The first major investment by Proximity, NEAR Protocol’s Grant DAO, is an investment in DODO, decentralized exchange. With its clean UX, powerful Proactive Market Maker algorithm, and capital-efficient liquidity, DODO will be the blue-chip DEX on NEAR SINGAPORE. Trading rewards: 2 DODO tokens per eligible trade, up to 125 DODO/day. NEAR rewards: $2.5m in NEAR token incentives contributed by Proximity. Ethereum-based app will be deployed onto the network, through EVM compatibility and scaling solution Aurora. Over $7.5 million in funding for incentives on Aurora will be contributed by Proximity Labs, via its $350 million dollar DeFi grants DAO.
These incentives will include: $5M liquidity mining campaign: DODO and NEAR token rewards given to liquidity providers (LPs) for select trading pairs. Trading rewards: 2 DODO tokens per eligible trade, up to 125 DODO/day. NEAR rewards: $2.5m in NEAR token incentives contributed by Proximity. The first phase of these reward programs will be available for distribution from the time the pools go live at 11:59PM EST on December 26, 2021, until 11:59PM EST on January 25, 2022. The pools for which liquidity mining rewards will be distributed with 0.1 DODO tokens awarded per Aurora block are: USDT/USDC The following liquidity pools will have rewards of 0.1 DODO tokens and 0.007 NEAR tokens awarded per Aurora block: DODO/USDC There will also be an allocation of DODO and NEAR tokens to the DODO Incubator Fund, specifically for funding new projects on Aurora and NEAR. These tokens will provide liquidity mining incentives in the initial launch phases of these new projects. This unique investment partnership has big implications for DODO’s growth in the near future, says Diane Dai, CMO of DODO:
“We at DODO are honored to have our Aurora deployment be selected as Proximity’s first major investment venture. With this ambitious funding and DODO’s unique ‘blue chip’ advantage on Aurora, we are more prepared than ever to bring market-leading liquidity to as many people as possible”
The DODO platform is a decentralized exchange powered by the Proactive Market Maker algorithm. It features highly efficient liquidity pools that support single-token provisions, reduce impermanent loss, and minimize slippage for traders.
The NEAR Protocol is a Proof-of-Stake (PoS) blockchain that is intended to be a community-run platform to host decentralized applications, but with unique sharding technology designed to make it much cheaper to use and more scalable. NEAR runs in concert with Ethereum, Polkadot, Cosmos, and more, allowing for the free flow of assets and communication between networks
Also NEAR integration with TERRA the UST stablecoin it was made possible by a partnership with NearPad, a DeFi gateway that runs on the Aurora platform and Rose. The team behind Terra believes it can strengthen the adoption of its stablecoin, UST, and increase liquidity on both the NEAR and Aurora platforms. Users will be incentivized to participate and to provide liquidity for the stablecoin on these two separate ecosystems. In that sense, users will have several new use cases that will be able to leverage including moving assets from Aurora to Terra or any other compatible blockchain. Co-Founder of NEAR Illia Polosukhin said:
“NEAR has been built for simplicity, security and scalability. Stablecoins like UST provide a simple interface to store value and interact with apps which need to use a stable unit of account”