What is DODO token | How to invest in the DODO IEO on Binance

What is DODO token | How to invest in the DODO IEO on Binance

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. What is DODO token?

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.

Sign up to 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).

The Sandbox

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.

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