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NEAR Chooses DODO as its Preferred DEX, Plans $7.5M Incentives with Funding from Proximity Labs

Chainwire · Dec. 28, 2021 at 1:25 pm UTC · 3 min read
NEAR Chooses DODO as its Preferred DEX, Plans $7.5M Incentives with Funding from Proximity Labs

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Singapore, SINGAPORE, 28th December, 2021, Chainwire — Proximity, NEAR Protocol’s Grant DAO, makes its first major investment with its funding DODO’s launch. With its clean UX, powerful Proactive Market Maker algorithm, and capital-efficient liquidity, DODO will be the blue-chip DEX on NEAR

SINGAPORE – DODO will be launching as the preferred decentralized exchange (DEX) on the NEAR Protocol, a Proof-of-Stake (PoS) blockchain and decentralized application (dApp) platform that uses sharding technology. Our Ethereum-based app will be deployed onto NEAR via the Aurora Network, NEAR’s Ethereum Virtual Machine (EVM) compatibility and scaling solution.

Over $7.5 million in funding for incentives on DODO Aurora will be contributed by DODO in partnership with Proximity Labs, via its $350 million dollar DeFi grants DAO. These incentives will include:

  • $5M liquidity mining campaign: DODO and NEAR token rewards given to liquidity providers (LPs) for select trading pairs.
  • Trading rewards: 2 DODO tokens per eligible trade, up to 125 DODO/day.
  • NEAR rewards: $2.5m in NEAR token incentives contributed by Proximity.

The first phase of these reward programs will be available for distribution from the time the pools go live at 11:59PM EST on December 26, 2021, until 11:59PM EST on January 25, 2022. The pools for which liquidity mining rewards will be distributed with 0.1 DODO tokens awarded per Aurora block are:

  • USDT/USDC

The following liquidity pools will have rewards of 0.1 DODO tokens and 0.007 NEAR tokens awarded per Aurora block:

  • DODO/USDC

The estimated starting block number for these rewards will be 56127600.

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 liquidity mining incentives in the initial launch phases of these new projects. With more liquidity, emerging projects will find quicker paths to independence and a stronger foundation for growth.

This unique investment partnership has big implications for DODO’s growth in the near future, says Diane Dai, CMO of DODO:

“We at DODO are honored to have our Aurora deployment be selected as Proximity’s first major investment venture. With this ambitious funding and DODO’s unique ‘blue chip’ advantage on Aurora, we are more prepared than ever to bring market-leading liquidity to as many people as possible.”

The CEO of Aurora, Alex Shevchenko, was also optimistic about the initiative, saying:

“We’re excited to see big Ethereum players coming to Aurora to expand their businesses. I’m glad that in such a short timeframe we were able to satisfy all the technical requirements of DODO: RPC methods, The Graph integration, and others. And now on Aurora we see one of the most influential decentralized trading protocols being fully operational.”

The launch will be happening in phases over the upcoming months. To stay up to date with the latest, follow DODO’s Twitter.

About DODO

DODO is a decentralized exchange platform powered by the Proactive Market Maker (PMM) algorithm. It features highly capital-efficient liquidity pools that support single-token provisions, reduce impermanent loss, and minimize slippage for traders. The trading platform offers Crowdpooling – a permissionless, equal opportunity liquidity offering mechanic – as well as customizable technical solutions geared towards professional on-chain market makers.

About NEAR, Aurora, and Proximity

The NEAR Protocol is a Proof-of-Stake (PoS) blockchain that’s intended as a community-run platform to host decentralized applications (dApps), but with unique sharding technology designed to make it much cheaper and more scalable than some popular competitors like Ethereum. NEAR is also certified climate neutral, making it an environmentally-friendly alternative as well.

Aurora is an Ethereum Virtual Machine (EVM) compatibility and scaling solution for NEAR, allowing developers to easily take advantage of NEAR’s features for their EVM-based dApps without having to rewrite their code to be compatible with NEAR.

Proximity Labs is the research and development firm affiliated with NEAR, and includes a grants DAO for funding DeFi projects deployed on NEAR and Aurora.

Contacts

Chief Marketing Officer and Co-Founder

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