Gm Ninjas,
Thank you for joining us in our step into Dojoswap 2.0. If you are new to this, we suggest to read this first.
As we have mentioned, our aim is to communicate more often and provide as many updates as we can so that the community can be kept in the loop while we are locked in building for the ecosystem. We kickstarted with an AMA with the community on 10 Jul 10am UTC, and hope we addressed some of the burning questions to kickstart Dojoswap 2.0. You can read them here: https://t.me/dojo_swap/234286
But if you’re busy, fret not if you missed it, we have a summary here just for you guys. This summary is written in the perspective of Sensei.
What is the vision behind DojoSwap 2.0?
- In DojoSwap 1.0, we introduced innovations on token standards and create a DEX that has moved steadily towards self-sustenance / sustainability
- However, if you look around at other DEXes you will quickly realise that sustainability is more challenging to achieve as a DEX in isolation unless you’re in a fast-growing ecosystem with a large volume of high-quality projects (e.g, a chain with tens of dapps and 100s of tokens)
- DojoSwap 2.0 aims to create a self-sustaining DEX by enhancing liquidity via Injera, introducing new utilities for our tokens, and integrating deeper synergies with Injera to support our ecosystem’s growth and stability.
We note the team had not been communicating as regularly with updates. Why was that?
- By nature, Koga and I (Sensei) are relatively grassroots in terms of community building and while we would love to spend more time shit posting, we have found ourselves stretched in developing DojoSwap and Injera. Especially in terms of the off-chain initiatives (partners, market makers, InjLabs) that now need to happen for us to achieve our ambitious goal of building the largest synthetic stablecoin project in Cosmos.
- Off-chain initiatives (partners, market makers, InjLabs) are critical for us to achieve our ambitious goal of building the largest synthetic stablecoin project in Cosmos. This building of relationship takes up alot of our time as well since we are both the key decision makers.
- We aim to start shifting our communication style to more frequent, and formal, social media posts, along with scheduled AMAs to ensure transparency.
- Our team at DojoSwap will also establish a more structured communication plan to keep the community informed about our progress and upcoming milestones.
- This includes buybacks that everyone loves, milestones hit, and more. And hopefully, once workload becomes more manageable over time we’d be back to shitposting in chats on a more frequent basis. Till then, we will aim to provide more frequent and meaningful updates formally.
- Besides this, our Samurai team on Telegram has high-level knowledge of everything Dojo and Injera related and is always available to help.
Is the team fully focusing on Injera instead of Dojoswap ecosystem ?
- As mentioned in the article, this is not the case.
- Once it was clear to us that we needed a higher volume of good-quality builders to build a DEX as sustainable as the one we’d like to achieve in Injective, it was inevitable that we needed to think of another way to draw liquidity into the ecosystem.
- Injera is a critical component of this strategy. It is not coincidental that Injera is specifically designed to complement and enhance the DojoSwap ecosystem via revenue shares, GEM multipliers for our assets which is huge especially for the DAOJO Treasury, and more.
- Our efforts are aimed at creating synergies between the two to ensure long-term sustainability and growth for the DojoSwap ecosystem and for Injective. With that, high-quality launchpads and builders will be naturally attracted based on the depth of liquidity in our ecosystem. This will attract more builders / dapps on Injective, leading to a thriving Dojoswap Dex with more fees and thus eventually more buybacks of DOJO.
The team has mentioned many times Injera is a critical component. Is the launch currently on track?
- Yes, the Injera launch is on track.
- That said, this question is close to our hearts. When we initially scoped Injera out, we planned for a much faster execution timeline.
- However, the reality is that off-chain matters such as market making, algo bots, setting up of custodians, linkage with cexes like binance, okx etc, took longer than we anticipated. And the community suffered as a result. We are disappointed in the outcome but are hopeful for the upcoming launch.
- More on this will be announced in a detailed article next week which includes milestones we have achieved and milestones we’re looking to achieve as we head toward the full launch of Injera.
With the recent DAOJO staking issue, what steps are being taken to ensure events like this do not happen again?
- The exploit was due to a vulnerability in our staking contract, which we have since patched.
- We took less than 1 hour to react to and get a handle of the situation. Once we found out, we immediately conducted a thorough security audit and implemented additional safeguards such as testnet deployments even for straightforward contracts like pools and having SCV perform checks on us.
- Moving forward, we will enhance our security measures, conduct regular audits, and improve our incident response protocols to prevent such issues.
- That said, we understand this vulnerability cost users quite a bit and we apologise for the emotional journey that we have put you guys through while also remain thankful for the community that stayed and trusted in us.
- Since then, combined with the introduction of DERF and then returned funds from the exploiters. we have done buybacks north of $500,000 USD in $DOJO and $400,000 $DAOJO.
- Our focus right now is to make sure our existing protocols are functioning well, so to ensure they are not neglected.
Do you have a marketing strategy in place to boost the ecosystem’s visibility? And, wen marketing?
- Yes, we have a marketing strategy but the best marketing tool is still price action and community. We acknowledge that both have been lacking in recent weeks and apologise for that. Moving forward, we’ll do better through more formal and planned communications as well as the continued addition of funds into DERF.
- Moving forward, we will do better through more formal and planned communications as well as the continued addition of funds into DERF — goal is to have at least $1,000,000 USD in DERF with major token assets like INJ or even USDT tokens while continuously doing buybacks
What are the immediate plans to boost the DOJO ecosystem?
- Plans have been detailed in the article but as a quick recap, our immediate plans include launching Injera and integrating its liquidity synergies into DojoSwap along with launching bonding utilities, enhancing promised token utilities, and continuing our journey on promises such as CEX listings and influencer partnerships.
Why are there fewer launchpads and community presales on the DOJO platform?
- The truth is that there is only a handful of builders in Injective. Part of attracting them is having the features in place (eg DEX, Launchpad, Token Factory) but also a big portion of having sufficient liquidity and users.
- We believe Injera solves that and is a net multiplier not only for us but for Injective and Cosmos.
- To be clear, our issue has never been in the reluctance to support projects building on Injective but the number of quality opportunities available. We’re looking forward to knowing more teams that are building on Injective. While Jutsu World has conducted a full refund, we’re anticipating a relaunch of their oversubscribed launchpad on our platform
Are you guys part of other defi teams or specifically the MMF team?
- Nope not at all. In all transparency, i was an investor in MMF long ago and participated in their activities and have seen some of their playbook that worked out well. We did draw some inspiration from them but they are nowhere near as sustainable as us.
- I’d (Sensei) like to drop a reminder here that no one-DEX protocol is sustainable in an early stage chain ecosystem. However, thats where INJERA comes in. By generating real yields, it ensures that the TVL will stick and that we will command a huge market share in the defi market.
Are you concerned about the circulating supply expansion?
- We have cut down more than 80% in emissions since inception and burnt 50% of entire supply of Dojo so far. More reduction, more burning to come.
- On top of that, the launch of Injera will help us be able to trim down outstanding dojo token supply through the buybacks coming from Injera platform revenue.
- Injera will allow dojo stakers to have hyper boosted rewards, creating scarcity in Dojo.
- TLDR; Dojo will be scarce.
In the roadmap released, some voiced concerns that not enough is being done for $SUSHI and $BABYDOJO. What is your position on that?
- We are aware of these concerns and are actively working on introducing more utilities for $SUSHI and $BABYDOJO.
- $SUSHI started as a proof of concept for 404 and we still have more planned for it — You can look at what’s happening in their telegram update and other articles.
- We know you guys hate the term “soon”, but these updates need to be sequential in order to ensure maximum impact. This is similarly the case for $BABYDOJO.
- Our updated roadmap includes specific initiatives aimed at enhancing their value and use cases within the ecosystem.
- In the meantime, DERF will stabilise prices by supporting $DOJO and ideally $DAOJO and Injera can kickstart the flywheel that will pull more liquidity in.
- Note that DOJO is paired with bbDOJO, DAOJO and SUSHI, so when DOJO price is pushed up, so will the other paired tokens.
What are your thoughts on the current DOJO price action?
- While broader market conditions are reflective of a general downtrend across the ecosystem, we acknowledge that we can do better as a team to support the price action and aid in the overall recovery of our ecosystem.
- We think that it all starts with the recovery fund and regaining the trust of you guys, our community. To that note, we are implementing strategies to stabilize and improve the price action, such as buybacks, utility enhancements, and better communication with our community.
Finally, how do you respond to claims that the updated roadmap is just another roadmap like before?
- We understand the skepticism and are committed to proving our dedication through actions. The updated roadmap is a reflection of our adapting to the market and execution conditions along with our strategic planning, and we are determined to meet our goals and deliver on our promises. We invite the community to hold us accountable and witness the progress firsthand.
With this set of questions, we hope it shows the first step in our commitment to Dojoswap 2.0, and we hope you guys see the sincerity in our statements. Along the way, please DM the samurais or the team if you have any questions and we will address it in the next update.
Now, we invite you to join us in this journey to bring Dojoswap to the next level. Dojoswap 2.0, we’ll see you there.
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/
