NEAR chooses DODO as preferred DEX and plans $ 7.5 million in incentives with funding from Proximity Labs

December 28, 2021 – Singapore, Singapore

Proximity, the grant DAO of NEAR Protocol, makes its first major investment by funding the launch of DODO. With its clean UX, powerful proactive market maker algorithm and capital efficient liquidity, DODO will be the blue chip DEX on NEAR.

DODO is introduced as the preferred decentralized exchange (DEX) on the NEAR protocol, a proof-of-stake (PoS) –Blockchain and a decentralized application platform (DApp) that uses sharding technology. Our Ethereum-based app is deployed on NEAR over the Aurora network, NEAR’s Ethereum Virtual Machine Compatibility and Scaling Solution (EVM).

Over $ 7.5 million in funding for incentives on DODO Aurora is being provided by DODO in partnership with Proximity Labs over its $ 350 million DeFi– DAO grants provided.

These incentives include

• Five million dollar cash flow campaign – DODO and NEAR token rewards to liquidity providers (LPs) for selected trading pairs
• Trade bonuses – two DODO tokens per eligible trade – up to 125 DODO per day
• NEAR rewards – $ 2.5 million in NEAR token incentives provided by Proximity

The first phase of these rewards programs will be available for distribution from the time the pools go live on December 26, 2021 at 11:59 p.m. EST through January 25, 2022 at 11:59 p.m. EST.

The pools for which liquidity mining rewards are distributed at 0.1 DODO tokens per Aurora block include the following.

The following liquidity pools are rewarded with 0.1 DODO tokens and 0.007 NEAR tokens per Aurora block.

The estimated starting block count for these rewards is 56,127,600.

There will also be an allocation of DODO and NEAR tokens to the DODO incubator fund – specifically for funding new projects on Aurora and NEAR. These tokens will provide incentives for the depletion of liquidity in the first start-up phases of these new projects. With more liquidity, emerging projects find faster ways to independence and a stronger basis for growth.

This unique investment partnership will have a huge impact on DODO’s growth in the near future, says Diane Dai, CMO of DODO,

“At DODO, we are honored that our Aurora deployment was selected by Proximity as the first major investment. With this ambitious funding and DODO’s unique ‘blue chip’ benefit at Aurora, we’re better prepared than ever to deliver market-leading liquidity to as many people as possible. “

Also optimistic about the initiative, said Alex Shevchenko, CEO of Aurora:

“We’re thrilled to see Ethereum players come to Aurora to expand their businesses. I am pleased that we were able to meet all of DODO’s technical requirements in such a short time – RPC methods, The graph-Integration and others. And now we see on Aurora that one of the most influential decentralized trade protocols is fully functional. “

The rollout will take place in phases over the coming months. To stay up to date, follow DODO’s Twitter.

About DODO

DODO is a decentralized exchange platform based on the Proactive Market Maker (PMM) algorithm. It has highly capital efficient liquidity pools that support single token deployments, reduce temporary losses, and minimize slippage for merchants. The trading platform offers crowd pooling – an approval-free mechanism for providing liquidity that provides equal opportunities – as well as customizable technical solutions for professional on-chain market makers.

About NEAR, Aurora and Proximity

The NEAR protocol is a proof-of-stake (PoS) blockchain intended as a community-operated platform for hosting decentralized applications (DApps), but with a unique sharding technology that makes it much cheaper and more scalable than some popular competitors like Ethereum. NEAR is also certified climate-neutral and therefore also an environmentally friendly alternative.

Aurora is an Ethereum Virtual Machine Compatibility and Scaling Solution (EVM) for NEAR that enables developers to easily use the NEAR features for their EVM-based DApps without having to rewrite their code to be compatible with NEAR .

Proximity Labs is the research and development company affiliated with NEAR and includes a DAO for grants to fund DeFi projects deployed on NEAR and Aurora.

Contact

Diane Dai, CMO and Co-Founder of DODO

NEAR Picks DODO as Preferred DEX, Plans $ 7.5 Million Incentives With Proximity Labs Funding, First appeared on The Daily Hodl.

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