Network - Harmony
Date Launched - 30th Oct 2021
What is OneDao?
OneDAO 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.
Our 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, we 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, we intend to optimize the system for growth and wealth creation.