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Crypto is a mark of innovation, a move away from the stasis decay. Funny enough, before the concept of blockchain and the demonstration of Bitcoin, the traditional finance system had been using the same rails with minor upgrades for over 30 years.

With crypto and Bitcoin came smart contracting and now decentralized finance, simply DeFi. The asset class can be traced back to the emergence of dApps in 2017, with only a few projects ambitious to cause a paradigm in finance. Fast-forward three years later, and DeFi protocols lock a whopping $27 billion in Ethereum alone.

What is DODOEx?

Of this, there is DODOEx, a token swapping protocol with an innovative order matching algorithm. Most people think of DEXes and Uniswap, DyDx, and others come to mind. However, DeFi and swapping dApps are diverse and have various mechanisms to address identified loopholes.

But what exactly makes DODOEx different? After all, it is a trustless swapping protocol running in Ethereum. Why not use Uniswap instead?

This lies in their main objective and their ways of ensuring liquidity providers have a fair deal.

DODOEx is an on-chain liquidity provider on Ethereum that uses the Proactive Market Maker algorithm (PMM) for on-chain, fast contract-fillable liquidity for everyone.

DODOEx

PMM leverages price oracles for accurate market prices as input and aims to provide enough liquidity near the market price of any listed asset ensuring the constant provision of liquidity.

The community will eventually control this protocol via three DAOs:

  • The Admin DAO is the absolute mediator of all issues.
  • The Risk Control DAO supervises and deals with all risk-related events.
  • The Earn DAO to distribute revenue to the maintainer.

The Admin and Risk DAOs both have A-level authority. That is, they can freeze transactions. However, all actions of the Admin DAO must go through a complex governance process.

Why DODOEx?

From this, three things emerge:

  1. DODOEx is on-chain (like Uniswap) and community-owned.
  2. It uses a new order matching and filling mechanism different from mainstream LP called PMM.
  3. Their contract-fillable liquidity translates to fast and more efficient price discovery comparable to centralized exchanges.

Because the DEX exists on-chain, it also means smart contracts can leverage DODOEx’s liquidity to complete actions such as auctions and liquidation.

Extrapolated, it also means DODOEx accepts LP’s assets, often near market prices, to provide sufficient liquidity while incorporating oracles. The aim? To reduce counterparty risks for LPs by dynamically adjusting market prices to encourage arbitrageurs to step in (and profit), stabilizing LP portfolios.

Subsequently, there emerge several benefits for swappers (users). One is that there is low slippage. Second, there is single asset exposure without minimum thresholds—yes, no pair tokens. Third, there is minimum impermanent loss—that is, losses due to opportunity cost.

With the attraction of low IL and single-asset exposure complete with incentivization for liquidity providers, Liquidity Providers (LPs) can create trading pairs with their tokens without paying listing fees, as would have been the case in CEXes.

Additionally, they can obtain additional liquidity by depositing their tokens without taking on price risks.

Furthermore, from the DEX, projects can crowd-fund through the Initial DODO Offering (IDO) the platform creators describe as a new approach to token issuance.

As mentioned earlier, crowd-funding via IDO is free.

Projects seeking to raise funds have to set the oracle’s price to a constant—that is, the initial offering price, and begin their crowd-funding.

Single-Asset Exposure and Impermanent Loss Mitigation

All they need is their token (an ERC-20 compliant asset is sufficient). Because DODOEx’s PMM eliminates the need for a quote token, all the project needs to do is launch a pool and deposit their token therein.

DODOEx's PMM

The PMM creates the ask side with its depth based on the number of tokens deposited. Buying activity causes the price to rise as the quote token flows into the pool. It is this the influx of quote token inflow that builds the bid side depth.

This benefits the issuing project in several ways:

  • The initial offering price is set without capital requirements.
  • There is sufficient and contract-fillable liquidity.
  • Parameters can be filled as per the issuer’s requirement.

However, basing on the above developments and exciting architecture, it is natural for people to inquire how the protocol balance’s its pool.

This is easy.

Take, for example, the ETH/USDC pool in DODOEx.

The pool is open for everyone, and tokens can be swapped.

DODOEx charges a 0.3 percent ETH as transaction fees for buyers of ETH and 0.3 percent as transaction fees for USDC sellers in USDC with a dynamic adjustment through better incentives (ROI) and arbitrageurs to balance out temporary discrepancies.

Accordingly, this adjustment ensures maximum liquidity near the market price, translating to low slippage. This explains why DODOEx’s trading volumes are consistently above $5 million.

DODOEx Tokenomics and Distribution

DODO is an ERC-20 governance token for the DODO decentralized exchange.

There are 1 billion DODO tokens as total supply distributed as follows:

  • 600 million for community incentives
  • 80 million reserved by DODOEx Foundation for marketing and other operations
  • 10 million for IDO—circulated immediately after crowd-funding
  • 150 million for the team and advisors
  • 100 million for private round investors
  • 60 million for seed round investors
DODO Tokenomics

The token began trading on Oct 1 with an opening price of $0.53, sinking to $0.15 on Dec 23 before rallying to $1.8 on Feb 1.

DODO Price Action

From listing to early Feb 2021, the ROI in USD terms is 3.3X.

The token is currently trading at $1.78 with a $59.1 million market cap, with slightly more than 33 million DODO tokens in circulation.

Besides DODOEx, the token is available for trading at:

  1. Uniswap V2
  2. MXC Exchange
  3. Gate.io
DODO Markets

There are 11 DODO markets, but pairs at the above exchanges have better liquidity.

Short-term Catalysts

  • DODO is up 3.3X in four months, with ballooning liquidity suggesting interest from investors and more utility.
  • The platform is already one of the largest DEXes in DeFi by monthly trading volumes.
  • Trackers are beginning to take note. Coingecko already provides analytics tools pointing to interest from users and the investment community.
  • The DEX is easy to use with an attractive user interface. Together with their offerings—including Gas rebates, it explains the high Twitter following of over 10k.
  • DODO also has a wallet integration with WalletConnect and Portis for easy-of-use.
  • DODO has been listed by one of South Korea’s largest cryptocurrency exchanges—Coinone.
  • Already—outside of Uniswap V2, the token is available for trading at several CEXes, including MXC and Gate.io.
  • The Project is a working solution; solving the impermanent loss project that analysts say is mainly due to the inefficient AMM project. DODOEx’s PMM means providing liquidity without risks of loss due to impermanent loss (IL).
  • The DEX already manages over $27 million in TVL but with better capital efficiency and single-asset exposure.
  • Liquidity Mining will go live in early February 2021.
  • More pairs are being added, with the latest being SNX and more.

Long-Term Catalysts

  • Through the sophisticated PMM, swappers can exchange tokens with low slippage and comparatively lower Gas fees—ETH is in a bull market and explains the abnormally high Gas fees.
  • With backing from Binance Labs, Alameda, Coinbase Ventures, Three Arrows Capital, and Pantera Capital (a serial crypto investor), sooner or later, there will be even liquidity for DODO once listed on Binance and Coinbase.
  • With a resolution of IL, institutions can enter the DeFi market knowing that their funds are secure.
  • From its IDO, where projects can issue tokens for free, CrescoFIN—a Swiss regulated equity token launched and currently sits with over $11 million on the DODO platform.
  • ShuttleOne is also listing on DODOEx.
  • DODOEx version 1.5 was released in December 2020. It introduced Smart Trade—which has custom routing algorithms, integrating with 0x and 1inch APIs. Others include improvements in price charts, activation of pending transaction tracking, and more advanced trading settings.
  • Peckshield and Trail of Bits audited DODOEx smart contracts. Besides, they run a bounty program for white hackers.
  • The DEX continues to develop and will soon launch V2 with better features, including a super aggregator for other DEXes, crowd pooling (without bots meaning fair launches), enabling minimal capital requirements, and customized market making. V2 also supports an infinite number of liquidity pools. Private V2 invites to go out soon; contracts are out.
  • WSB, the Reddit group behind the GME pump, is already crowd pooling via DODOEx.
  • Already DODO Staking is live.
  • DODOEx also launched the Vending Machine easing token distribution and market-making, a useful platform for community-driven projects.
  • The exchange has partnered with Chainlink, the world’s leading decentralized oracle provider, translating to security and confidence. DODOEx also partnered with Wootrade—a network dedicated to providing diversified liquidity and trading infrastructure.
  • DODO has been integrated by Zapper.fi on their exchange portal because it has one of the best rates in the sphere.

There are many considerations a trader ought to make before diving in. Experience matters. But it won’t count if the features of the selected trading platform are not up to par with expectations. 

At the end of the day—and admittedly, a trader gets in with the hopes of making money. And that means risking setting up plans of events such as security breaches–which has resulted in billions of dollars worth of crypto assets disappearing, or the platform offering the asset but falling short on liquidity.

A study by BitWise revealed that the crypto scene is plagued by a range of factors including security features, insufficient customer support, liquidity problems, high withdrawal fees, complex user interface, and for the better part, the absence of desired crypto pairs. On top of this, they showed that most crypto exchanges were deliberately inflating their trading volumes through wash trading.

Depending on the type and methodology employs, the lack of liquidity or inconsistency of price uniformity means problems that demand, first, a change of strategy, and second, a re-assessment of the methodology since price charting is vital during analysis.

What is the Orion Protocol?

The Orion Protocol solves these nagging problems thereby improving user experience. 

At the core, Orion is a liquidity aggregating protocol and billing itself as a universal gateway to the crypto market. It is where a trader can confidently trade across chains, since they enable Omni-exchange accessibility, and crucially—liquidity. 

The Orion Protocol brings the best features as a customized brokerage platform for convenience to the trader, and flexibility and resourcefulness for the algo developers as spreads are kept low. 

With this, the Orion protocol is an interoperable blockchain platform that combines the best features of traditional crypto exchanges, brokers, and instant trading applications. As such, the Orion Protocol simply solves some of the largest protocol in the emerging decentralized finance (DeFi) space by aggregating liquidity from the crypto market in one decentralized, secure, and easy-to-use platform.

From its whitepaper, Orion says their platform is built around a liquidity aggregator that draws liquidity from mainstream crypto exchanges—decentralized and centralized, for the best price discovery. 

Overly, this improves user experience but Orion goes a step further and tops this with high-grade security, high reliability, and flexibility, attractive for all cadre of traders.

Orion will be operable from three blockchains: Elrond, Holochain, and Wanchain. This way, a user regardless of his/her allegiance can take advantage of all the technical advantages on offer, creating a network effect of corresponding crypto communities.

The main features of the Orion Protocol are:

  • A Liquidity Aggregator: An order-matching engine tailored specifically to present the best of both worlds to a trader seeking for low spreads and instantaneous execution. By drawing liquidity from several exchanges, the trader enjoys the best spreads and this is passed as savings to the user.
  • An internal price matching machine: The Orion Protocol DEX–once the number of users increases will match prices on a peer-to-peer basis. Gradually, the platform will be de-linked from third-parties.
  • A Non-custodial wallet translating to improved security

Ultimately, the goal of the Orion Protocol is to build a combined platform that connects blockchains and exchanges via its Delegated Proof-of-Broker of which the ORN utility token is integral. With the end-user on focus, the objective is not only to create inter-connectedness between different blockchains but to improve liquidity for better trader experience.

The Orion Protocol offers the following products:

Orion Protocol Products
  • A Trading Terminal: where traders and investors can search for the best spot prices.
  • A portfolio management application for general asset performance tracking and subsequent re-balancing
  • A dApp store where a user can buy ORION-based products and trading signals from independent developers.
  • An Enterprise trade which is a portal where partnering firms can integrate with their applications/products. The Liquidity Boost Plugin gives immediate access to the liquidity and volume of all the exchanges in the market.
  • A DEX launcher from where DEXes can be launched and liquidity drawn from the Orion ecosystem.

The Team

Combined, the team is made up of six core members and seven advisors.

Orion Protocol Team

They are:

Alexey Koloskov,—The CEO responsible for the development of front-end and back-end parts of the Orion Protocol. Before this, he worked for Waves and was part of the team that created its DEX.

Yanush Ali is the Chief Strategy Officer. He was also the founding partner of Next Block Group—an investment platform that focuses on the relationship between developed decentralized base layer protocols and established enterprises.

Timothea Horwell is the Chief Marketing Officer. In the past, she worked as the Head of Research and Marketing at Telefonica.

Nail Fakhrutdinov is the Lead Backend Developer.

Advisors are:

David Atkinson, the core masterminds at Holo.

Matt Jones, the client partner at Accenture.

Brad Townsend, the founder of Latitude Services.

Oliver Birch, the VP Communications and Growth at Wanchain

Partners

CertiK which audited their smart contracts and core modules. Their Elrond, Holochain, and Wanchain—as Orion promotes blockchain interoperability, and Plutus DeFi who ensure additional yield for stakers.

Orion has also joined hands with MakerDAO, Celsius, and Swissborg, forming is the founding member of WeWork’s Blockchain Labs incubator.

ORN Tokenomics and Distribution

ORN is the platform’s ERC-20 token designed to have deep utility within the Orion Protocol’s broad ecosystem. It is integrated into every transaction and will be used as the main currency within the protocol.

The token is used for:

  • Discounted trading
  • A holder gets access to advanced features
  • There is priority access for holders
  • Used for payment in the platform’s dApp marketplace.
  • Staking returns

With the token sale scheduled for the second week of July 2020, it marks the first time when a Dynamic Coin Offering (DYCO) by DAO Maker is employed in a public token sale. 

In this arrangement, each ORN token purchased will be backed by the USD for up to 16 months after the Token Generation Event (TGE). During this time, the token circulating supply cannot increase. 

The project development team will be held accountable since if the investor is not satisfied with their performance, they can opt-out, penalize the team, and get refunded. The team plans to return 80 percent of the raised funds to DYCO participants through refunds.

The ORN token sale plans to raise anywhere between $690k to $3.45 million through private and public sales. Each token will be sold at $0.10 during the token sale and total supply capped at 100 million. Accepted coins are ETH and USDT. Investors from the U.S. can’t participate in the token sale.

ORN tokens will be distributed as follows:

  • 45 million will be availed for public investors
  • 24 million to the Orion Foundation
  • 12 million for the team
  • 13 million for marketing
  • 6 million for advisors/partners

The initial circulating supply of 6.15 million started trading today on Uniswap DEX and later today on Bitmax.

Short-Term Catalysts

  • The team is experienced and the CEO has already built a successful DEX as part of the Waves blockchain team. Besides, the entire team is experienced with the marketing lead specifically tagging experience from Telefonica.
  • Although at an early stage, the Orion Protocol has partnered with established projects. Their deal with CertiK guarantees smart contract security.
  • Orion has a fixed supply but through refund opportunities, employing a diminishing supply coupled with unrivaled token utility, they plan to strategically remove ORN tokens from circulation. The scarce ORN tokens become, the higher the price.
  • A successful launch of the private mainnet in Q3 2020 together with the punctual release of the Orion Enterprise Trade Widget will be a net positive for ORN price. Already, the Orbit TestNet enters the second phase of testing with a 10,000 USDT Bug Bounty program for the most intricate bugs.
  • With the launch of the Orion Protocol, there is convenience and a trader need not hop from one exchange to the next. For instance, the Orion Terminal has familiar elements though with high capabilities as they bring together centralized and decentralized exchanges into one place. 
  • There will be thousands of crypto pairs (ERC-20 tokens and from other blockchains) availed with deep liquidity. 
  • Already, BitMax is their inaugural broker. They are the first of the many exchanges, market makers, and OTC desks the DeFi platform plans to sign.
  • Once the token is listed at any exchange, prices are likely to pump given the project’s ambition and their goal of revolutionizing trading and governance. There is a potential listing at KuCoin.

Long-term Catalysts

  • Immediate demand for ORN is expected once the protocol begins deploying liquidity aggregation and DeFi products on the Elrond Network mainnet. As per their statement, their immediate focus will be on the Orion Terminal, the Ethereum Bridge, and MetaMask integration.
  • Traders are in full control of their wallets and from a single exchange, they can buy signals or other products from the broad ORN-powered ecosystem. The more users, the higher the demand. This translates to higher prices.
  • With the increasing popularity of DEXes, the Orion DEX kit makes it possible for people/firms to launch DEXes at different blockchains with promised assess to high liquidity from Orion’s system. The listing fee will be paid in ORN and so will be trading fees.
  • There are 13 revenue streams as the ORN token is deeply entrenched and is the center of all the products the team is trying to build. This brings about immediate sustainability and guaranteed demand.