Dodo will debut as the NEAR Protocol’s selected decentralized exchange (DEX), a Proof-of-Stake (PoS) blockchain platform with sharding technology. The project will use the Aurora Network, NEAR’s Ethereum Virtual Machine (EVM) compatibility, and scaling solution to deploy their Ethereum-based app onto NEAR.
This one-of-a-kind investment partnership has significant implications for Dodo’s growth soon. According to Diane Dai, Dodo’s CMO, “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.”
Proximity Makes Its First Major Investment
Proximity, NEAR Protocol’s Grant DAO, has made its first significant investment by funding the launch of Dodo. In collaboration with Proximity Labs, Dodo will contribute over $7.5 million in funding for incentives on Dodo Aurora through its $350 million DeFi grants DAO.
A $5 million liquidity mining campaign will reward liquidity providers with Dodo and Near tokens for specific trading pairs. There will also be trading rewards of up to 125 Dodo per day and 2 Dodo tokens per eligible trade. Finally, Proximity will contribute $2.5 million in Near token incentives to Near rewards.
The first phase of these reward programs was available for distribution from when the pools went live at 11:59 p.m. EST on December 26, 2021. It will be available until 11:59 p.m. Est on January 25, 2022.
Tether (USDT)/USD Coin (USDC) and Dodo/USDC are the pools for which liquidity mining rewards will be distributed with 0.1 Dodo tokens awarded per Aurora block.
Establishing a Strong Foundation
Dodo and Near tokens will also be allocated to the Dodo Incubator Fund, used to fund new projects on Aurora and Near. These tokens will provide liquidity mining incentives during the initial launch phases of these new projects. Emerging projects will find faster paths to independence and a stronger foundation for growth with more liquidity.
The CEO of Aurora, Alex Shevchenko, is very optimistic about the initiative, 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 methods, The Graph integration, and others. And now on Aurora we see one of the most influential decentralized trading protocols being fully operational.”
The launch will take place in stages over the coming months. Follow Dodo on Twitter to stay updated on the latest news.
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