Yield Farming with DODO

DODO (https://app.dodoex.io/) is currently giving out 60% of their token supply through “community distribution and various incentive programs”.

The first incentive is called “Grey Parrot” and will last 21 days (September 1st - September 22nd)

140,000 blocks - 75 DODO released per block. Meaning 500,000 DODO will be handed out per day

5 pools will be incentivised which are :

  • ETH-USDC,
  • LINK-USDC,
  • LEND-USDC,
  • SNX-USDC,
  • COMP-USDC

Each pool will receive an equal amount of DODO tokens so choose the pool with the lowest liquidity!

Here’s the contracts so you can check but at time of writing they have:

DODO Pair: WETH-USDC (14m)

https://etherscan.io/address/0x75c23271661d9d143dcb617222bc4bec783eff34

DODO Pair: LINK-USDC (6.5m)

https://etherscan.io/address/0x562c0b218cc9ba06d9eb42f3aef54c54cc5a4650

DODO Pair: LEND-USDC (5.8m)

https://etherscan.io/address/0xc226118fcd120634400ce228d61e1538fb21755f

DODO Pair: SNX-USDC (5.5m)

https://etherscan.io/address/0xca7b0632bd0e646b0f823927d3d2e61b00fe4d80

0x0d04146b…1fb4388dcdbd22f

DODO Pair: COMP-USDC (4.6m)

https://etherscan.io/address/0x0d04146b2fe5d267629a7eb341fb4388dcdbd22f

So as you can see here, the COMP pool has the lowest liquidity.

STEPS TO FARM

  1. To provide liquidity for the DODO pools go to https://app.dodoex.io/ and select the pool you wish to provide for. (I’ll be using SNX for my example)

  1. Select which asset you wish to deposit (SNX or USDC), Input the amount and click confirm

  1. Clicking confirm will give you two transactions, 1 to approve, the other to stake
  2. Once the transactions are confirmed, you’ll receive DODO LP tokens. For example, if you provide SNX as liquidity you’ll receive Synthetix Network Token_DODO_LP_TOKEN_ (https://etherscan.io/token/0x5bd1b7d3930d7a5e8fd5aeec6b931c822c8be14e)

  1. To exit the pool, just click on withdraw and your DODO LP token will be burnt and tokens will be returned to you.
  2. Happy farming!

NOTE : Lockup Period: The tokens will be unlocked 14 days after DODO’s IDO, and vested linearly over the next 6 months.

NOTE : While there is no impermanent loss on DODO according to this article (https://medium.com/dodoex/why-there-is-no-impermanent-loss-on-dodo-4d82b2b532bc), there is still market risk.