Borrowing OD

The first time you connect your wallet to the Open Dollar app you’ll be prompted to create a Vault Facilitator. Signing this transaction will allow you to create new vaults.

Click “Create a Vault” and select your collateral type and amount to deposit.

Once you’ve created a vault, the amount of OD you can borrow depends on the Minimum Collateral Ratio (MCR) of your deposited assets.

Initially, vaults for wstETH and rETH will be available with overcollateralization ratio requirementes of 135%. This ensures that the minted OD is sufficiently backed by collateral, maintaining the protocol's stability and security.

Input the desired amount of OD to borrow and click “approve” to approve your deposit. Then, click “Review Transaction” to confirm and complete.

Borrowing fees

Borrowing incurs a maximum fee of 2% APR, see our section on Fees to learn more.

Loan duration

Loans issued by the protocol do not have a repayment schedule; debt can be repaid or sold on NFT marketplaces at any time.