View source for DODOex (DODO)

== Basics ==
* Announced: [https://medium.com/dodoex/dodo-a-revolution-in-on-chain-liquidity-7bc339b9d391 14-8-2020]
* [[Mainnet]] release:
* Based in: [https://decrypt.co/44679/chinese-defi-project-dodo-raises-5-million-from-top-vcs China]
* [[DEX]]
* [https://ethhub.substack.com/p/ethhub-weekly-127?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo4NTY2NjMsIl8iOiIwb3pkOCIsImlhdCI6MTU5ODQ2NzUzMSwiZXhwIjoxNTk4NDcxMTMxLCJpc3MiOiJwdWItMzkxMCIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.RATpSh7nRsMo9pkryiro4R8-KYepoKDJiWiahiwEmFA From] [[EthHub]] #127 (17-8-2020):
''"DODO is a next-generation algorithmic market maker capable of responding to changing markets and liquidity constraints in real-time."''
* [https://yieldfarmer.substack.com/p/dodo-carnival-alpha-tractor?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo5MjQzOTAsIl8iOiIwb3pkOCIsImlhdCI6MTU5ODk1MTcyOSwiZXhwIjoxNTk4OTU1MzI5LCJpc3MiOiJwdWItMzg0NTEiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.54gveCUP90UoujTLbsb8oudvMZRFPZuCT6W5G0BFtiQ From] [[Yield Farmer]] (1-9-2020):
"''Featuring single-asset liquidity and no [[impermanent loss]], DODOEx is a Proactive Market Maker that feels like [[Uniswap]] with a few tweaks to capital efficiency.''

<em>“DODO can provide better trade execution than Uniswap with only 1/10th the pooled capital, while sustaining a 40% APR return for LPs (without any liquidity mining rewards).”</em>

== History ==
* From the [https://medium.com/dodoex/dodo-announces-seed-round-led-by-framework-ventures-unveils-long-term-roadmap-3bdef33736d4 announcement] (28-8-2020):
''“DODO’s team has built on their time at [[DDEX]] and from organizing the [[DeFi]] community in China, and has brought to market a PMM that provides traders with best execution while increasing capital efficiency for liquidity providers. China has been looking for its hometown hero in DeFi since the global movement started, and we think that DODO is a platform the community can rally around.”''

== Audits & Exploits ==

*[[Bug bounty]] program can be found [insert here].
* An audit of DODOEx was conducted by [[Peckshield]] [https://github.com/DODOEX/dodo-smart-contract here] (1-9-2020).
*[https://defisafety.com/dodo-process-quality-review/ Scored] a 84% on [[DeFi Safety]] (10-2020); ''"DODO has 2 solid audits from strong players before deployments with changes implemented. PeckShield [https://github.com/DODOEX/dodo-smart-contract/blob/master/audit/%5BPeckshield%5D%20dodo_audit_report_2020_16_en_1.0.pdf Audit]: July 2020. Trail of Bits [https://github.com/DODOEX/dodo-smart-contract/blob/master/audit/%5BTrail%20of%20Bits%5D%20DODO%20Summary%20Report.pdf Audit]: September 2020" ''And as a [https://t.me/c/1453353094/1742 comment]: "''And DODO is up with a solid 84%  just missed a bit in testing but overall a solid program, great docs."''
* Got [https://docs.defisafety.com/finished-reviews/dodo-process-quality-review#audits updated] to a 76% (28-12-2020) without any clear new comments.

=== Bugs & Exploits ===

*[https://www.rekt.news/au-dodo-rekt/ From] [[Rekt]] (9-3-2021):

''"DODO was hacked for $2 million using a fake token attack. The exploits targeted several DODO V2 Crowdpools, namely the WSZO, WCRES, ETHA, and FUSI pool. In total, approximately $3.8 million, of which $1.88 million is expected to be returned, was drained as a result of these exploits. Individual A has already contacted the DODO team through [[samczsun]] and offered to send back the funds removed from DODO pools."''
== Governance ==
=== Admin Keys ===
=== DAO ===

*[https://dodoex.github.io/docs/docs/decentralization Works towards] three [[DAOs]] (5-9-2020):

"''Admin DAO: Act as an administrator, the ultimate mediator of all issues.''

''Risk Control DAO: Act as a supervisor and deal with all risk events urgently.''

''Earn DAO: To distribute revenue of maintainer."''

* From [[Footprint Analytics]]: [https://www.footprint.network/topic/Projects/Dodo?relative_date=thisyear DODO]'s visual dashboard

=== Treasury ===
== Token ==
=== Launch ===
* The DODO tokens [https://decrypt.co/44679/chinese-defi-project-dodo-raises-5-million-from-top-vcs are put on] the DODO Exchange via an [https://medium.com/dodoex/announcing-the-dodo-token-and-initial-dodo-offering-f31b0beb7463 Initial DODO Offering ( IDO)]. 

=== Token allocation ===
* [https://yieldfarmer.substack.com/p/dodo-carnival-alpha-tractor?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo5MjQzOTAsIl8iOiIwb3pkOCIsImlhdCI6MTU5ODk1MTcyOSwiZXhwIjoxNTk4OTU1MzI5LCJpc3MiOiJwdWItMzg0NTEiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.54gveCUP90UoujTLbsb8oudvMZRFPZuCT6W5G0BFtiQ From] [[Yield Farmer]] (1-9-2020):
''"Of the total 1B DODO supply, 60% is set to be allocated to community incentives. Over the first Grey Parrot period, 10.5M DODO (1.5% of total supply) will be distributed over the next three weeks, translating to 500k DODO per day. DODO can be farmed by providing liquidity to any of the supported pools, featuring [[ETH]], [[LINK]], [[SNX]], [[LEND]], and [[COMP]] alongside a [[USDC]] base pair. Rewards are locked until 14 days after the DODO [[Initial DEX Offering]] (expected for sometime in the near future) following by a 6-month linear vesting schedule."''

=== Utility ===
* The protocol is [[Governance|governed]] by a [[native token]] - DODO. [https://twitter.com/BreederDodo/status/1385718206183010308 Uses] a [[The Graph (GRT)|subgraph]] (24-4-2021).
*From their blog (10-2-2021):

# ''"Governance rights: holders can create and vote on proposals; 1 DODO = 1 vote''
# ''Crowdpooling and IDO allocations''
# ''Trading fee discounts"''

From v2 on, DODO has 2 tokens. DODO and vDODO.

''"vDODO is a token that serves as a user’s proof of membership in DODO’s loyalty program. Benefits for vDODO token holders include but are not limited to the following:''

# ''Governance rights: holders can create and vote on proposals. 1 vDODO = 100 votes''
# ''Crowdpooling and IDO allocations''
# ''Trading fee discounts''
# ''Dividends paid out from trading fees (exclusive to vDODO token holders): A proportion of the trading fees accrued on the platform will be distributed to vDODO holders"''

=== Token Details ===
* 

=== Stablecoin ===
== Coin Distribution ==
== Tech ==

* [[Whitepaper]] can be found [insert here].
* Code can be viewed [https://github.com/DODOEX here] (5-9-2020).
* Built on: [[Ethereum]] also [http://ocs.google.com/spreadsheets/d/1Lx-9vC5qyU90OZcTyb53z8dXMhnhUl4j/edit#gid=2060036545 deployed] on [[Binance|BSC]] (22-2-2021). Has [https://medium.com/dodoex/dodo-is-coming-to-solana-5c6e61550b09 plans] to launch on [[Solana (SOL)|Solana]] (16-6-2021).

=== How it works ===
* [https://yieldfarmer.substack.com/p/dodo-carnival-alpha-tractor?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo5MjQzOTAsIl8iOiIwb3pkOCIsImlhdCI6MTU5ODk1MTcyOSwiZXhwIjoxNTk4OTU1MzI5LCJpc3MiOiJwdWItMzg0NTEiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.54gveCUP90UoujTLbsb8oudvMZRFPZuCT6W5G0BFtiQ From] [[Yield Farmer]] (1-9-2020):
"''DODO’s Proactive Market Maker (PMM) leverages price [[oracles]] to mimic the behaviors of human market makers, allocating funds near the market price.''

<em>“By retrieving accurate prices of assets as input, DODO proactively provides liquidity near the market price while rapidly decreasing liquidity as it gets further from the market price.”</em>

''This ‘proactive’ liquidity aims to make capital more efficient, with added incentives for arbitrageurs to stabilize prices as a means of mitigating impermanent loss."''

=== Fee Mechanism ===

=== Upgrades ===

*[http://go.pardot.com/webmail/875501/102557006/2b20a6f8dc8c121fae6b65873b77f1016b78c2da4f7c265daab00f17699471cd From] [[Delphi Digital]] (1-2021):

''"V2: The heart of the PMM is a highly customizable generalized market making formula [proactively adjusted through three main levers: A risk parameter (k), the mid market price (i) and the fee charged per trade (r)]. This allows for an unlimited amount of market curves be created making it highly flexible and optimized for [[on-chain]] operations."''
=== Staking ===
=== Liquidity Mining ===
* [https://yieldfarmer.substack.com/p/dodo-carnival-alpha-tractor?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo5MjQzOTAsIl8iOiIwb3pkOCIsImlhdCI6MTU5ODk1MTcyOSwiZXhwIjoxNTk4OTU1MzI5LCJpc3MiOiJwdWItMzg0NTEiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.54gveCUP90UoujTLbsb8oudvMZRFPZuCT6W5G0BFtiQ From] [[Yield Farmer]] (1-9-2020):
"''The protocol is governed by a native token - DODO - which is distributed through a [[liquidity mining]] campaign as part of a larger “[https://medium.com/dodoex/dodo-carnival-episode-1-grey-parrot-incentive-programs-7048e7af1e51 DODO Carnival]” starting today."''

=== Scaling ===
=== Interoperability ===
=== Other Details ===
== Oracle Method ==

* Plans on [https://decrypt.co/44679/chinese-defi-project-dodo-raises-5-million-from-top-vcs integrating] [[Chainlink]] (15-10-2020).

== Privacy Method ==
== Compliance ==
== Their Other Projects ==
== Roadmap ==
* Can be found [https://medium.com/dodoex/dodo-announces-seed-round-led-by-framework-ventures-unveils-long-term-roadmap-3bdef33736d4 here] (28-8-2020):
"''2020 Q3:''
* ''Listing more trading pairs on DODO Zoo Market''
* ''Integrating with [[wallets]] and aggregators''
* ''Starting [[liquidity mining]]''
* ''Issuing DODO tokens''
* ''Supporting [[Binance]] Smart Chain for new assets initial listing on DODO''
''2020 Q4:''
* ''Implementing smart order routing to support swaps across trading pairs''
* ''Launching the DODO Wild Market on [[Ethereum]]''
''2021:''
* ''Setting up the Risk Control [[DAO]] and risk parameters''
* ''Setting up the Earn DAO, distributing revenue to maintainers''
''Final Mission:''
* ''Setting up the Admin DAO: The right to govern DODO will fully belong to the community!"''

* [https://decrypt.co/44679/chinese-defi-project-dodo-raises-5-million-from-top-vcs From] [[Decrypt]] (12-10-2020):
"''Moving forward, the team’s top priority includes price [[oracle]] precision and optimization development, a partnership with [[Chainlink]], [[on-chain]] institutional market making strategies, trading experience and efficiency, and self-serve and [[permissionless]] products for IDO projects."''

== Usage ==
* [https://decrypt.co/44679/chinese-defi-project-dodo-raises-5-million-from-top-vcs From] [[Decrypt]] (12-10-2020):
''"DODO claims that is has locked in over $110 million and transacts $20 million in 24-hour trading volume."''
* As of 12-10-2020 it had a DEX [https://doseofdefi.substack.com/p/dex-rising?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjoxMDA3NzA2NiwiXyI6ImM5eFJuIiwiaWF0IjoxNjAyNzUxNDc0LCJleHAiOjE2MDI3NTUwNzQsImlzcyI6InB1Yi0yNTk5NyIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.xc97jt4AIV69NGFv3ttc7vddOikwfiApJYecWnB9j8A market share] of 2.8%.
*[http://go.pardot.com/webmail/875501/102557006/2b20a6f8dc8c121fae6b65873b77f1016b78c2da4f7c265daab00f17699471cd From] [[Delphi Digital]] (1-2021): 

''"Despite its inaccurate market movement, due to [[Ethereum (ETH)|Ethereum’s]] recent congestion and high fee environment, the project crossed $1B in cumulative trading volume and regularly facilitates more than $30M in weekly volume."''

* [https://ournetwork.substack.com/p/our-network-issue-81?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozOTEyMTcwMCwiXyI6IitrN3VtIiwiaWF0IjoxNjI3MjMwMjM5LCJleHAiOjE2MjcyMzM4MzksImlzcyI6InB1Yi0yMTM2MiIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.WT5a45HfOPDn3HOfmVRhKYIz2ClTvQOw-jvumQCzC20 From] [[Our Network]] (24-7-2021):

''"The popularity of the DODO platform has been increasing rapidly — this past week, when compared to the previous quarter, we saw the number of daily active users increase by 41.6%. The total number of daily active users last month was 327,538, with a DAU:MAU ratio averaging 9.5%. DODO facilitated $453.5 million worth of trades this week, placing it 6th among DEXs in terms of volume. "''

=== Projects that use or built on it ===
== Competition ==
* [[Uniswap]], [[SushiSwap]], [[Bancor]], or [[Balancer]]

== Pros and Cons ==
=== Pros ===
* Low slippage
* Single risk exposure
* No [[impermanent loss]]

=== Cons ===

* Had investment from [[Three Arrows Capital (3AC)|3AC]] and [[FTX (FTT)|Alameda Research]]/FTX, which [https://twitter.com/Edvis100/status/1591106606716313600 came out] (11-11-2022) during the FTX crash. This could mean fall-out risk.

== Team, Funding, Partners ==
=== Team ===
* Full team can be found [here].
* [[Diana Dai]]; co-founder
=== Funding ===
* [https://ethhub.substack.com/p/ethhub-weekly-129?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo5MTY1MzksIl8iOiIwb3pkOCIsImlhdCI6MTU5ODk1MTYyOSwiZXhwIjoxNTk4OTU1MjI5LCJpc3MiOiJwdWItMzkxMCIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.iLpxzrYt5lLc4i_EHheaXJOJ0y_HFs2BWxByA-3pokY From] [[EthHub]] #129 (1-9-2020):

"''DODO has closed a seed round, led by [[Framework Ventures]] and followed by [[DeFiance Capital]]. Other seed round investors include [[SevenX Ventures]], [[Alexander Pack]], [[Robert Leshner]] (founder of Compound), [[Bobby Ong]] (founder of [[Coingecko]]), [[Jason Choi]], [[Spencer Noon]], [[Maple Leaf Capital]] and more."''
* [https://decrypt.co/44679/chinese-defi-project-dodo-raises-5-million-from-top-vcs From] [[Decrypt]] (12-10-2020):
''"Two months after its first seed round. China-based DEX DODO raised $5 million. The round was led by [[Pantera Capital]], [[Three Arrows Capital]], and [[Binance]] Labs, and followed by [[Galaxy Digital]] and [[Coinbase Ventures]] and represents 10% of its equity. “The 5 million raise will be used to recruit, and develop products in the next 3 years,” Dai said. “From our last seed round until now, we’ve finished [[smart contract]] development. DODOEx went live and hit its highest trading volume within 24 hours and remains as one of the best DEXes in terms of [[liquidity]] and transaction costs.”''

=== Partners ===

* Is a member of [[Asia DeFi Network (ADN)]] according to the [https://www.asiadefi.network/ website] (13-7-2021).
* [[WePiggy]] [https://www.wepiggy.com/ecosystem mentions] it in their Ecosystem page (22-7-2021).

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