Nov 22, 2021 · 3 min read · cat
Dear Linear Community,
Given the great feedback both OpenDAO and Linear Finance Communities have received on the newly announced partnership, $LINA staked on OpenDAO’s Vault is now enabled for Yield Minting!
This means that when users stake their $LINA on OpenDAO’s OmniVault they will not only continue to earn their Auto-Compounding rewards in $LINA but they will also be to mint $USDO at the same time! A process that is known as Yield Minting.
How to Vault $LINA on OpenDAO
We know most of you are probably experts on OmniVaults by now, but for those of you that are new to OpenDAO, we would like to walk you through the steps of staking $LINA and minting $USDO.
Assuming you already hold $LINA BEP-20 on BSC and some $BNB (for gas fees) on your wallet, head over to https://omnivault.ocp.finance and connect your wallet.
Step 1 - Locate the $LINA Vault and then click on “CREATE ZAP” (One time step only)
Step 2 - Click on “STAKE LINA”, choose the amount you want to stake, select ‘SUPPLY’, approve and confirm the transaction.
Congrats! You are now officially Auto-Compounding! Your $LINA rewards will be added back to your underlying position and staked to create even more $LINA!
Here’s where it gets interesting. Now that the $LINA Vault has enabled Yield Minting, not only will you be auto compounding your $LINA, but you will also be able to mint $USDO, OpenDAO’s stable coin!
Step 3 - It’s time to mint $USDO, head over to the “MINT USDO” tab. You will find details such as collateral value, collateral factor, etc, and in the example below we’ve decided to mint 50% $USDO. Set the slider at your desired amount, click “MINT USDO” and confirm the transaction.
To give you a quick idea on how the number gets to 0.60 $USDO please refer to the following calculation; Mint USDO = $2.40 (Collateral Value) x 50% (Collateral Ratio) x 50% (slider) = $0.60
You have now successfully minted $USDO which you for e.g. can use to buy further $LINA/ $LUSD or farm in one of the many pools on Omni Farms, https://app.ocp.finance/#/farms.
If you should have questions on the OpenDAO protocol you can always reach out to them on their Telegram, https://t.me/opendao.
That sums it up, there are many exciting strategies that can be employed — happy farming!
OpenDAO serves as a bridge for real-world assets to cross over into the growing DeFi infrastructure. The goal is to bring more value into the space by providing exposure to real estate, stocks, and more… all in a uniquely permissionless and seamless manner.
About Linear Finance
Linear Finance is a cross-chain compatible, decentralized delta-one asset protocol that allows users to get synthetic exposure to various assets, including cryptocurrency, commodities, and market indices. Users can utilize our cross-chain swap functionality to instantly swap assets across leading blockchain environments and DeFi protocols with unlimited liquidity and zero slippage.