In this tutorial, we are going to explain the steps you need to take in order to stake DODO.
DODO is the token from the DeFi protocol DODOEx that serves as a decentralized exchange platform and aggregator. 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.
You can check out more information about DODO here.
Prerequisites:
In order to stake DODO you need to have a wallet compatible with Ethereum Network. After getting your hands on Dodo by participating in the liquidity pools or simply by buying it on the market this is what you need to do:
Step 1 – Select Ethereum Mainnet on your wallet and Go to their Exchange at https://app.dodoex.io/
Step 2 – Press the Mining tab and then vDODO
Step 3 – Click on Mint vDODO and accept Terms of Service
Step 4 – Approve DODO spend limit
Step 5 – Select the number of tokens you want to stake in order to get vDODO and press Mint
Conclusion
By following these steps you will start staking DODO and receive not only part of the trading fees of their protocol from three different blockchains (Ethererum, Binance Smart Chain and Polygon); your respective share of 6 DODO per block and the Exit Rate Fee.
However, don’t forget that when you want to redeem your DODO tokens, you will need to pay a fee that will be calculated according to the current market conditions of using statistical measure called the DODO Loyalty Index (DLI), defined to be (number of vDODO in circulation * 100) / DODO in circulation) in order to disencourage holders from redeeming their vDODO and selling their DODO.
If you want to redeem, you just need to click on the Redeem tab, and press the yellow Redeem Button just like the picture below
Staking Rewards wishes you a Happy Staking!