DODO is a decentralized crypto exchange (DEX). While the aggregator was initially built on the Binance Smart Chain (BSC), it’s actually a multi-chain service. The DODO Ethereum crypto exchange offers permissionless swapping of tokens.
The platform runs as a proactive market maker (PMM). Since it’s a decentralized platform, there are no Know Your Customer (KYC) regulations, and users are not mandated to verify their IDs. The trailing DODO Ethereum trade volume can be previewed above.
DODO is available on multiple blockchains, including Arbitrum, Avalanche, Ethereum, OKChain, and Polygon. It uses a modified version of the automated market maker (AMM) known as the proactive market maker.
The platform functions differently from centralized cryptocurrency exchanges (CEXs). For example, there is no DODO Ethereum spot exchange in the traditional sense. Instead, the trading occurs by swapping ERC tokens. The platform supports ERC-20, ERC-721, and ERC-1155 standards.
Developers are able to create new tokens for listing. They must provide data such as token name, symbol, supply, and transaction fee. In total, there are more than 80 DODO Ethereum trading pairs available. The number may vary across the different chains where the service is available.
The platform has a native ERC-20 asset, also known as DODO. It acts as a governance and utility token. Asset holders can use it to participate in crowdpools or receive discounted fee rates. You can learn more about the DODO Ethereum volume, price, and market performance here.
The liquidity on DODO is twofold – part of it is provided by the platform itself, while the other part is aggregated from other exchanges. The method is used to ensure that the DODO Ethereum crypto prices are optimized based on the broader decentralized market trends.
While traders can trade within a single chain, bridges and cross-chain swaps are also supported. Using this feature, you can swap a token from the DODO Ethereum cryptocurrency exchange to Polygon, BSC, or any network where the swap is available.
Due to the multi-chain structure and different network speeds, the DODO Ethereum exchange fees may differ compared to Binance, HECO, Polygon, or OKchain. Transactions incur a standard network fee. There are no additional gas fees for submitting limit orders.
Additional charges incur when creating new tokens. The platform charges a usage fee that varies across the different chains. The DODO Ethereum crypto fees for token creation are 0.02 ETH.
In addition to the DODO Ethereum crypto exchange, users can also trade in the NFT Marketplace. DODO supports a mechanic known as NFT fragmentation. This instrument helps boost NFT trading liquidity by fragmenting non-fungible tokens.
The Liquidity Provider program allows network users to contribute directly to the liquidity pool. In return, they earn LP tokens and are eligible to receive part of the DODO Ethereum crypto fees. There are four types of liquidity pools – public, private, pegged, and classic.
Crowdpooling is a token distribution mechanism. Users can participate in community-built liquidity pools. The blockchain project owner determines how many tokens the contributors can earn. The crowdfunding DODO crypto price is used as the opening price.
About the Company
The DODO Ethereum crypto exchange was co-founded by Diane Dai, Mingda Lei, and Qi Wang in 2020. While the BSC version launched in August 2020, the Ethereum version was released a year later. The company headquarters are registered in Hong Kong.
The company name was inspired by Dodo Airlines in the game “Animal Crossing”. Soon after launch, DODO completed a $600,000 seed round, marking its first business deal in China. By October, it was announced that the total value locked (TVL) was estimated at more than $100 million.
In March 2021, the DODO cryptocurrency exchange experienced a network breach. Hackers exploited four liquidity pools used for crowdpooling – WSZO, WCRES, ETHA and FUSI. The stolen DODO crypto price was valued at $3.8 million. A day after the hack, around $1.88 million of the stolen assets were returned.
Mingda “Radar Bear” Lei is the CEO of the DODO crypto exchange. He was formerly a Ph.D. in Physics candidate at Peking University. He’s known for developing the Chinese DeFi project DDEX. The PMM technology used by the DODO platform was designed by Lei.
Diane Dai is the CMO of DODO. She’s known as the founder of the first DeFi community in China. Alongside working at the exchange, Dai is also responsible for managing numerous DeFi communities, including the longest-running WeChat DeFi group in China.
Qi Wang is the COO of DODO. He’s a computer engineer and software developer. Wang has co-founded and partnered with a number of blockchain-based projects, including Dlink Technology and Puzzle Ventures. He also created the DOS Network, considered the first Oracle project in China.