1.PROJECTINTRODUCTION
DODOisadecentralizedexchangeplatformwhichadoptstheProactiveMarketMaker(PMM)algorithmandhaslaunchedonEthereumandBinanceSmartChain(BSC).Theprotocolaimstomitigatetheproblemsofslippage,impermanentloss,andcapitalefficiencyundertheAutomaticMarketMaker(AMM)mechanismbyusingoracletofeedpricedataandthusproactivelyadjustingthepricebondingcurve.Inaddition,ithasdevelopedseveralfunctionslistedbelowtooptimizeuserexperience.
①SmartTrade:liquidityaggregatorthathelptraderstofindthebestpricefromdifferentsources;
②Crowdpooling:combinationofcrowdfundingandliquiditypooling,whichbootstrapstheliquidityofapoolbyraisingfundsfromthecrowdfundingprocess;
③Pools:publicandprivatepoolscanbeconfiguredwithcustomizedparameters(assetratios,liquiditydepths,feerates,etc.)setbytheusers;
④Mining:userscangetDODOrewardsthroughliquiditymining,tradingminingandcombinerharvestmining(forprojectsthatcollaboratewithDODO).
1.1ProjectProgress
DODOlaunchedtheDODOClassicPoolwiththePMMalgorithminsummer2020andinitiatedtheSmartTradeinQ4.InFebruary2021,ItannouncedthelaunchonBSCwithfeaturesincludingSmartTrade,Crowdpooling,publicandprivatepools,andliquiditymining.Also,theV2versionofDODOhasbeenlaunchedinFebruarytoadvancethegrowthoflongtailmarket.However,Inarecentexploit,DODOhasbeendrained$3.8millionofdollars,and$3.6millionofwhichwasrecovered.
AsofMarch18,2020,theDODOExchangedailyvolumeis$50.17Mandtotalvaluelocked(TVL)is$102.75M.
Fortherestof2021,DODOwillkeepreleasingthenewversionswhichare:
?V2.1thatfocusesonthedevelopmentoftokenutilityandgovernancebyaddingDODODAO,Membersystem,andIncentivesystem;
?V2.5thatfocusesontheimprovementsoftradingexperiencebyallowinggas-lesslimitorder;
?V3thatfocusesontnchofderivativesmarket.
2.TEAMANALYSIS
TheDODOteamcurrentlyhas23peopleintotal,including3coremanagementpeopleandco-founders,10peopleinthedevelopmentteamand10membersintheoperations&supportteam.
ItscoremanagementteamisfromChina.DODOwasalsothefirstDeFicommunityinChina.
TeamConstruction，Sources:DODO;TokenInsight
3.ECOSYSTEMANALYSIS
3.1Application
ThecoreapplicationofDODOistoallowassetsswaponEthereumandBSC.Indetails,thepublicpoolsallowuserstocreateliquiditymarketwithcustomizedassetsratiosandsupporthigh-volumemarkets,whiletheprivatepoolsweredesignedtoavoiddownsiderisksanddiscoverpriceforprofessionalmarketmakers.TheCrowdpoolingcanbeusedbynewprojectstocrowdfundandbootstrapliquidity,andtheSmartTradecanbeusedbytraderstoseekthebestpricesfromotherliquiditysources.
Besides,DODOhasdevelopedpartnershipwithChainlink,Wootrade,andFrontier.
3.2TokenEconomy
$DODOistheplatform'snativegovernancetokenandhasthefollowinguses:
①Governance:holderscangoverntheplatformbycreatingproposalsandvotingonproposals(1$DODO=1vote);
②CrowdpoolingandIDOallocations:holderscangettherighttoparticipateinCrowdpoolingandIDOthatoccuronDODOplatform;
③Tradingfeediscount:holderscanenjoylowertransactionsfeeontheDODOplatform;
④Staking:Besides$DODO,DODOalsolaunchedvDODOasaproofofmembership.UserscangetvDODObystaking$DODO(100$DODO=1vDODO),andvDODOholdersgetproportionsoftradingfeesandrewardsin$DODO.
Thetotalsupplyof$DODOtokenis1Billion,15%ofwhichwasallocatedtothecoreteam/futurehires/advisors,16%wasgiventotheinvestors,8%wasgiventotheoperations/marketing/partnerships,60%willbedistributedtoDODOsupportersintheformofcommunityincentives,andtherest1%wasdistributedinIDO.
DODODistribution，Source:DODO;TokenInsight
DODOReleasingSchedule，Source:DODO,TokenInsight
Thevestingprogressisshowninthechartabove.Whatworthtonoteis,thecommunityincentivepartofthe$DODOisdividedintoliquiditymining,tradingrewardsandairdropsandtheincentivesallocationisdistributedinaseriesofprogramsknownas“DODOCarnival”.IthasendedthefirstepisodecalledGreyParrotanditison-goingthesecondcalledPicaPica.Sincetheprogramsdonotdisclosethedetailedinfooftheamountsandvestingbeforeitsending,thefigureprovidedaboveisforareference.
Thepriceof$DODOasofMarch19,2021is$4.25,withacurrentcirculatingsupplyandmarketcapof100,289,529and$426,350,772.$DODOiscurrentlylistedinmorethan10centralizedexchangesincludingBinance,MXC,BitZ,Gate.io,andetc.
3.3CommunityAnalysis
DODOhasjoinedTwitterinMay2020.AsofMarch17,2021,ithas60,000followersandpublished880tweets.TheofficialDODOTelegramcommunityhas14,410members.ThenumberoffollowersforDODO’sDiscordandRedditis3,890and738respectively.ItsChineseWechatcommunityhas270members.
DODOFollowersonVariousSocialPlatforms，Source:Twitter;Telegram;Discord;Reddit;TokenInsight.DataasofMarch17.
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