In the past few days, the DODO Coin has been on the rise. For instance, on February 18, 2021, the coin rose by a whopping 96%. So why is the coin rising? It may have something to do with the developers of the DODO platforms.
The Launch Of The DODO Platform
The DODO coin is the native token of the DODO decentralized exchange. On February 18, 2021, the platform announced that it was putting final touches on the platform. Shortly after the announcement, the value of the DODO token began rising. The platform also announced that the DODO platform and the coin would soon be launched on the Binance Smart Chain.
According to the announcement, the DODO Beta v2 would launch on the BSC on February 22, 2021. To facilitate the growth of the platform within the BSC ecosystem, the team plans to launch an incentive program.
After the announcement, the price of DODO tokens had increased by around 90.87%. In the same period, the price of BTC fell by around 2.35%. Over seven days, the price of DODO tokens has surged by 165%.
DODO Price
At the time of this report, DODO price is currently hovering around $6.00. The coin’s all-time low is $0.15, which it saw about 2 months ago. On the contrary, the DODO coin hit an all-time high of $7.29 just 17 hours ago. Over the last month, the digital asset has experienced a 1,300% rally.
Why The Rise Matters
The DODO project is the seventeenth project to launch on the Binance Launchpool. The platform will allow users to stake BNB, BUSD, and BETH in separate pools where they can farm DODO over 14 days starting on February 19, 2021.
Some possible reasons why projects are moving to the BSC ecosystem include rising transaction costs and an increase in the confirmation time on ETH. Consequently, DeFi projects looking for a cost-effective and speedier option are moving to the BSC.
Some of the projects that are currently on the Binance Network include PancakeSwap (CAKE) and Venus (XVS). Both of these projects have seen their token prices rise by 39% and 44% respectively within 24 hours.
About DODO
Since the project was initialized, it has raised $5.6 million via a seed round sale and a private round sale. The funding rounds entailed the sale of 16% of the DODO tokens at 0.01 USD per DODO and 0.05 USD per DODO respectively. There is a total supply of 1 billion. Upon listing on Binance, the circulating supply will be 14%.
Some of the unique features of DODO include capital-efficient liquidity pools with support for single-token provisions, minimized slippage, and reduced impermanent loss. The platform also features Smart Trade, which is a decentralized liquidity aggregation service. This service routes to and compares various liquidity sources to quote the best prices between any pair of tokens.
To deal with the issue of impermanent loss, DODO has introduced the Proactive Market Maker (PMM). THE PMM achieves this by encouraging arbitrage trading. When a trader buys a base token, the PMM slightly raises the price to make it more profitable for an arbitrager to sell their base tokens. With PMM arbitrage trading, it ensures that the number of tokens in a pool is always about equal to the number of tokens deposited by liquidity providers. The scheme helps to reduce impermanent loss for liquidity providers, which ensures liquidity provision on DODO is low-risk.
DODO has also eliminated the hindrances to liquidity pool creation for the issues of new assets such as liquidity depth, asset ratios, fee rates, and other parameters, which are customizable and configurable in real-time. The platform supports crowd pooling, permissionless, equal-opportunity liquidity offers, and customizable technical solutions designed by professional on-chain market makers.
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