Ren and OpenDAO have revealed the next milestone in their partnership, bringing Dogecoin (DOGE) to Ethereum (ETH) via the synthetic asset renDOGE, according to an announcement made on Jan. 26.
- Users can now mint renDOGE with DOGE on OpenDAO’s Dapp and use it on DeFi platforms
- The auditing is yet to be completed, but once done, users can put renDOGE up as collateral to mint the dollar pegged stablecoin DOGEO
- The DOGEO stablecoin can essentially be used by DOGE investors to go long on the asset, by way of taking out a loan on DOGE, converting it in to DOGEO and using it for investment
- The migration of DOGE to Ethereum is possible as a result of the RenVM, which recently adopted Chainlink’s Proof-of-Reserve solution to increase the transparency of cross-chain assets
- Ren is most well known for bringing Bitcoin to Ethereum, with 15,499 renBTC currently on Ethereum
- OpenDAO is building solutions to bridge real-world assets with the DeFi market, and is working on tokenized representations of fiat currencies like GBP, EUR, INR, SGD and AUD, as well as stocks and real estate