Open Dollar is excited to announce its partnership with Tally to provide streamlined DAO governance operations and perform their first airdrop of $ODG tokens. The airdrop marks the kickoff of a series major events for the Open Dollar protocol, including opening up the call for delegates, and the beginning of DAO operations ahead of their mainnet launch scheduled for mid-February.

Check out a special DAO talk interview with Founder & CEO Joseph Schiarrizi to learn more about why Open Dollar chose Tally, what the team is building, and why it’s the next big thing for DeFi.

Who is Open Dollar?

Open Dollar is a stablecoin protocol built on Arbitrum designed to help yield and leverage assets with safety and predictability.

Liquid staking tokens (LSTs) and other Arbitrum-native assets can be deposited into Non-Fungible Vaults (NFVs) in order to borrow the OD stablecoin with low-interest loans, create leveraged positions, and continue to earn 100% of their staking yield. OD is over-collateralized and pegged to $1.00 with a dynamic incentive system.

Open Dollar’s NFVs are an industry-first, capital-efficient alternative to account-tied CDPs, giving depositors the freedom to trade their positions or sell them to arbitrageurs on any NFT platform without fully repaying loans or incurring liquidation penalties.

Open Dollar’s minimized-governance approach ensures the longevity and fairness of the platform. The DAO, powered by the Open Dollar Governance (ODG) token, can vote to add new collateral types but is otherwise limited and cannot mint new OD tokens or change parameters such as fee distribution.

A deeper dive into Open Dollar’s features and governance will be posted after launch.

Claiming the $ODG Airdrop

Open Dollar is using Tally to distribute the initial supply of $ODG tokens to seed DAO operations before mainnet launch. If you meet all of the criteria listed below, you may be eligible to claim $ODG tokens on Tally.

Eligibility Criteria

• Open Dollar Sepolia testnet users from November - January who used our free testnet app to create vaults.

• Reflexer Finance vault users - Anyone who ever created a vault on Reflexer and minted the RAI stablecoin.

• The top ARB token delegators who delegated at least 100 ARB to voting members of Arbitrum DAO.

• Arbitrum CDP users - Some users of other CDP protocols like Vesta Finance, on Arbitrum, with some bot filtering.

• Arbitrum LST bridgers - People who bridged rETH or wstETH to Arbitrum before the snapshot.

• Current members of Meta Cartel DAO, who originally funded our first project with a grant.

• Camelot liquidity providers - anyone who ever provided any amount of liquidity on Camelot

• Jasmine Energy Sunsetters - anyone who ever sunset renewable energy certificate tokens on Jasmine Energy.

• dSentra RAI foundation donors - Anyone who donated to the RAI Community Foundation Gitcoin grant: https://twitter.com/foundation_rai

You can check your eligibility by clicking the Check eligibility button on the dashboard here: https://gov.opendollar.com/dao

Once your eligibility is confirmed, you can return on January 17th to claim the token by clicking Claim. Once the transaction is confirmed, your claimed tokens will go to that wallet.

Call for Delegates

The Open Dollar announcement marks the open call for delegates for the Open Dollar DAO. Holders of $ODG may choose to create proposals, vote independently, or assign voting power to their delegate(s) of choice on the Tally governance page.

Electing experienced and reputable delegates will ensure efficient DAO operations and has been shown to increase voting participation rates versus DAOs without delegation methods.

Now is the time to extend an invitation to ideal candidate who embody the qualities needed to represent you and your interests on the Open Dollar platform.

“OD OG” NFTs

To commemorate this milestone, Open Dollar designed a limited edition set of “OD OG” NFTs for the first 10,000 platform users to claim. Minters of the OD OG NFT will have a claimable role in the Open Dollar Discord, permanent bragging rights, and additional benefits in the future.

The NFT can be minted by the first 10,000 users who:

• Follow OD on Twitter

• Join the Open Dollar Discord

• Join the Open Dollar Telegram Announcements Channel

• Open a vault on the testnet app

An NFT will be issued for performing the above actions on Galxe, which can then be used to mint the “OD OG” NFT on Guild.xyz.

The Path Ahead

Open Dollar has a lot to look forward to for 2024. Claims for the $ODG token on the Open Dollar platform will be available from January 17th to April 17 (90 days); after 90 days any unclaimed tokens will be sent to the DAO treasury to be governed by its participants.

Open Dollar is currently undergoing an additional audit with Quantstamp in preparation for the Open Dollar mainnet launch scheduled for Mid-February. Shortly after launch the team will be attending Ethereum Denver to meet members of the community.

Make sure to subscribe to the Open Dollar newsletter which drops exclusive ecosystem alpha on upcoming events & will be the first to announce Open Dollar’s ambassador and points programs.

Get Involved

Explore Open Dollar’s testnet app to get accustomed to the Open Dollar platform, claim the OD OG NFT, message your favorite DeFi delegate, and check out the special edition DAO talk interview with the Open Dollar Founder & CEO.