Hi Ninjas,
Before we proceed with the vision for DojoSwap 2.0, we would like to thank you for being patient and understanding with us. The price action lately has not been easy and we apologise for that despite best efforts to ensure continued value addition to the ecosystem. When we started DojoSwap 6 months ago, our main vision was to be the liquidity rails into an ecosystem in hypergrowth, we quickly realised that despite our best efforts to build, we needed a larger volume and frequency of high-quality projects to enter the ecosystem. This got us thinking about our next steps to further enable Injective to grow as a chain as we continue to build a fully self-sustaining DEX.
That said, before we present DojoSwap 2.0, it is important that we address some of the core community concerns on “when”.
Unlock Utility Across the Ecosystem. But When?
As the market evolves, so have we. And while evolving, we understand that communication has been lacking in some departments. Over the last few weeks of speaking to our community, we acknowledge some missteps and unmet promises. Here is a list of items in the DojoSwap roadmap that will be unveiled once the following conditions are met.
Utility in DAOJO
- Bonding. The core value in bonding is to attract more liquidity into DAOJO, thereby thickening protocol-owned liquidity. While this is a multiplier in a bull market, when executed wrongly can be inflationary and cause an unintended negative spiral on price action. The team has been looking for more favourable conditions to roll this out as it is inflationary but can also utilise this in a more defensive way to support the ecosystem.
An example of this is launching bonding only with certain assets that can then be used to bolster the price action for $DOJO, thereby supporting the price action of the entire ecosystem. In light of recent market conditions, we will look to do this within the month.
- Staking. Staking increases willingness to hold through long periods. This is done by rewarding users financially by holding DAOJO. However, this is also by default, inflationary. To implement this defensively, we have conducted buybacks on $DAOJO and have used the same supply for emissions. This will hopefully create a positive flywheel as we weather the bear market. As long as you stake on the DAOJO staking pool (on DojoSwap) consecutively for more than 20 days, the 1.5x multiplier will kick in from 16th day onwards.
Utility in SUSHI
- OMA. Loyal SUSHI holders have been weathering the toughest of storms. On a high level, OMA holders can expect a huge airdrop for them from $ERA and have received 2 airdrops in the last few weeks and another 2 more pending on top of $ERA. However, we understand the frustration and will be rolling out more utilities for OMA upon the full launch of Injera.
- Upon market stabilisation, there will be NFT specific airdrops which are designed to elevate the inherent value of the original Sushi NFT collection. This elegant yet simple mechanism is focused on the concept of compounding and will be structured around $OMA. All this alongside ongoing culture building efforts with the comic strip being the first of such initiatives.
Utility in BabyDOJO
$BabyDOJO started out as a token project to give back to the community. What started out as the biggest airdrop in Cosmos has now also become a token project that the DAO has, in best efforts, continued to prop up.
When GEM Multipliers?
A hot topic amongst the DojoSwap community has also been the utility of GEM farming multipliers. We understand the frustration and will take them into consideration as we launch the utilities above.
Updates on a full launch of Injera, along with the milestones hit will be provided in a detailed medium article next week.
“1 Token to Rule Them All”
When DojoSwap started, the vision was to create a unified ecosystem with a single token. However, as the project evolved, it became clear that additional tokens were necessary within the ecosystem, especially for $DOJO as a liquidity rail into Injective and the DojoSwap ecosystem.
This has now changed as we adapt to the times. In particular, utilities will be launched based on the conditions above.
Addressing Outstanding Issues and Milestones
$GEM Claiming and Trading: Gem claiming and on-chain trading, which will allow traders to establish prices for $GEM, is being worked on and is a milestone. We aim to have $GEM released for trading on phase 3 and we are in talks with pendle finance to potentially list on their platform as well.
Promises and Commitments: We acknowledge that some promises, such as CEX listings and engagements with big influencers, have yet to be fulfilled. These are high on our priority list, and are still being worked on in parallel.
Unveiling DojoSwap 2.0
DojoSwap 1.0 laid the foundation of our ecosystem, marking significant milestones such as creating the CW404 token standard, launching the first reflection token in Cosmos, and introducing the first Protocol-Owned Liquidity (POL). We also embarked on the ambitious project of launching Injera, the first high-yielding synthetic dollar protocol with a money market in Cosmos. Today, we unveil DojoSwap 2.0, detailing our updated roadmap and plans which heavily involves Injera and how it can work as one with DojoSwap to not only make the ecosystem sustainable but also grow Injective in terms of liquidity and builders.
Injera and DojoSwap Working as One
For every chain and dApp — Liquidity is king. Injera aims to bring deep liquidity to the Injective ecosystem which in turn boosts TVL and volume to generate an optimal amount of fees for our ecosystem holders. This in turn reduces the reliance of the raw number of new projects building on top of DojoSwap and Injective but instead attracts better projects because of the deeper liquidity in the ecosystem.
Today, Injera is well under progress with more than $2M in TVL despite only being in the open alpha stage. More details on Injera can be found here along with details on the first season of GEM farming >
Synergies Between Injera and DojoSwap
A common misconception as we started embarking on Injera is that working on Injera would be equivalent to abandoning DojoSwap. This is untrue as Injera plays a key part to the next stage of sustainability for DojoSwap and its ecosystem. Here are the ways that Injera unlocks value for DojoSwap and its ecosystem holders:
- Protocol Revenue Share. 5% of Injera’s Protocol Revenue will contribute to DojoSwap’s DAOJO treasury, sourced from performance fees on market-making collateralized assets.
- Commissions from LSD Accrued to the Treasury. To date, a large percentage of $INJ is natively staked. We project Liquid Staking Derivatives, which is key to any healthy DeFi ecosystem to continue to grow in adoption. All commissions from dINJ will be accrued into the DAOJO treasury of DojoSwap upon having an active validator.
- Hypercharged Staking Yield from USDi and DojoSwap Ecosystem Assets. Staking of DojoSwap ecosystem assets on USDi, enabling ecosystem holders to stake $DOJO for hypercharged yields.
These value unlocks can be expected on the full launch of Injera, which will be detailed in a separate medium article next week.
Along with rolling out the promised utilities and commitments, DojoSwap 2.0 will see increased synergies and value transfer between DojoSwap and Injera especially as we head toward its full launch and beyond.
A Brief Recap of Our Journey Together
While this journey has not been easy, we would like to thank the community again for being with us. In the last 6 months, DojoSwap has implemented the following initiatives which were focused on token project creation and launches which are core to any DEX:
- Completed DojoSwap launchpad, oversubscribing by 4236%, and scaling DojoSwap into the largest AMM/DEX in Injective. This includes other secondary features such as dINJ and liquidity yield farming. Emissions have been reduced by 80% since.
- Launch of the first airdrop and launchpad platform in Injective, providing 12 airdrops and facilitating 8 launchpads since to DojoSwap ecosystem holders. DojoSwap facilitated close to $10,000,00 USD in launchpad raises.
- Developed and launched CW404 token standard, the first of its kind in Cosmos, along with the first 404 project in Cosmos, Sushi Fighter NFT which was 7x oversubscribed
- Developed and launched CW20 reflection token standard, the first of its kind in Cosmos, $BabyDOJO. This was the largest airdrop to date in the Cosmos ecosystem, likely until Injera.
- Launched Presale Factory, facilitating 4 presales totalling to $400,000 USD funds raised since.
Conclusion
The journey from DojoSwap 1.0 to 2.0 represents our commitment to continuous improvement and innovation. We acknowledge that communication can be improved and will continue working on doing so as we adapt the project in these fast-paced and rapidly changing times.
We thank the active community for holding strong despite the current price action and apologise to the past members for any disappointment that was experienced. As we pivot our strategies to launching utilities in a more defensive manner, we invite our community to stay engaged and participate in the upcoming developments, as we work together to build a robust and dynamic ecosystem.
Stay tuned for more updates and detailed timelines on our official channels.
Stay Updated With Us
Website: https://dojo.trading/
Telegram Channel: https://t.me/dojoswapann
Telegram Group (English): https://t.me/dojo_swap
Telegram Group (Chinese): https://t.me/dojoswapcn
Price Discussion: https://t.me/dojoprice
Twitter: https://twitter.com/Dojo_Swap
Gitbook: https://docs.dojo.trading/
