Learn everything you need to know about the multichain exchange and the DODO token
DODO is an innovative decentralized trading platform that relies on its native DODO token. It offers efficient on-chain liquidity for Web3 assets. With a multichain approach and Proactive Market Maker (PMM) algorithm powering the exchange, DODO offers a new perspective on what DeFi can be.
DODO has fully adopted the multichain paradigm, which means that the DODO token is available on several protocols. With integrations like Ethereum, BNB Smart Chain, Polygon, and Arbitrum, the platform has reached thousands of users.
While adopting the multichain approach is innovative, what sets DODO apart is its PMM algorithm. The active market maker (PMM) algorithm is highly customizable. It also uses a prophecy machine (oracle) to help find the actual price. The system then provides sufficient liquidity at or near this market price and reduces availability further. This makes PMMs more efficient than traditional automated market makers and reduces impermanent losses and slippage.
What’s more, the DODO platform offers an unprecedented user experience. The exchange has integrated an in-house token creator, allowing users to create an entirely new asset from scratch. You get to set the token name and ticker, the total supply, and all other accompanying features you need to launch your crypto asset. Importantly, thanks to the multichain approach, you can choose among several protocols to host your token.
More on the exchange’s native token DODO
The native token DODO creates the foundation for all activity on the exchange. Ranging from liquidity pools to trading pairs and fee processing, every transaction on DODO is tied to the native token.
In this sense, DODO plays an essential role in facilitating the wide range of functionality the platform offers. For example, if you want to launch an asset with the Token Creator, you will need to pay a fee in DODO tokens. Alternatively, if you’re going to participate in a liquidity mining pool, many of your options will include pairs with the native token DODO.
When it comes to tokenomics, the DODO team worked hard to make the token as accessible as possible. The total supply of DODO tokens is 1 billion, with around 60% going towards the community as incentives. Importantly, the team initiated numerous token migrations to support the platform’s multichain functionality. 3.325 million DODO tokens moved to the BSC mainnet, with an additional 5 million DODO transferred to Arbitrum as part of the protocol integration.
Thanks to that widespread availability, DODO has become an exemplary multichain token. The multichain paradigm takes over the DeFi space as users seek access to numerous services and protocols simultaneously. DappRadar embraces this paradigm as the future of the blockchain space.
To learn more about DeFi across multiple platforms, check out the complete DappRadar DeFi Rankings. Additionally, you can get your hands on some DODO tokens here and start exploring the wide range of possibilities on the DODO exchange. Follow DappRadar on Twitter and join our Discord community to learn the latest DeFi news first.