Swap DODO at the Best Rate

What is DODO?

DODO is a decentralized exchange first deployed on Ethereum on 25 August 2020, built around the Proactive Market Maker, an algorithm designed by co-founder Mingda Lei that anchors pool prices to an external reference and concentrates liquidity around it. That design supports single-token deposits and lower slippage than a constant-product pool of the same depth.

The DODO token is the exchange's governance asset. It was distributed from 29 September 2020 through an initial DODO offering, a sale run through the exchange's own pricing mechanism, and it now exists on the many networks where the exchange operates.

How DODO works

The PMM needs a reference price, supplied by oracles or by pool parameters, and shifts the curve toward it so most depth sits near the market. Pool types range from standard pairs to private pools, where a professional market maker controls the parameters, and crowdpooling launches for new tokens.

Around the token, membership works through vDODO: locking 100 DODO mints 1 vDODO, which collects membership rewards and governance weight. A community vote removed the vDODO redemption fee in November 2023 and paused DODO emissions to the pool from 31 December 2023 to limit inflation, while 15% of trading fees kept funding DODO buybacks distributed to vDODO holders.

DODO supply and tokenomics

Supply is fixed at one billion DODO. The team earmarked up to 60% for community incentives, with the rest split between the core team, investors and initial liquidity, and it raised five million dollars in a September 2020 private round that valued the project at fifty million.

The token is issued on Ethereum and mapped by the team to other chains it supports, including the BNB Chain contract this page covers, so cross-chain balances represent the same fixed supply rather than extra minting.

Who builds DODO

DODO was founded in 2020 by Diane Dai, Mingda Lei and Qi Wang, three figures from China's early DeFi community. Dai built one of the first Chinese DeFi media channels, Lei designed the PMM after leaving a physics doctorate, and Wang founded the DOS Network oracle project.

How DODO is governed

Token holders steer the protocol through DODO Improvement Proposals discussed on the forum and voted with DODO and vDODO. The team's long-term design describes three bodies, an admin DAO, a risk control DAO and an earnings DAO, and in practice parameter and emission changes have gone through community votes such as the 2023 vDODO revisions.

What people use DODO for

The token's jobs cluster around membership in the exchange's economics rather than around paying for trades, which any asset can do there.

• Vote on DODO Improvement Proposals with DODO or vDODO.
• Lock 100 DODO to mint 1 vDODO for membership rewards.
• Receive a share of fee-funded buybacks as a vDODO holder.
• Access crowdpooling allocations and other holder benefits on the platform.

DODO risks and considerations

DODO's history includes a concrete security event: on 9 March 2021 attackers exploited a re-initialization bug in the V2 crowdpooling contracts and took about 3.8 million dollars, most of which was returned; the trading module was unaffected. The team patched the bug, published a postmortem and resumed crowdpooling.

Structurally, PMM pools that track a reference price depend on oracles and parameter operators, so a stale or manipulated reference is a pool-level risk. The exchange competes in a crowded field, and the three-DAO governance design remains partly aspirational, with the core team still steering development.