After the Testnet phase, ONUS Chain is pleased to announce: Officially deploying Mainnet version of USDO on the ONUS Chain network.
USDO is the first “Special Coin” built on the ONUS Chain Network. As a special token whose value increases with the development of the ecosystem, USDO offers users a safe and attractive option for asset hoarding.
With a friendly interface and special operation mechanism, USDO promises to become one of the projects that bring many opportunities to users of the ONUS Chain ecosystem.
USDO is a special coin whose value reflects the evolution of the ONUS Chain ecosystem. USDO is backed by secure and audited stablecoins.
The mechanism behind USDO:
In order to mint USDO, users need to lock BUSD to receive USDO at the rate of 1:1, according to the ratio of total collateral to the total amount of circulating USDO at the time of minting. Currently, the collateral for the value of USDO is 100% BUSD, and users will not be charged for minting USDO.
- When 1 USDO = 1 BUSD, user needs to use 1 BUSD to mint 1 USDO.
- When 1 USDO = 2 BUSD, user needs to use 2 BUSD to mint 1 USDO.
Conversely, users can convert USDO to receive back BUSD (Redeem) according to the ratio of the total collateral and the amount of USDO in circulation, with a redemption fee of 0.5% of the total trading volume.
With this mechanism, the features of USDO include:
- Anyone can mint USDO or redeem collateral at any time.
- USDO value will always be guaranteed to be greater than or equal to 1 BUSD.
- In case there are no more holders, USDO will still guarantee a value greater than or equal to 1 BUSD to the last holder.
- The value of $USDO can increase faster after a massive dump.
Redeem fee distribution:
A fee of 0.5% will be applied when the users redeem collateral and is distributed as follows:
- 0.3% is used as collateral for USDO.
- 0.1% is used to buy back and burn MIA.
- 0.1% is used to buy back and burn ONUS.
Besides, ONUS Chain and other protocols like MiaSwap will add a portion of profits as collateral to USDO. This mechanism will help USDO maintain stability and ensure that the value increases steadily with the development of the ecosystem.
Find out more about USDO: https://usdo.gitbook.io/usdo-docs/
Join ONUS Chain Community: https://t.me/onuschain_chatglobal