Introducing Open Dollar - A multi-collateral stablecoin with NFT Vaults on Arbitrum


  • Open Dollar is an over-collateralized stablecoin built on Arbitrum with the GEB framework
  • We’re pioneering Non-Fungible Vaults to bring a new primitive to DeFi
  • Governance-minimized approach ensures platform stability
  • Our testnet is planned for October with mainnet launch targeted in November


There’s been a lack of protocols built using GEB, despite the powerful and obvious benefits of the framework. With the growth of Liquid Staking Tokens (LSTs) a renewal of stablecoin design is beginning. We see one of the main limitations of stablecoins built on GEB to be the limited flexibility in vault positions. Our goal is to build the most flexible lending protocol ever using GEB, created specifically for LSTs, with governance minimization, and other improvements to safety and stability.

Announcing Open Dollar

Open Dollar ($OD) is a more flexible and powerful governance-minimized stablecoin built on Arbitrum that seeks to dampen volatility of LSTs and boost liquidity between tokens while providing a new tradable vaults primitive.

LSTs and other assets can be locked into Collateralized Debt Positions (CDPs) via non-fungible token vaults (NFVs) in order to borrow the OD stablecoin. Depositors can borrow with low-interest loans, create leveraged positions, and continue to earn 100% of the yield on their LSTs while borrowing OD.

Collateral Types

Supported collateral types from launch will include wstETH, rETH, cbETH, and possibly other Arbitrum native assets. New collateral types can only be added by a DAO governed by Open Dollar Governance ($ODG) token holders. Rates and fees will always be transparent. Prioritization and incentives will be designed around encouraging the use of LST solutions with higher levels of decentralization.

Non-Fungible Vaults

Unlike traditional Collateralized Debt Positions (CDPs), where ownership is tied to an account, NFT Vaults (NFVs) uniquely associate ownership of the collateralized assets with NFTs. This approach creates a new primitive to build additional markets on and opportunities for users. Vaults can be sold through NFT marketplaces, automations can sell user vaults to arbitrageurs without having to pay liquidation penalties, and existing NFT infrastructure can be used in new ways. Users can redeem their $OD for their own vault or purchase vaults with collateral positions they like better from the open market. With a more capital efficient market for liquidatable vaults there is less risk when creating leveraged positions. Our NFVs are based on the ERC-721 standard and feature dynamic display images that automatically update to show key information including deposited collateral, risk scoring, and debt minted.

The image for the NFV is rendered 100% onchain in base64.


Governance minimization is a core principle of Open Dollar’s design, serving as a safeguard against any long-term centralization of protocol control. New collateral types can only be added by a DAO governed by Open Dollar Governance ($ODG) token holders. However, the DAO’s power is extremely limited as it can not set new stability rates for existing vaults, mint new $OD tokens, change the distribution of fees, or update many of the preset or market determined parameters of the protocol. All principles that those who use Reflexer will find familiar. This approach aims to establish robust security guarantees for platform users and prevent undue influence over the system’s operation, as well as prevent capture from outside forces.

PI Controller

Like RAI, Open Dollar will use a PI controller, and will use similar parameters. A larger portion of fees will be collected in $OD, instead of sold to buy governance tokens, which will increase long term stability.

Exact parameters will be released shortly, and broken down in our documentation.

Initial Price

Open Dollar will target a $1 initial price.

Incentive Alignment

A portion of the ODG governance token may be reserved for distribution to the Reflexer DAO participants or users who’ve opened SAFEs on Reflexor. As Reflexer has paved the way with their groundbreaking work and supportive community, we feel an obligation to give back as tribute and thanks. If you have other ideas for aligning incentives fairly please join the discussion in our discord.


We are excited to positively contribute to the HAI codebase, Reflexer DAO community, and wider DeFi ecosystem with the products we’re building at Open Dollar. Please support us with your feedback on our system designs, ideas, and lite-paper.

Join us as we expand the Money God League and unlock a better lending future for everyone.

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