◾Intro to OmniCOMP
Based on a fork of Compound, OmniCOMP is a multi collateral money market, and first minter for the USDO Open Dollar.
OmniCOMP v2 Guide. Timestamps in video comments
While this guide refers to an outdated version of OmniCOMP the information within may still be of interest to some..
First of all visit .// omnicomp.ocp.finance
Click on an Asset from the Supply Collateral box on the left
Platform will ask if you want to enable the asset. Obviously, yes. Click enable.
Also flick the switch to use it as collateral.
Now click back into the asset..
Here, you can withdraw or supply. Obviously we’re supplying. Just enter an amount — or hit max, and submit.
Should now see some stats in the middle, showing how much USDO you can mint based on how much you have deposited.
With collateral on the platform, now you can mint USDO. Click in on the asset icon from the box on the right.
Later you can repay USDO from here. First we’re minting. Enter a value, or click max, the platform will fill to what your collateral allows. Then click submit.
Bonus round — you’ve got these 2 links on the end there
First one lets you add liquidity, earning fees from trades.
Second one lets you trade USDO for more widely accepted stablecoins.
By design, each USDO is backed by $1 of collateral deposited into OmniComp. There is no mathematical magic or rebase ridiculousness to maintain peg, it is simply a genuine asset. What this means is, when buying it when below peg, USDO can potentially be used to repay your minted USDO at a greatly discounted price. Likewise, if it is above peg, more incentive to mint and sell for more widely accepted stablecoins.
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