In our previous article, we saw a brief overview of how DeOrderBook works and a brief explanation of the tokens behind each part of the ecosystem.
Tokens on DeOrderBook
When using DeOrderBook, users will interact with 4 unique token types, explained below. It may look like a lot to take in at once... but that's why we encourage you to join our Open Beta and experiment with how they work on the Goerli testnet. After all, it's always more fun to learn by doing!
HODL: HODL tokens are minted from supported cryptocurrencies, then can be used as collateral for the protocol's version of limit orders: 'DeOrders'
$DOB: The native governance token of the platform, earned at a continuous rate as placed DeOrders mature. Can be locked for rewards
SNIPER: An option writer obligation token, generated in tandem with BULLET tokens when placing a DeOrder.
BULLET: An option right token, generated in tandem with SNIPER tokens.
In this article, we'll start off by explaining HODL tokens.
Introducing HODL tokens
Time to introduce the very first step of the process towards becoming a DeOrderBook user: the HODL token.
Users need to mint HODL tokens from supported cryptocurrencies to start using DeOrderBook. Minting is done on a 1-1 basis with no fees involved... just make sure you have enough to pay for gas!
Minting HODL Tokens
To start off with DeOrderBook, simply and freely mint HODL tokens with any supported currency on a 1:1 basis. For example, you will mint $bHODL tokens with your $WBTC, while your $uHODL tokens will be minted with $USDC.
Once you have your HODL tokens in hand, you can choose to either: a) stake HODL directly or b) use HODL to mint SNIPER tokens.
Staking HODL tokens is already able to give users a basic APY on their assets right away, but the real fun begins when users start placing DeOrders.
Stay tuned for our next article: explaining what DeOrders are and how they interact with the rest of the DeOrderBook ecosystem!
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