OpenDAO Builds New Yield Dollar Interface on Top of UMA, Accepts BTC as Collateral

PRESS RELEASE. OpenDAO is proud and excited to announce that it is one of the first DeFi projects to participate in UMA’s dapp mining program.

Ren and UMA launch a Bitcoin-backed yield dollar

A new Bitcoin backed yield dollar from Ren and UMA enables liquidity mining for BTC holders. Trustless cross-chain bridge Ren and permissionless synthetic asset platform UMA have teamed up to launch a Bitcoin-backed yield dollar called uUSD, in addition to a joint liquidity mining reward program. The partnership will result in a product that allows investors to leverage Bitcoin permissionlessly on the Ethereum network.