Fetch.ai Joins Forces with OpenDAO and OCP to Enable Staking/Borrowing and Stablecoin Minting
Aug 6, 2021
The partnership expands the utility of the FET token to include use as collateral for loans and the minting of a stablecoin — USDO.
We are thrilled to announce that FET token holders can now use the token in the OCP ecosystem. The partnership between Fetch.ai, OpenDAO, and OCP enables users to:
- Stake FET at omnicomp.ocp.finance for an APY in OmniC tokens.
- Stake FET and mint the USDO stablecoin.
- Borrow BUSD and a number of other tokens using FET as collateral.
- Supply one-sided BUSD liquidity in this Omnicomp pool and then deposit the LP tokens in OmniFarms for an APY in FET tokens. $25,000 in FET has been dedicated to this yield farming program. The current APY is over 400%!
- SOON: The Mettalex DEX team is currently in the process of integrating the USDO stablecoin in the Mettalex DEX on Binance Smart Chain. Traders will be able to use the USDO stablecoin to open long/short positions on the DEX. Liquidity providers will be able to stake mxUSDO and earn an APY in MTLX tokens.
The collateral factor for FET 65%. That means that $1000 worth of FET can be used to mint $650 USDO tokens or as collateral for borrowing tokens available on the OmniComp Finance platform.
Maximizing FET Utility and APY
FET holders now have several options to put their FET to work, in addition to staking:
- They can stake FET to get an APY in OmniC tokens. Then supply the USDO tokens as liquidity to the Mettalex DEX for an additional APY in FET tokens.
- Alternatively, the USDO token can be used in combination with BUSD to supply liquidity to PancakeSwap and farm FET on OmniFarms.
- Users can also stake FET and borrow BUSD.
We are continually working to expand FET token utility even further.
Expect more news soon!
Read the joint announcement here.