DODOex (DODO)
Basics
"DODO is a next-generation algorithmic market maker capable of responding to changing markets and liquidity constraints in real-time."
- 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.
“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).”
History
- From the 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 here (1-9-2020).
- Scored a 84% on DeFi Safety (10-2020); "DODO has 2 solid audits from strong players before deployments with changes implemented. PeckShield Audit: July 2020. Trail of Bits Audit: September 2020" And as a comment: "And DODO is up with a solid 84% just missed a bit in testing but overall a solid program, great docs."
- Got updated to a 76% (28-12-2020) without any clear new comments.
Bugs & Exploits
"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
- 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: DODO's visual dashboard
Treasury
Token
Launch
- The DODO tokens are put on the DODO Exchange via an Initial DODO Offering ( IDO).
Token allocation
- 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 governed by a native token - DODO. Uses a 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 here (5-9-2020).
- Built on: Ethereum also deployed on BSC (22-2-2021). Has plans to launch on Solana (16-6-2021).
How it works
- 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.
“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.”
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
- 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
- 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 “DODO Carnival” starting today."
Scaling
Interoperability
Other Details
Oracle Method
- Plans on integrating Chainlink (15-10-2020).
Privacy Method
Compliance
Their Other Projects
Roadmap
- Can be found 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!"
"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
"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 market share of 2.8%.
- From Delphi Digital (1-2021):
"Despite its inaccurate market movement, due to 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."
- 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
Pros and Cons
Pros
- Low slippage
- Single risk exposure
- No impermanent loss
Cons
- Had investment from 3AC and Alameda Research/FTX, which 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
"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."
"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 website (13-7-2021).
- WePiggy mentions it in their Ecosystem page (22-7-2021).
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