Our team has been developing and testing the code and will share the fruits on the 31st. This is a huge milestone for us at OpenDeFi and the OpenDeFi community at large as we further the work of bringing financial freedom to every single person on the planet.
As already shared, we are assembling a team of experts called the ORO Pioneers so we can incorporate feedback and iron out kinks etc.
For a detailed look into what to expect from OpenDeFi’s Testnet, here are the features to look forward to:
Users will be able to instantly convert between USDC and assets with no need of a counterparty. There is no price slippage – so whether users are exchanging for a dollar for 10,000 dollars, they’d be quoted the exact same price.
We’re using Chainlink as the official Oracle for the Testnet. This ensures that the price of assets are at-par with the traditional markets, and there’s no manipulation. Read about our partnership with Chainlink here.
Users will be able to instantly post their assets (Gold and Silver) as collateral and get a flash loan in USDC. No credit checks, no waiting.
These loans are at a very low interest rate of 2-5% per annum. There’s no fixed duration for the loan. Users can pay back in a week or day or year.
This feature shall allow users to hedge their bets with ease.
Staking or Yield Farming
Users will be able to stake their assets (Gold/Silver) and earn ORO tokens as yield. This allows users to generate value/passive income on assets without risking market exposure.
Users are free to unstake anytime, after a cooling period of 7 days.