In its first major investment, NEAR Protocol’s Grant DAO, Proximity, funds DODO’s launch. DODO’s clean user interface, proactive market maker algorithm, and capital-efficient liquidity will make it the blue-chip DEX on NEAR.
Decentralized exchange (DEX) DODO will launch on the NEAR Protocol, a PoS (proof-of-stake) blockchain platform for decentralized applications (DApps) using sharding technology. DODO’s Ethereum-based app will be deployed onto NEAR via the Aurora Network, NEAR’s Ethereum virtual machine (EVM) compatibility and scaling solution.
Over $7.5 million in funding for incentives on DODO Aurora will be contributed by DODO in partnership with Proximity Labs via its $350 million DeFi grants DAO.
These incentives will include
- Five million dollar liquidity mining campaign – DODO and NEAR token rewards given to liquidity providers (LPs) for select trading pairs
- Trading rewards – two DODO tokens per eligible trade – up to 125 DODO per day
- NEAR rewards – $2.5 million in NEAR token incentives contributed by Proximity
The first phase of these reward programs will be available for distribution from the time the pools go live at 11:59 PM EST on December 26, 2021, until 11:59 PM EST on January 25, 2022.
The pools for which liquidity mining rewards will be distributed with 0.1 DODO tokens awarded per Aurora block include the following.
- USDT/USDC
The following liquidity pools will have rewards of 0.1 DODO tokens and 0.007 NEAR tokens awarded per Aurora block.
- DODO/USDC
The estimated starting block number for these rewards will be 56,127,600.
In addition, DODO and NEAR tokens will be allocated to the DODO incubator fund for funding new Aurora and NEAR projects. During their initial launch phases, these tokens will offer mining incentives for liquidity. Having more liquidity will help emerging projects achieve greater independence and build a stronger foundation for growth.
This unique investment partnership has big implications for DODO’s growth in the near future, says Diane Dai, CMO of DODO,
We at DODO are honored to have our Aurora deployment be selected as Proximity’s first major investment venture. With this ambitious funding and DODO’s unique ‘blue chip’ advantage on Aurora, we are more prepared than ever to bring market-leading liquidity to as many people as possible.
Diane Dai, CMO of DODO
Also optimistic about the initiative, Alex Shevchenko, CEO of Aurora, said,
We’re excited to see big Ethereum players coming to Aurora to expand their businesses. I’m glad that in such a short timeframe we were able to satisfy all the technical requirements of DODO – RPC methods, The Graph integration and others. And now on Aurora, we see one of the most influential decentralized trading protocols being fully operational.
Alex Shevchenko, CEO of Aurora
A phased launch will take place over the coming months. Follow DODO’s Twitter account to stay up to date.
About DODO
Powered by the proactive market maker (PMM) algorithm, DODO is a decentralized exchange platform. In addition to supporting single-token provisions, it is highly capital-efficient, reduces impermanent loss, and minimizes slippage for traders. Among the platform’s features are crowdpooling – a permissionless, equal-opportunity mechanism for offering liquidity – as well as customized technical solutions for professional on-chain market makers.
About NEAR, Aurora and Proximity
The NEAR Protocol is a proof-of-stake (PoS) blockchain that’s intended as a community-run platform to host decentralized applications (DApps) but with unique sharding technology designed to make it much cheaper and more scalable than some popular competitors like Ethereum. NEAR is also certified climate neutral, making it an environmentally-friendly alternative as well.
Aurora is an Ethereum virtual machine (EVM) compatibility and scaling solution for NEAR, allowing developers to easily take advantage of NEAR’s features for their EVM-based DApps without having to rewrite their code to be compatible with NEAR.
Proximity Labs is the research and development firm affiliated with NEAR and includes a grants DAO for funding DeFi projects deployed on NEAR and Aurora.
Via this site
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
