.
- After the “Approve” transaction has been processed successfully, click “Swap” and sign the transaction.
- You should see ODAO in your wallet balance now after the swap transaction is successful. If you cannot find it in your wallet, add ODAO contract address to your wallet.
Note: The “Approve” transaction is only needed when you swap ODAO for the first time; subsequent swapping only requires you to perform the “Swap” transaction