Hey everyone, welcome to watch the live of AMA co-hosted by HyperPay and DODO. Welcome to join it and be free to ask questions if you have something unclear. We will sum up and answer them in the recap of AMA. Let’s start now!
Host : Nancy, Marketing Director of HyperPay
Guest: Diane, Co-founder of DODO
1. We see that DODO is positioning itself as a decentralized exchange. With more decentralized exchanges in the current market, how does DODO stand out among others?
Diane: Due to the continuous decline of ETH price, the negative voice of liquidity mining in the industry is getting louder and louder. What do you think of liquidity mining?
Liquidity mining is a way to earn passive income. After some early explorations, the incentive form of it mainly stabilize at transaction fees and providing liquidity incentives for projects.
DODO wants to provide the market with the best liquidity on the chain. I think liquidity mining is only a way of token distribution. Behind the high incentives, the product or the agreement itself needs to be applied. As DODO is positioned as an exchange, what matters most is to focus on transaction related businesses.
2. Today is the last day of the first phase of DODO liquidity mining. Can you tell us briefly about the situation? For example, has the lock-up amount reached your expectation?
Diane: According to the entire Grey Parrot mining cycle, the lock-up volume peak of DODO was nearly $92 million, which is currently stable at around $78 million, and the transaction volume at the highest was $22 million. It is actually very delightful, and we have to thank all of you for your trusts and supports.
3. From the hot liquidity mining boosted by comp, to the current cooling-down DeFi market, what environment was DODO born in?
Diane: I have been focusing on DEX preaching work since 17 years. During my work at DDEX, I met Radar Bear, who is responsible for smart contract technology. At that time, DEX was in silence and there’s nothing round it in the market. Until we saw that the liquidity pool model represented by uniswap was verified, we started to have a new ideal of DEX.
DEX did not find its own opportunity in the bear market, but DEX has always been the most important infrastructure of the blockchain ecology, and it must be a battleground in the future. In April of this year, the dodo algorithm was born in the midst of the epidemic period. We thought it was a mature time.
There are still very few teams in the market who know enough about DEX technology, but we hope to use our technology and market experience in the past few years to make DODO a DEX product with a good enough user experience.
4. After uniswap’s generous coins giveaway, the market ushered in an airdrop craze, so what is DODO’s similar incentive plans to attract LP and Traders?
Diane: Uniswap has accumulated some profits and market recognition in the past two years, and it is very reasonable to choose airdrop as a subsidy for LP. By contrast, DODO is a relatively young product. Before IDO officially starts, we will also publish the details on incentives. There are surprises for our early supporters.
After the first phase of mining is over, the distribution rules for the remaining tokens have been planned, and the distribution details will be adjusted according to market conditions. Compared with DEX of other pool models, DODO’s algorithm determines that dodo only needs a small amount of funds to support sufficient depth. During the first phase of mining, we launched a transaction incentive plan. Many users in the community have already received dodo rewards, but what attracts Trader is not only fee reduction and token incentives, but also cheap prices, low slippage, and smooth trading experience, and low slippage and high liquidity are exactly the algorithmic advantages of DODO.
5. Leaving the enthusiasm of liquidity mining, in which field will DODO focus on to maintain its long-term development?
Diane: From the perspective of exchange properties, traditional exchanges use an order book model, which can support diversified trading behaviors. However, due to data distortion and asset security issues, DEX has become a rigid demand. From transaction efficiency, there are off-chain orderbooks, on-chain settlement models, and pure on-chain matching and settlement models. After considering attributes such as transaction mode and experience, Dodo firmly chose a fund pool model based on smart contract management, that is, algorithmic liquidity.In terms of operation and traffic, DODO provides the project party with a cost-free method of issuing new assets.
In the mainstream currency market, we adopt a price-following model and introduce external market prices to achieve the best chain liquidity. In the long tail market, we adopt a price discovery model to provide a new asset issuance method that does not require market-making funds.
6. IDO will be officially opened tomorrow on the 29th. Can you briefly introduce the form and meaning of IDO to us?
Diane: IDO stands for Initial DODO Offering, which refers to the first issuance of tokens on the dodo platform.In the first phase of IDO, we will open a DODO-USDT trading pair, take out 1% of the total circulation and lock it in the DODO pool, then close the withdrawal and open trading.
After setting an initial price, DODO’s price discovery is finally realized according to the transaction status, and the whole process is completed on the chain.
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