$oneDODO: A stable asset for Web 3
TL;DR
- ICHI has deployed the $oneDODO stablecoin
- DODO will provide an initial deposit to the community treasury of $500k
- Initial minting ratio will be set to 90% ($0.90 USDC + $0.10 DODO to mint 1 $oneDODO)
- ICHI will provide at least $500k in $ICHI rewards to the incentivized pools on DODO via the DODO joint liquidity mining capability.
- Up to $500k worth of $DODO will be allocated to the incentivized pools.
ICHI has deployed a Decentralized Monetary Authority (DMA), a DAO customized for managing a stablecoin, for the DODO community to manage $oneDODO. The stablecoin managed by the DMA is: capital efficient, collateralized, community governed, and yield bearing. $oneDODO, a USD denominated base asset, will enable the DODO AMM to become one of the most used in Web 3. A USD denominated base asset for the protocol, instead of ETH, can drive higher arbitrage volumes and earn more fees for the AMM.
What is DODO?
DODO is a decentralized exchange platform powered by the Proactive Market Maker (PMM) algorithm. It features highly capital-efficient liquidity pools that support single-token provisions, reduce impermanent loss, and minimize slippage for traders. The trading platform offers Crowdpooling, a permissionless, equal opportunity liquidity offering mechanic, as well as customizable technical solutions geared towards professional on-chain market makers.
Where can I get $DODO?
You can swap for $DODO with the DODO Dex. LINK
How do I mint $oneDODO?
You can mint oneDODO on ICHI by providing part $DODO and part $USDC. You pay exactly $1 of value for each $oneDODO.
The initial Minting Ratio is 90% $USDC, 10% $DODO.
How do I redeem $oneDODO?
You can redeem $oneDODO on the ICHI application for $USDC. You will receive exactly $1 of value (less a 0.45% redemption fee) for each $oneDODO.
How do I earn rewards with $oneDODO?
$oneDODO will not be available for ICHI deposits, instead users will get dual liquidity mining rewards in $DODO and $ICHI for providing liquidity for incentivized oneDODO pools on the DODO DEX.
How to Mint $oneDODO in 5 Steps:
Step 1: Connect your wallet at app.ICHI.org (top right).
Step 2: Enter the Mint page from the side-bar.
Step 3: Enter the Amount you wish to mint.
Step 4: Approve and Confirm an Ethereum transaction for both the 10% $DODO and 90% USDC being used to mint $oneDODO.
Step 5: After you’ve approved both transactions you can go ahead and click the Mint button… Success!
How to Add Liquidity & Stake on DODO in 7 Steps:
Step 1: Go to the DODO Provide Liquidity page.
Step 2: Connect your wallet.
Step 3: Continue through the Risk Disclaimer.
Step 4: Enter the amount of $oneDODO + USDC you’d like to pair.
*note the proportion for double-sided token provision
Step 5: Approve the transaction then click Add Liquidity.
Step 6: Go to the Provide Liquidity for Trading Pairs page.
Step 7: Approve the transaction and Stake your LP position.
Success! You have minted $oneDODO, provided liquidity, and staked your LP tokens!
