Proactive Market Maker (PMM) DODO is a decentralized exchange built on both Binance Smart Chain (BSC) and Ethereum (ETH).
Launched in August 2020, DODOEx (DODO) recently made a strategic move from the Automated Market Maker (AMM) to a PMM algorithm. Therefore, this article contains important details about the BSC-based DeFi trading protocol, and DODO staking details, among other important items.
DODO Product Description
Some of the DODO top product suites include its Mining, Crowdpooling, SmartTrade, PMM, etc.
- SmartTrade Aggregation – DODO facilitates trading between two tokens on the same network. The fact that it is built on both the ETH and BSC networks further helps to facilitate this feature. The feature also helps to provide traders with the best prices for their trades.
- Pools – The platform via its Pools provides liquidity providers (LPs) with the opportunity to create unique market-making strategies. Users also have the opportunity to create and finetune pools to meet their personal needs.
- The Proactive Market Maker (PMM) – The PMM is a strategic new market-making model that is quite different from the more popular AMM mechanism. Important metrics like curve slope and asset ratio are more flexible. This means that they can be set to meet the unique needs of users.
How To Stake DODO Tokens?
- Interested persons need to first obtain DODO tokens by either buying them or by participating in liquidity pools.
- Next, they need to have a wallet like Metamask that is compatible with the Ethereum Network.
- Connect your wallet – To do this, select the Ethereum mainnet on the Metamask wallet and then go to the DODO Exchange.
- Click on the mining icon and then click on mint vDODO
Source: Staking Rewards
- Next is to accept the terms of service
- Approve the spending limit of DODO tokens
- Lastly, is to select the desired number of tokens and click on the mint icon.
Source: Staking Rewards
The BSC DeFi platform is known for its focus on ensuring the availability and accessibility of liquidity in the DeFi space. The platform also boasts of several permissionless product suites including Crowdpooling, IDOs, SmartTrade, mining, etc. DODO is also the native token for the platform. These help to power the platform while serving other important functions. Some of these functions include; Governance, staking, staking rewards, minting vDODO, etc.
Since its launch, the decentralized exchange has raised $5.6MM from both its seed round and its private funding round. The platform also has an all-time volume of $35.14 billion with over 1.1 million users. DODO also currently has a total supply of 1,000,000,000.
According to Staking Rewards, DODO has a staking reward of 67.4% and a staked value of $37,935,248.
In conclusion, DODO is both a DEX and an aggregator platform with liquidity pools. It is also designed to support trading between any two tokens in the crypto space.
At the time of writing, DODO was trading at $0.869638 with a market cap of $230,320,054 and a 24-hour trading volume of $33,262,097. The token price is also down by 2.6% in the last 24 hours.
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