Chinese-based decentralized exchange DODO has launched its version 2 public beta with more liquidity mining rewards.
DODO was launched in August 2020 as a proactive market maker (PMM), claiming to be more advanced than regular decentralized exchanges as it can respond to changing markets and liquidity constraints in real-time.
It runs on Binance Smart Chain, offering significant savings on traction costs and speeds. The latest upgrade brings in some new DODO tokenomics and further yield farming incentives.
🥚 Ladies and Gentlemen…..
🐣 DODO v2 Public Beta is now LIVE!
🚀 Go CommanDODO's!
👉https://t.co/q6pFIprzwk#JustDODOIt #DODOv2 #DeFi pic.twitter.com/JWKkWdz1gI
— DODO DEX (@BreederDodo) February 22, 2021
More Liquidity Mining
According to the announcement, the launch includes the minting of the vDODO token, which has been introduced to serve as proof of membership in DODO’s loyalty program. The new tokens will give holders dividends from trading fees and membership rewards and can be minted by using existing DODO tokens at a rate of 1:1.
There is also a liquidity pool for USDT/BUSD, which is running on Binance Smart Chain (BSC) and is accessible via the exchange’s v2 interface. A Crowdpooling campaign for the ShuttleOne token (wSZO) has also been launched.
Binance launched a 14 day yield farming campaign for DODO on Friday, February 19, in which farmers can stake Binance Coin (BNB), Binance’s ETH 2.0 token (BETH), and BUSD into separate pools to farm DODO tokens, a million of which will be distributed. The BNB pool will earn the lion’s share of the rewards with 60% (641,710 DODO), the BETH pool will get 30% (320,855 DODO), while the BUSD stablecoin pool gets the remaining 10% (106,951 DODO).
BSC-based exchanges and protocols have surged in popularity in recent weeks as the Ethereum gas crisis continues to keep smaller players out of DeFi due to these insane transaction fees. In addition to DODO, the PancakeSwap DEX is also seeing volumes and token prices surge.
DODO Price Pumps
DODO tokens have retreated quite a bit over the past 24 hours, and they are still cooling from a recent all-time high of $8 on Saturday, February 20, according to Coingecko.
The token had surged over 200% since Friday’s launch of the Binance yield farms and DODO’s own liquidity mining incentives but has since fallen to the pre-launch level.
Over the past 30 days, the token has pumped a whopping 561% from around $0.60 to today’s price of $5.08, making it one of DeFi’s best performing assets of the month. TVL is currently around $58.6 million, according to DeFi Pulse.
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