Hello fellow DeFi enthusiasts and OpenDAO hodlers! Today we’re going to show you how to use the new CashBox system step by step! But if reading isn’t your thing… watch the video! (https://youtu.be/Dhd7zqWiV0Y)
Before we get into the process, let’s break down the 3 tokens which are involved in the process. They are:
DAI — a commonly used stablecoin available for purchase at most CEXes and DEXes. You will need DAI to participate in this portion of the CashBox beta testing.
Cashbox Tokens (CB1) — CashBox tokens are what you buy when putting you DAI into the CashBox and they represent your ownership of the CashBox. You will further stake your CashBox Tokens for OPEN rewards!
Asset Tokens — Asset tokens represent a real world asset; anything from real estate to cars, or even invoices. Asset token holders can put their asset tokens into the CashBox and receive DAI.
So now that we know what we’re dealing with, let’s get farming!
The first thing you need to do is get some DAI. In the near future, we’ll have the opportunity to use a variety of coins to do this, but for our beta testing purposes, DAI is our go-to-currency. You can get your DAI from most exchanges. Once you have your DAI ready, we need to head over to stake.opendao.io and connect your wallet… It will look like this:
