DODO

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Discover DODO's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is DODO?

DODO (DODO) is a decentralized exchange (DEX) built on Ethereum and Binance Smart Chain, aiming to make DeFi liquidity more accessible. It uses a proactive market maker (PMM) algorithm, which provides better liquidity and price stability compared to automated market maker (AMM) protocols. The DODO token has various utilities, including platform governance, staking, and participating in Crowdpooling and initial DEX offerings (IDOs), offering benefits such as trading fee discounts and dividend distribution.

How is DODO used?

The crypto DODO (DODO) is a governance token that plays a central role in the decentralized finance (DeFi) ecosystem. It is used for several key functions:

  1. Governance: DODO token holders have the right to create and vote on governance proposals, known as DODO Improvement Proposals (DIPs), which shape the future of the platform.

  2. Incentives: The token is used to incentivize growth and capture value within the platform. This includes favorable quotas for IDO and Crowdpooling investments, as well as rewards for liquidity mining and other community activities.

  3. Liquidity Provision: DODO tokens are distributed to liquidity providers, ensuring that the platform maintains a robust and efficient liquidity pool.

  1. vDODO Membership: vDODO is a membership certificate that can be minted by pledging DODO tokens. vDODO holders receive additional benefits, including a fraction of all transaction fees on DODO and vDODO Membership Rewards.

  2. Trading: DODO tokens can be traded on various platforms, including decentralized exchanges (DEXs) and centralized exchanges like Binance.

  3. Cross-Chain Trading: DODO tokens are supported on multiple blockchain networks, including Ethereum, BNB Chain, Arbitrum, and others, allowing for seamless cross-chain trading.

Overall, the DODO token is designed to promote community engagement, drive growth, and ensure the smooth operation of the DODO DeFi platform.

How do I store DODO?

To store DODO tokens, you have several options:

  1. Centralized Exchanges (CEX): You can store your DODO tokens on the exchanges where you purchased them, such as Coin98, Kriptomat, or BYDFi. This is a convenient option if you plan to trade frequently, as you can easily access your tokens for trading.

  2. Crypto Wallets: You can transfer your DODO tokens to a crypto wallet, which provides more control and security over your assets. Popular options include Trust Wallet, Metamask, and Binance Wallet. These wallets can be categorized into hot wallets (connected to the internet) and cold wallets (offline storage), each with their own security trade-offs.

  3. Decentralized Wallets: If you prefer a decentralized approach, you can use wallets like Trust Wallet, which supports DODO tokens. You can add DODO to your Trust Wallet by searching for it or manually entering the token's contract details.

  1. Cold Storage: For long-term storage, consider using cold wallets, which are offline and more secure. This option is ideal if you do not plan to trade frequently.

Regardless of the storage method you choose, ensure you follow best practices for securing your wallet, such as using strong passwords, enabling two-factor authentication, and keeping your recovery phrase safe.

How to buy DODO?

To buy DODO (DODO) tokens, you have several options:

Buying on Centralized Exchanges (CEX)
  1. Binance:

    • Create a free account on the Binance website or app.
    • Verify your identification.
    • Choose how you want to buy DODO:
      • Credit/Debit Card: Use your card to purchase DODO directly.
      • Bank Deposit: Transfer fiat currency to Binance and use it to buy DODO.
      • Third-Party Payment: Utilize available third-party payment channels.
    • Check payment details and fees, then confirm your order.
  2. KuCoin:

    • Create a free KuCoin account.
    • Secure and verify your account.
    • Add a payment method.
    • Buy DODO on the KuCoin Spot Market using crypto or fiat.
Buying on Decentralized Exchanges (DEX)
  1. DODO DEX:
    • Visit the DODO DEX dApp and connect your wallet.
    • Ensure you have the necessary cryptocurrency (e.g., ETH or BNB) for the blockchain the DEX runs on.
    • Transfer the cryptocurrency to your wallet.
    • Connect your wallet to the DEX and swap for DODO tokens.
Additional Options
  • BYDFi:

    • Register an account on BYDFi.
    • Choose how to purchase DODO:
      • Buy with credit/debit card.
      • Buy through third-party channels.
      • Buy on BYDFi's Spot market.
    • Follow the platform's specific procedures.
  • Direct Purchase from DODO Website:

    • Visit the official DODO website.
    • Buy DODO tokens directly from the website.

Remember to always follow the specific procedures for each platform and ensure you understand the associated risks and fees.

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History of DODO

DODO is a decentralized exchange (DEX) and cryptocurrency that launched publicly on August 25, 2020. It was founded by Diane Dai, Mingda Lei, and Qi Wang, who are influential figures in China's DeFi community. The project aims to provide better liquidity and price stability through its Proactive Market Maker (PMM) algorithm, which combines the benefits of automated market makers and centralized exchange order books.

The founders have a strong background in DeFi. Dai started the first DeFi community in China and ran several WeChat groups focused on DeFi. Lei, a Physics Ph.D. dropout from Peking University, designed the PMM algorithm and was a core developer of DDEX, another China-based DeFi project. Wang is the founder of DOS Network, China's first oracle project.

In terms of funding, DODO received a $600,000 seed investment led by Framework Ventures. Other notable investors include Robert Leshner, Bobby Ong, Jason Choi, and Spencer Noon. Later, in September 2020, DODO raised $5 million through a private sale of its exchange token, valuing the project at $50 million.

However, DODO faced a significant hack on March 8, 2021, when hackers exploited its crowd pools, stealing $2.1 million. The hackers targeted user-created pools, and DODO later recovered $1.89 million of the stolen funds with the help of a white-hat hacker.

Despite this setback, DODO continues to operate and innovate, offering features like SmartTrade, Crowdpooling, and Initial DEX Offerings (IDOs) to facilitate liquidity and trading on its platform.

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How DODO works

DODO (DODO) is a decentralized trading platform that utilizes a unique algorithm called the Proactive Market Maker (PMM) to provide efficient on-chain liquidity for Web3 assets. Here's a detailed overview of how it works:

Key Components
  1. Proactive Market Maker (PMM) Algorithm: The PMM algorithm is the core innovation of DODO. It mimics human trading behavior, ensuring highly accurate market prices and low fees. This algorithm is designed to offer better liquidity and price stability compared to traditional Automated Market Maker (AMM) protocols.

  2. Oracles: DODO uses oracles to gather highly accurate market prices for its assets. These oracles help maintain the accuracy of the PMM algorithm.

  3. Liquidity Providers: Liquidity providers play a crucial role in DODO. They create and manage their own market making strategies, which are integrated into the PMM algorithm. This integration ensures that liquidity is provided close to the actual market price, reducing slippage and capital inefficiency.

Trading and Liquidity
  1. SmartTrade: DODO's SmartTrade feature facilitates trades between tokens on the same network. It intelligently finds the best order routing from aggregated liquidity sources, ensuring that traders receive the best prices.

  2. Crowdpooling: This feature enables projects to kick-start liquidity markets and distribute tokens in an equal opportunity way, without the risks of frontrunning or bot interference.

  3. Initial DEX Offerings (IDOs): New projects can raise funds with a free listing via DODO's IDO feature.

Token and Governance
  1. DODO Token: The DODO token is the native utility token of the platform, issued on Ethereum and mapped to other blockchains. It is used for platform governance, staking, and participating in Crowdpooling and IDOs.

  2. vDODO Token: The vDODO token is a loyalty token that provides extra membership benefits and dividends from trading fees.

Benefits
  1. Highly Accurate Market Prices: DODO's PMM algorithm ensures that market prices are highly accurate, reducing the risk of slippage and capital inefficiency.

  2. Low Fees: The PMM algorithm also results in extremely low fees, making trading more efficient.

  3. Flexibility for Liquidity Providers: Liquidity providers have the flexibility to create and manage their own on-chain market making strategies.

  1. Security and Transparency: DODO operates on blockchain technology, ensuring complete transparency and security.
Supported Wallets

DODO supports a wide range of wallets, including Binance Wallet, MetaMask, Ledger, and many others.

Overall

DODO's innovative PMM algorithm and unique features make it a promising decentralized trading platform. Its focus on accurate market prices, low fees, and flexibility for liquidity providers sets it apart from other decentralized exchanges.

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DODO's strengths

The token DODO (DODO) has several strengths that contribute to its value and utility:

  1. Governance and Voting: DODO token holders have the right to create and vote on governance proposals, allowing them to participate in the decision-making process and shape the future of the platform.

  2. IDO and Crowdpooling Benefits: Holders of DODO tokens can participate in Initial DEX Offerings (IDOs) and Crowdpooling campaigns, which provide opportunities for early investment and token distribution.

  3. Trading Fee Rebates: DODO token holders receive trading fee rebates, incentivizing them to use the platform for their trading activities.

  1. Staking and vDODO: Users can stake DODO tokens to mint vDODO tokens, which grant additional benefits such as membership rewards and a fraction of transaction fees.

  2. Proactive Market Maker (PMM) Algorithm: The DODO platform's PMM algorithm aims to reduce slippage and improve liquidity, making it more attractive to traders and liquidity providers.

  3. Finite Supply: The total supply of DODO tokens is capped at 1 billion, which can help prevent inflation and maintain the token's value over time.

  1. Multi-Chain Support: DODO tokens are available on multiple blockchain networks, including Ethereum, BNB Chain, Arbitrum, and others, increasing their accessibility and potential user base.

  2. Community Incentives: A significant portion (60%) of the total token supply is reserved for community incentives, which can foster a strong and engaged community around the project.

These strengths collectively contribute to the value and utility of the DODO token, making it an attractive option for users and investors in the DeFi space.

DODO's risks

DODO (DODO) faces several financial risks, primarily related to market conditions and liquidity provision. Key risks include:

  1. Market Risk: Liquidity providers on DODO are exposed to market risk, which can result in losses due to price fluctuations. This risk is mitigated by DODO's proactive market maker (PMM) algorithm, which aims to reduce price slippage and capital inefficiency.

  2. Front Running: DODO's PMM model is designed to prevent front running, a common issue in decentralized exchanges where arbitrageurs exploit price differences between oracle updates. To counter this, DODO charges a 0.3% transaction fee, which is redistributed to liquidity providers as rewards. This fee discourages arbitrageurs from engaging in front running.

  3. Arbitrage Loss: While DODO's measures reduce the risk of arbitrage loss, it is not entirely eliminated. In extreme market conditions, arbitrageurs may still attempt front running, leading to potential losses for liquidity providers.

  1. Impermanent Loss: Compared to automated market maker (AMM) platforms, DODO reduces impermanent loss for liquidity providers. However, liquidity providers may still experience short-term losses due to token balance fluctuations.

  2. Liquidity Parameter (k): The value of k, which controls the liquidity curve, must be balanced to ensure sufficient liquidity without increasing the risk of arbitrage loss. Adjusting k in response to market changes is crucial to maintaining a stable and profitable environment for liquidity providers.

  3. Governance Risks: The determination of optimal transaction fees and liquidity parameters is critical to DODO's success. Governance issues, such as deciding on these parameters, can impact the platform's overall performance and liquidity provider rewards.

These financial risks highlight the importance of careful management and governance within the DODO ecosystem to ensure the long-term viability and success of the platform.

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Did DODO raise funds?

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DODO’s team

  • Radar Bear (Mingda Lei): Co-Founder and Chief Executive Officer of DODO, actively involved in the development and governance of the platform.
  • Diane Dai (Shichao Dai): Co-Founder of DODO, responsible for the overall direction and strategy of the project.
  • Anonymous Chinese Development Team: The core developers behind DODO, who remain anonymous but are instrumental in the platform's development and maintenance.

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