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

Near is a decentralized exchange that uses the Ethereum blockchain to provide secure trading between crypto assets. The company was founded in 2017 by CEO Victor Santos and CTO Claudio Troncoso, who has been involved with cryptocurrency development since 2010. In 2018 they plan to release their platform which will include support for other blockchains such as NEO and EOS.

The “dodo bsc” is a decentralized exchange, which means it’s not controlled by any one entity. The company plans to incentivize users with $7.5 million in funding and also has partnered with Proximity Labs., who will be providing support services.

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

 

SINGAPORE, SINGAPORE, SINGAPORE, SINGAPORE, SINGAPORE, SINGAPORE, SINGAPORE, Chainwire

With its sponsorship of DODO’s debut, Proximity, NEAR Protocol’s Grant DAO, makes its first large investment. DODO will be the blue-chip DEX on NEAR with its clear UX, strong Proactive Market Maker algorithm, and capital-efficient liquidity.

SINGAPORE – DODO will debut as the NEAR Protocol’s preferred decentralized exchange (DEX), a Proof-of-Stake (PoS) blockchain and decentralized application (dApp) platform that employs sharding technology. The Aurora Network, NEAR’s Ethereum Virtual Machine (EVM) compatibility and scalability solution, will be used to deliver our Ethereum-based software.

DODO will donate over $7.5 million in incentive financing for DODO Aurora via its $350 million USD DeFi grants DAO, in collaboration with Proximity Labs. Among the rewards will be:

  • Liquidity providers (LPs) for specified trading pairs will receive DODO and NEAR token prizes as part of a $5 million liquidity mining campaign.
  • 2 DODO tokens every qualified transaction, up to 125 DODO per day in trading incentives.
  • Proximity provided $2.5 million in NEAR token incentives.

The first phase of these incentive programs will be available for distribution from the moment the pools go online on December 26, 2021, until 11:59 p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p. The pools for which 0.1 DODO tokens will be rewarded each Aurora block as liquidity mining incentives are:

Per Aurora block, 0.1 DODO tokens and 0.007 NEAR tokens will be given to the following liquidity pools:

The initial block number for these awards is expected to be 56127600.

A portion of the DODO and NEAR tokens will be allocated to the DODO Incubator Finance, which will be used to fund future Aurora and NEAR initiatives. In the early stages of these new projects’ development, these tokens will offer liquidity mining incentives. Emerging initiatives will discover faster routes to independence and a better basis for development with greater cash. 

According to Diane Dai is a writer who lives in New York City, DODO’s CMO, this unusual investment arrangement has significant ramifications for DODO’s development in the foreseeable future:

“We at DODO are thrilled that Proximity chose our Aurora deployment as their first big investment effort. We are more equipped than ever to deliver market-leading liquidity to as many people as possible with this ambitious fundraising and DODO’s unique ‘blue chip’ edge on Aurora.”

Alex Shevchenko, the CEO of Aurora, expressed his enthusiasm for the idea, saying:

“We’re pleased to see large Ethereum companies expanding their operations in Aurora.” I’m delighted we were able to meet all of DODO’s technological needs in such a short timeframe: RPC techniques, The Graph integration, and so on. Now, one of the most prominent decentralized trading protocols is completely operating on Aurora.”

The rollout will take place in stages over the next several months. Follow DODO on Twitter to keep up to speed with the newest news.

DODO (pronounced “do-do”) is

The Proactive Market Maker (PMM) algorithm powers DODO, a decentralized trading platform. It has extremely capital-efficient liquidity pools that facilitate single-token provisioning, minimise temporary loss, and keep slippage to a minimum for traders. Crowdpooling — a permissionless, equal opportunity liquidity providing mechanism – as well as customisable technical solutions oriented at experienced on-chain market makers are available on the trading platform.

About Proximity, Aurora, and NEAR

The NEAR Protocol is a Proof-of-Stake (PoS) blockchain meant to be a community-run platform for hosting decentralized apps (dApps), but with a unique sharding algorithm that makes it considerably cheaper and scalable than other prominent rivals like Ethereum. NEAR is also verified as being climate neutral, making it an ecologically responsible option.

Aurora is an Ethereum Virtual Machine (EVM) compatibility and scalability solution for NEAR, enabling developers to use NEAR’s capabilities in their EVM-based dApps without having to change their code.

Proximity Labs is an NEAR-affiliated research and development organization that includes a grants DAO for supporting DeFi initiatives on NEAR and Aurora.

Contacts

Co-Founder and Chief Marketing Officer

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