DODO is the token from the Defi protocol DODOEx that serves as a decentralized exchange platform. They propose a new innovative mechanism called Proactive Market Maker (PMM) algorithm instead of the typical Automated Market Makers (AMM), with the goal of being more capital-efficient for the liquidity pools that support single-token provision, to reduce impermanent loss, and minimize slippage for traders.
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- How to Stake DODO?
DODO has a simple smart contract staking mechanism, that allows you to lock up DODO in the contract, and receive the vDODO membership token in return. 100 DODO = 1 vDODO
vDODO accrues in value from all revenues generated on the DODO protocol, as well as from block rewards.
The process is simple and only requires only a few clicks. Rewards are automatically reinvested (compounded).
You need to go to their website, click on Mining, then click on vDODO and use DODO to mint vDODO using, for example, your Metamask wallet.
- What are the requirements to stake DODO?
There is no required minimum to stake DODO. You will only need a few ETH in order to pay for transaction fees, interacting with the staking smart contract. This is a single transaction (~$20 depending on current GAS prices).
Please keep in mind, that you have to pay an EXIT Membership Fee when you redeem you tokens by unstaking as well.
- How much can I make Staking DODO?
When you stake DODO you will get 20% of the 0.30% fee of the trading volume of the DEX on all the networks that have native DODO pools.
If the trading volume on the DODO DEX native liquidity pools increases, your rewards as a staker will also increase. You can see the effect of trading volume on your returns, by playing with the simulation of trading volume coming from native DODO pools in the DODO staking calculator.
Besides this, you will get your proportional share of 12 DODO per block (that will get reduced to 6 DODO per Block soon) and a proportional share of the Exit Membership fees., Those are paid from users who unstake their tokens and are then proportionally distributed between stakers.
The DODO block reward is continuously applied to the Circulating Token Supply. Hence it is diluted for everyone who is not staking their DODO tokens. As a staker, you are able to hedge the dilution and earn rewards on top of that from revenue generated by the protocol coming from trading fees on native DODO pools.
- How is the Exit Membership Fee calculated?
The Exit Membership Fee varies from 15% to 5% based on the nº of vDODO in circulation.
The team introduces a statistical measure called the DODO Loyalty Index (DLI) which is the ( number of vDODO in circulation * 100) / DODO in circulation.
With this in consideration:
If DLI is higher than 0.5, the exit fee rate will be 5%
If DLI is lower than 0.1, the exit fee rate will be 15%
If the DLI is between 0.1 and 0.5, the exit fee rate will be 17,5% – 25% * DLI
- Is there any risk to Staking DODO?
Regarding DODO we have the general risks for every staking protocol : Smart contract exploits and errors that can occur to this descentralized protocols.
Besides these, we might face token price depreciation as more tokens enter the market due to founders vesting expiration and release of new tokens through the stacking mechanism. This will not only reduce the APY as it might reduce the value of our staked tokens.
There is also a risk associated with the EXIT fee when unstaking, please consider this before staking.