Hello to all crypto fans!
Today we will talk in simple language about OpenDeFi.
OpenDeFi - is a protocol that allows you to tokenize various real-life assets.
*Tokenized assets - tokens whose value corresponds to the value of a specific asset underlying them. For example, you can tokenize Google stocks, gold, oil, etc.
At the moment, you can tokenize Gold and Silver.
The project plans to create tokenized stocks, ETFs, energy and oil, fine art objects, tokenized premium real estate.
The price of one tokenized gold = the price of one gram of 24 Carat 999 Purity Gold stored in the vault.
According to the creators, each gram of purchased gold is backed by real gold, which is stored in the UK, Switzerland, India and Singapore.
Each asset will have its own trading smart contract, to which you can send, say, USDC and receive GOLD (tokenized gold). It also works in the opposite direction: if you send it to a GOLD smart contract, you get USDC in return.
The course will be determined by the Oracle.
In short, you want to buy gold, but you don’t really want to look for where to buy it and where to store it - no problem, OpenDeFi will help you: for USDC you buy yourself tokenized gold, which is backed by real gold from storage, so indirectly you buy gold from the repository.
People will also have access to financial instruments that they can apply to their tokenized assets:
1) Buying / selling tokenized assets
I already spoke about buying and selling at the beginning.
2) Staking tokenized assets
Users will have the opportunity to stake their tokenized assets and receive a reward for this in the form of $ORO tokens.
3) Secured loans
Any user, regardless of their credit history, skin color, political views, etc., will be able to take out a loan secured by their real-life tokenized assets.
The loan can be taken for a period of at least one week.
The table of interest rates is below, according to it you can see that if you extinguish the debt in $ ORO tokens, the interest rate will be lower.
After the full payment of the loan amount and interest, the collateral is returned to the user. But if the user does not fulfill his obligations on the loan, then the collateral will be automatically liquidated to pay off the loan and interest for the missed period. For liquidation the user is charged an additional penalty of 1%.
Interest collected on loans is sent to a commission pool, which will be used to pay transaction fees and buy out the $ORO token from the market, which will be listed on 11.11.2020 on the Uniswap exchange.
In the next articles I will talk about the $ORO token and its functionality, cross-chain support, about the prospects for tokenized assets, and much more.
Don’t switch! :)
OpenDeFi Site — https://opendefi.finance/
OpenDeFi Telegram RU — https://t.me/OpenDeFi_RUS
OpenDeFi Telegram ENG — https://t.me/oropocket
OroPocket Twitter — https://twitter.com/oropocket
Author — https://twitter.com/fastmvm
