◾Intro to OmniCOMP

Based on a fork of Compound, OmniCOMP is a multi collateral money market, and first minter for the USDO Open Dollar.

v2 Guide

OmniCOMP v2 Guide. Timestamps in video comments

https://www.youtube.com/watch?v=6wvyVvG2mDAwww.youtube.com

v1 Guide (depreciated)

While this guide refers to an outdated version of OmniCOMP the information within may still be of interest to some..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.