Frequently Asked Questions
General
What is OD pegged to?
OD targets a peg of $1 USD. The peg is maintained through overcollateralisation (400-800% reserve ratio) and the ability to always redeem OD for WBTC at the oracle price.
Is OD an algorithmic stablecoin?
Yes — OD uses the Minimal Djed algorithm to maintain its peg. Unlike unbacked algorithmic stablecoins, OD is always backed by WBTC collateral at a minimum 4:1 ratio.
What blockchain does OD run on?
OD runs on OPNet, a smart contract platform on Bitcoin Layer 1. Transactions settle directly on Bitcoin.
Using the Protocol
How do I get WBTC?
On testnet, use the Faucet tab in the OD app to receive free MockWBTC. On mainnet, WBTC will be available through official custodians and exchanges.
Can I always redeem my OD?
Yes. Burning OD (redeeming for WBTC) is never blocked, regardless of the reserve ratio. This is a core guarantee of the Djed protocol.
Why was my OD mint rejected?
OD minting is blocked when the reserve ratio would drop below 400%. Wait for the ratio to improve (via BTC price increase or ORC minting) and try again.
Why was my ORC mint rejected?
ORC minting is blocked when the reserve ratio is already above 800%. The reserve is sufficiently capitalised and doesn't need more collateral.
ORC & Yield
How does ORC make money?
Every protocol operation (mint/burn of either token) charges a 1.5% fee. These fees accumulate in the WBTC reserve, increasing the equity that ORC represents. Over time, each ORC becomes backed by more WBTC.
Is ORC a stablecoin?
No. ORC is an equity token that absorbs BTC price volatility. Its value fluctuates with BTC price and protocol activity. Think of it as shares in the WBTC reserve.
What's the risk of holding ORC?
If BTC price drops significantly, ORC loses value because the equity shrinks. ORC holders bear the volatility that OD holders are protected from.
Network & Wallet
Which wallet do I need?
OPWallet version 1.8.2 or later. It's a browser extension wallet for the OPNet network.
Which network should I use?
Use OPNet Testnet for testing with free tokens. Mainnet will be available after launch.
Where can I see my transactions?
Transaction confirmations appear in the OD app interface. You can also check the OPNet block explorer for detailed transaction information.