Another DeFi Token OfferingThe exchange, which claims to have gained $77 million in liquidity since its launch, has announced the imminent initial DODO offering (IDO) on Sept 29.
The announcement comes at a time when the DeFi ecosystem is already overcrowded with new governance tokens and currently resembles the ICO boom of 2017/18. As previously reported by BeInCrypto, DeFi governance hasn’t really proved to be a success due to the influence whales have over the voting process. The DODO ecosystem will consist of three decentralized autonomous organizations (DAO). The Admin DAO will have the most control, oversee the entire platform, and have authority over the other two DAOs. A Risk Control DAO will be responsible for adjusting and fine-tuning various risk parameters, while the Earn DAO will govern how earnings on the platform are distributed. The total supply of DODO tokens will be one billion with the distribution as follows; 60% will go to ‘community incentives’ in a series of programs which it collectively calls ‘DODO Carnival’. The first of which, dubbed ‘Grey Parrot’, is ongoing and involves liquidity provision and airdrops. 15% of the tokens will go to the core team, future hires, and advisors to be locked up for one year and released linearly over the next two years. 16% will go to investors, 8% to operations, and marketing, and the final one percent will be used for initial liquidity provision.
We are delighted to announce DODO, the DODO Exchange governance token, and the imminent initial DODO offering (IDO) on September 29!🐣Get ready to trade for DODO at https://t.co/eEaB6W8WZ3 in a few days. https://t.co/n8f4q6dcT6#DeFi #JustDODOIt— DODO DEX (@BreederDodo) September 28, 2020
Initial Price of $0.10 SetThe ERC-20 DODO token will go live on the exchange in a USDT pair at an initial offering price of $0.10. The team added that once initial liquidity has been provided, DODO will not deposit or withdraw any further collateral,
As the IDO is a decentralized process and DODO’s price discovery is entirely dependent on trading activities.It all appears to be a mashup of an ICO, IEO, and airdrop to create its own termed ‘IDO.’ The results this week will determine whether it will be a resounding success among the fickle breed of farmers, or as dead as a Dodo.
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