OpenDAO & RenVM Bring Dogecoin to Ethereum
RenJS Integration
As we continue our partnership with OpenDAO, we are excited to announce that Dogecoin ($DOGE) is now available on Ethereum as $renDOGE!
This is a public first thanks to RenJS and we could not be more excited to pioneer this and bring greater utility to Dogecoin! Users can now mint $renDOGE with $DOGE on OpenDAO’s dApp and use it within DeFi, as with any other ERC20.
With this simple dApp 👇 the public can mint and burn Dogecoin to Ethereum in a few easy steps.
Minting a Stablecoin with DOGE | How does it work?
Further, once OpenDAO’s audits are complete, users will soon be able to put their $renDOGE to work as collateral to mint a dollar-pegged stablecoin ($DOGEO).
If you’re a Dogecoin investor and long on the project, you can effectively take out a loan on your $DOGE, all made possible by OpenDAO. By converting your $DOGE holdings into $renDOGE and then into $DOGEO, you are ‘going long’ on the Dogecoin project and can now use the new capital for further investments or other purposes. For more information on how this works, check out OpenDAO’s video or blog here.
Looking forward
With another first for RenVM, Dogecoin is no longer a meme coin; it is now a viable financial instrument in its own right, thanks to RenVM and OpenDAO. We’re looking forward to what this will bring and glad to get this out into the hands of users.
It’s been a pleasure working with the OpenDAO team and we’ll continue to partner on other initiatives throughout 2021, so stay tuned for more.
Onwards and upwards,
— Michael Burgess
About OpenDAO
The bridge between real-world assets and DeFi.
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About Ren
Ren is an open protocol that enables the movement of value between blockchains.
Website | Docs | Telegram | Announcements | Twitter | Reddit | Github
