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

by Mike Robinson

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NEAR Chooses DODO for its preferred DEX. Proximity Labs Funds $7.5M Incentive Programs

Proximity, NEAR Protocol’s Grant DAO, makes its first major investment with its funding DODO’s launch. DODO is the NEAR blue-chip Dex with its simple UX, strong Proactive Market Maker algorithm and capital-efficient liquidity.

DODO (Decentralized Exchange) will become the NEAR Protocol’s preferred DEX. It is a Proof-of-Stake, PoS blockchain and decentralized application platform (dApp) that utilizes sharding. Our Ethereum-based app will be deployed onto NEAR via the Aurora Network, NEAR’s Virtual Machine (EVM) compatibility and scaling solution.

DODO will contribute over $7.5 Million to incentives for DODO Aurora in partnership with Proximity Labs via its $350,000,000 DeFi grants DAO. This incentive will include:

  • Campaign to extract $5M from liquidity DODO token and NEAR token incentives given to liquidity providers (LPs), for trading pairs.
  • Reward tradingThere are 2 DODO tokens for every eligible trade. You can earn up to 125 DODO per day.
  • Get NEAR Rewards Proximity contributed $2.5m to NEAR token incentives.

These reward programs’ first phase will be made available from 11:59 EST December 26, 2021 to 11:59 EST January 25, 2022. These pools will receive 0.1 DODO tokens per Aurora block.
These liquidity pools offer rewards in the form of 0.1 DODO tokens or 0.007 NEAR tokens per Aurora block.
These rewards have a starting block of 56127600.

The DODO Incubator Fund will receive DODO tokens and NEAR tokens. This is specifically to fund new Aurora and NEAR projects. The tokens can be used as liquidity mining incentives during the first phases of these projects. Emerging projects with more liquidity will be able to find faster paths to independence and build a solid foundation for their 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.”
Alex Shevchenko was the CEO of Aurora and expressed optimism about the project, 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 (NYSE:) methods, The Graph integration, and others. And now on Aurora we see one of the most influential decentralized trading protocols being fully operational.”
In phases, the launch of DODO’s website will take place over the coming months. To stay up to date with the latest, follow DODO’s Twitter (NYSE:).

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