OpenDAO enables Dogecoin’s use as a stablecoin called DOGEO

Dogecoin Stablecoin Minting all set to begin
  • A DeFi enriched Dogecoin can now create stablecoins
  • OpenDAO and Ren are facilitating the provision of tools 
  • DOGE prices drop its January 3 soar

Dogecoin was established by Billy Markus and Jackson Palmer as a prank in 2013. It was formulated based on Luckycoin. The latter itself emerges from Litecoin, crypto in the shade of Bitcoin. Therefore, Dogecoin has various features equivalent to that of a Bitcoin. 

The historic partnership of OpenDAO with Ren

OpenDAO recently announced a collaboration with the token wrapping protocol, Ren. This ongoing collaboration has ensured the accessibility of Dogecoin for its further uses. 

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In respective contexts, the companies are minting a dollar-pegged and doggy themed stablecoin called DOGEO. For this, Dogecoin will be used as collateral.

The connoisseurs and investors of Dogecoin are now free to avail the facility of DeFi loans. They can use the digital assets as collateral, especially the ones that are Shiba Inu-themed. 

The process starts by transforming DOGE into a wrapped token. The respective step takes place on the platform of Ren protocol named renDOGE. Post this. It can be conveniently employed for DeFi operations. 

Once the process with Ren concludes for Dogecoins, they can be employed as collateral to mint a stablecoin called DOGEO. However, it can be further used to exchange with other dollar-pegged stablecoins. This enables DeFi liquidity services to operate, or it can be used for lending or borrowing purposes.

Plan to develop a suite of flagship stablecoins

OpenLDAP is a platform that ushers real-world assets into the ecosystem of DeFi. These respective assets are, thus, tokenized similarly to the process of Synthetix. 

However, the protocol is planning to develop a suite of flagship stablecoins. Moreover, it possesses a multi-asset, which is collateral backed called USDA.

The protocol aims to perform better than the existing stablecoins like Tether, Dai, and much more. The latter ones have been under scanner; they are centralized and have questionable backing.

OpenDAO announced its status via an official statement. It stated that the integration of Dogecoin into DeFi would add a lot of credibility to the cryptocurrency. 

On the other hand, Ren is sponsored by RenVM. RenVM was issued in May 2020. It is a community of digital computers that operates correlations for decentralized applications. 

Meanwhile, the prices of Dogecoin fell back somewhat on the day to $0.008. Though it surged in early January to a record high price in three years at $0.0138, it has declined consistently since then.

Thus, it will be compelling to see how the crypto-asset market will respond to the freshly introduced stablecoin DOGEO. 

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Andrew Smith
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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