Super-Charged USDO StableCoin Yields: OmniVault on Binance Smart Chain
Earn the highest CAKE yield on any platform, on any blockchain. Period. Then mint stablecoins from them while they’re staked..
OpenDAO is pleased to present:
OpenDAO, in coordination with Omni Consumer Protocols (OCP,) is pleased to bring you OmniVault — the engine under the hood of OmniSteaks and the secret ingredient in providing all of you with some of the highest auto-compounding returns this side of the cryptosphere. Here’s the TL;DR…
- Stake assets, like $CAKE, into the vault.
- They start auto-compounding, thereby saving you time and earning you more.
- Mint USDO from the value of your already auto-compounding holdings
- Enjoy no impermanent loss and supercharge your returns with sky high BUSD/USDO LP incentives.
CONTENTS
🔹Your Big Misteak?
How Most DeFi Protocols Lose You Money
🔹Eat Cake, Have it Too
Benefits for You
🔹Steak It!
How to Use OmniVault
YOUR BIG MISTEAK?
You’ve been losing money! Every single time you forget to harvest and restake your farm rewards, they are left sitting there… collecting digital dust.
Auto-compounding solves that problem for you. No more daily, or hourly, clicking that “HARVEST” button. No more gain leakage.
EAT CAKE, HAVE IT TOO
PancakeSwaps $CAKE token has been selected as the first asset to be featured on OmniVAULT for auto-compounding with $USDO-minting capability:
What sets this apart from all the other similar offerings is that you will be able to mint $USDO from your staked compounding $CAKE.
NO MORE CHOOSING. You don’t have to choose between minting a stablecoin, or adding to the pool… YOU CAN DO BOTH! This is what sets OmniVAULT apart from other offerings. You will be able to mint $USDO from your already auto-compounding $CAKE.
Eat Cake. Have it too. We meant it.
STAKE CAKE, GET CAKE.
Typically in DeFi, you get rewards in the form of another token. With OmniVAULT however, those rewards are re-staked (compounded) with with rest of your tokens, so as the value of your deposit grows, so too do your rewards!
CAKE rewards are automatically being added back to your staked position for you! Steak and bake!
The flagship offering on OmniVAULT features $CAKE as a demonstration of what this platform is capable of, and we intended to sound the horns on marketing alongside these announcements — you can be sure that there will be many more assets to follow.
DEFI PARTY TIME!
The cool kicker, again, is being paid to borrow the $USDO against your holdings. You can put that $USDO into one of the highest APY stablecoin pools on the planet, thereby supercharging your assets. This should be a no brainer for $CAKE holders or anyone with any of the future assets.
HOW TO
Using OmniVault is simple! The first thing you need to do for now is get some $CAKE.
Got your $CAKE? Great! Let’s go.
[1] Create Zap at: OmniVault.OCP.Finance
Head over to OmniVault.OCP.Finance and “Create Zap.” A “zap” is kind of like a little program that links actions across platforms together.
[2] Approve and Stake your $CAKE
Typically, approving transactions and staking are 2 separate steps on DeFi platforms, but on OmniVault… it’s one. However, there will be two separate transactions that you need to approve in your wallet → Approve + Supply
[3] Mint $USDO
You can only mint as much USDO as your “collateral ratio” allows. In the example below, you’ll notice that I can mint an amount of USDO worth 50% of my 10 or so CAKE collateral — at MAXIMUM.
⚠️Be mindful of your MINT LIMIT
If you are borrowing more than your mint limit (because the value of your underlying assets decreased,) you might get “R.E.K.T.” as OCP so colorfully calls it (see top menu at website.)
R.E.K.T. liquidations are manual and not automatic, and can be executed by anyone the moment you ‘breach’ your limit.
You will only be liquidated to a level that brings you within the borrow limit again, and you will bare some losses (typically around 5%.)
DeFi Mindfully.
[4] You do, I do, USDO & BUSD
With $USDO, the sky is not a limit.
OmniSteaks is one of the best options for our USDO, so the next steps will cover that process, however it’s also possible to…
- Go to OmniComp.OCP.Finance and do USDO single asset staking…
- Buy more CAKE and come back
- Buy some $pOPEN or…
- YOU NAME IT! 😋
[5] Get BUSD
We need to two assets on either side of the pool. Sell your couch, sell your fridge, sell your mom. Get some BUSD!
[5] Add BUSD/USDO Liquidity at OmniTrade (or PancakeSwap)
You will need to add liquidity at OmniTrade or PancakeSwap to get the LP tokens for staking at OmniSteaks in the next step!
You may need to do multiple wallet approvals in this step (for enabling BUSD and USDO separately.)
[6] Approve + Deposit All at: OmniSteaks.OCP.Finance
Almost done! Now all we have to do is find the right pool. Search for the BUSD/USDO pair of your choice (with PancakeSwap or OmniTrade pools.)
That’s it! Now your rewards will be auto-compounded back into your LP position for you, allowing you to sit back, relax, and stack! Don’t forget to come back!
THANK YOU
Thank you for reading my article everyone, particularly those of you who are thorough readers and made it this far. Kudos to you, from me!
Please click the ‘CLAP’ button, which should be on your left, if you appreciated this content — I would appreciate it! ;-)
-Logan
