What is DODO token | How to invest in the DODO IEO on Binance
What Is DODO?
DODO is a Chinese decentralized finance (DeFi) protocol and on-chain liquidity provider whose unique proactive market maker (PMM) algorithm aims to offer better liquidity and price stability than automated market makers (AMM).
The PMM pricing mechanism, which mimics human trading, utilizes oracles to gather highly accurate market prices for assets. It then provides enough liquidity close to these prices in order to stabilize the portfolios of liquidity providers (LP), lower price slippage and negate impermanent loss by allowing arbitrage trading as reward.
DODO also caters for new crypto projects with a free ICO listing through its Initial DODO Offering (IDO) which requires issuers to only deposit their own tokens.
DODO’s smart contract operates as an ERC20 token on the Ethereum network.
Who Are the Founders of DODO?
Dodo was officially launched in August 2020, founded by Diane Dai, Radar Bear and an anonymous development team. It initially attracted a $600,000 seed round led by Framework Ventures.
The team announced in September 2020 that it had successfully completed an additional $5 million private sale funding round, led by Pantera Capital, Binance Labs and Three Arrows Capital.
The private sale round also attracted investment from several other prominent venture capital firms, cryptocurrency exchanges and trading firms that include Coinbase Ventures, Galaxy Digital, CMS Holdings and Alameda Research.
What Makes DODO Unique?
DODO positions itself as one of the most competitive liquidity providers that offers very low transaction fees and price slippage through its PMM algorithm, first conceived in April 2020.
The team claims their PMM algorithm provides superior pricing over that of AMM competitor Uniswap due to a flatter price curve.
The PMM collects funds near market prices to establish enough liquidity, which drops quickly the further the price moves from the market price. DODO automatically adjusts market prices in order to attract arbitrage that will help keep liquidity provider portfolios stable.
This ensures more favorable pricing, higher fund utilization and decreased price slippage, single risk exposure and no impermanent loss
For traders, DODO offers sufficient liquidity comparable to that of centralized exchanges (CEX), which can be natively used by smart contracts for on-chain transactions such as liquidation and auctions. Arbitrageurs can also take advantage of price differences between DODO and other exchanges.
Liquidity providers are not required to make a minimum deposit and are not restricted on the type of asset they provide. LPs can create their own trading pairs, deposit their own tokens to negate price risk and also collect a portion of DODO transaction fees as rewards.
DODO also attracts new crypto projects with a free listing as an Initial DODO Offering (IDO). Unlike AMM protocols, DODO does not require quote tokens, and IDO projects only need to deposit their own tokens to the liquidity pool, after which the PMM creates its own ask-side depth. To start an IDO, a project needs to only set the oracle price to a constant. Liquidity is improved by depositing more quote tokens.
How Many DODO (DODO) Coins Are There in Circulation?
The total supply of the DODO token is 1 billion (1,000,000,000). There are currently 12 million coins in circulation.
DODO’s total supply will be distributed as follows:
- 15% to the core team/future hires/advisors
- 16% to investors
- 1% to initial liquidity provision (IDO)
- 8% to operations/marketing/partnerships
- 60% to community incentives
How Is the DODO Network Secured?
DODO is a decentralized protocol and therefore resistant to centralized network attacks relying on a single point of failure. DODO’s smart contracts were audited by PeckShield, a blockchain security company, on July 10 2020. Its audit report on DODO can be accessed here.
Please be aware that DeFi protocols are innovative and high-risk projects and therefore vulnerable to coding bugs and security issues that could be exploited by hackers and result in the loss of funds.
Introducing DODO (DODO) on Binance Launchpool! Farm DODO By Staking BNB, BETH & BUSD Tokens
Binance is excited to announce the 17th project on Binance Launchpool - DODO (DODO) , an open, accessible, capital-efficient decentralized exchange platform.
Users will be able to stake their BNB, BETH and BUSD into separate pools to farm DODO tokens over 14 days, with farming starting from 2021-02-19 00:00 AM (UTC).
Binance will then list DODO into the innovation zone at 2021-02-19 10:00 AM (UTC) and open trading with DODO/BTC, DODO/BUSD and DODO/USDT trading pairs.
DODO Launchpool Details:
- Token Name: DODO (DODO)
- Total Token Supply: 1,000,000,000 DODO
- Launchpool token rewards: 1,069,518 DODO
- Current Circulating Supply: 140,000,000 DODO
- Smart Contract Address: DODO (ERC-20)
- Staking Terms: No upper limit. No KYC required
Supported Pools:
- Stake BNB : 641,710.8 DODO in rewards (60%)
- Stake BETH : 320,855.4 DODO in rewards (30%)
- Stake BUSD : 106,951.8 DODO in rewards (10%)
- Farming Period: 2021-02-19 00:00 AM (UTC) to 2021-03-04 23:59 (UTC).
How to invest in the DODO IEO on Binance?
Binance introduced the new IEO - DODO on Binance Launchpool. The project will be conducting the platform’s seventeenth IEO on their staking platform. The project is offering DODO tokens through the Binance launchpool’s new staking program by selling 1,069,518 of its DODO tokens (0.10% of the total DODO supply). Users can stake BNB, BETH or BUSD Tokens.
DODO is a governance token developed by the DODO Exchange team to be used on their DODO ecosystem. Users will be able to hold and stake DODO Tokens which will grant them the right to get involved in governance discussions and decisions.
1. Create an account on Binance
The first step for participating in the token sale is to create an account on Binance.
After you successfully register, go to the Launchpad section of the navigation menu. Now, you can see all the completed and upcoming IEOs on Binance.
2. Select DODO IEO
After you’re verified, select the DODO IEO from the list of upcoming and completed Binance Launchpad token sales. You’ll need to select which token will you stake (BNB, BETH, or BUSD).
3. DODO IEO Calculation and Distribution Rules
For the DODO token sale, users will be able to obtain DODO tokens only by staking BNB, BETH, or BUSD. Users will need to complete a flexible savings transfer after February 18, 2021, at 0:00 AM (UTC) so that their balance is included in the Launchpool calculations.
After you’ve completed your flexible savings transfer, your stakes token balances will be recorded each hour for 30 days after the staking period begins to calculate a daily average token balance. The rewards allocated to each pool will be split evenly every day, over the 30 day period.
Flexible savings tooltip:
Note that Flexible Savings product subscriptions are closed during 23:50-00:10 (UTC) daily. That means that no interest is acumulated on products purchased on the day of subscription. Interest is calculated the next day
Interest calculation tooltip:
The interest amount is calculated and distributed daily based on your available flexible savings assets. The interest amount is rounded down to 8 decimal places.
You can stake multiple times if you want. You can buy and trade BNB or USDT and add them later on during the staking period.
After you confirm the transfer you’ll receive a “Subscription success” pop-up message.
You can check your staking Pools at any time if you go to the Launchpool tab and click Launchpool Farming on the left side of the screen.
Note that the pictures below are from old IEO Launcpool Farmings.
4. Staking Period
Users will be able to stake their assets from February 19, 2021, at 00:00 (UTC) to March 4, 2021, at 00:00 (UTC) after successfully completing their flexible savings after February 18, 2020, at 00:00 (UTC). For additional details, head over to the Binance support page.
5. Redeem Funds
The staking platform allows users to redeem their funds before the staking period ends. You can redeem your funds by choosing one of the two methods allowed:
- Fast redemption
- The redeemed quantity is returned to you the same day, but you don’t receive interest from that day
- Standard redemption
- The redeemed quantity is returned to you the next day and you still receive interest from that day.
To redeem your funds go to your Savings and chose Redeem.
You’ll then need to select one of the two available methods to redeem your funds.
How and Where to Buy DODO token ?
DODO token has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT, BNB from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy DODO
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
After the deposit is confirmed you may then purchase DODO from the exchange.
The top exchange for trading in DODO token is currently Binance, VCC Exchange, BitZ, MXC.COM, and AOFEX
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once DODO gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.binance.com
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com
Find more information DODO
☞ Website ☞ Explorer ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board ☞ Message Board 2 ☞ Documentation ☞ Coinmarketcap
🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
🔥 If you’re a beginner. I believe the article below will be useful to you
⭐ ⭐ ⭐ What You Should Know Before Investing in Cryptocurrency - For Beginner ⭐ ⭐ ⭐
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