Are you tired of earning meager returns on your crypto holdings? Do you want to put your DODO tokens to work and earn rewards that can compound over time? If so, you’re in luck, because staking your DODO tokens could be the solution you’ve been searching for!
One example of the potential rewards of staking DODO comes from the launch of the platform’s V2 protocol in December 2020.
By providing liquidity to the DODO-USDT liquidity pool and staking their DODO tokens, users were able to earn a good share of the trading fees generated by the pool.
This case study demonstrates the incredible earning potential of staking DODO.
In this article, we’ll dive into everything you need to know about staking DODO, from the basics of the platform’s protocol design to advanced strategies for maximizing your rewards.
We’ll also provide real-world case studies and insights from expert stakers to help you make informed decisions and earn more with your DODO holdings.
So, whether you’re a beginner looking to get started with staking or a seasoned investor seeking to level up your crypto portfolio, this article is the ultimate guide to staking DODO and earning rewards like a pro
Introduction
Staking is an attractive option for investors who believe building wealth is a gradual process. And when it comes to staking, DODO is a decentralized exchange (DEX) that offers unique features and potential rewards for investors.
DODO’s Proactive Market Maker (PMM) algorithm, customizable liquidity pools, and low slippage rates make it an appealing platform for traders of all levels.
Staking DODO involves contributing to the liquidity of its trading pairs, and in December 2020, DODO launched its V2 protocol, which offered exciting new features and rewards for investors.
During the launch, users who provided liquidity to the DODO-USDT liquidity pool and staked their DODO tokens were able to earn a share of the trading fees generated by the pool.
This case study highlights the potential rewards of staking DODO and shows how the platform continues to evolve to benefit investors
How to stake DODO tokens
To get started with staking DODO,you will need to pick the DODO staking platforms that best fit you.
Platforms To Stake DODO
Centralised Exchanges: These are cryptocurrency exchanges that operate through a central authority. Examples of Cex that support DODO staking include Binance, Gate.io, and OKEx.
Pros: Easy to use, high liquidity, and no need to worry about managing private keys.
Cons: Users do not have full control of their funds, and there is a risk of exchange hacks or shutdowns.
Recommend: For Beginner
Defi Lending Protocols: These aredecentralised platforms that allow users to lend and borrow cryptocurrencies. Such as DODO
Examples include Compound and Aave.
Pros: Decentralised and transparent, and users have full control of their funds.
Cons: Can be complex for beginners, and lower liquidity compared to centralised exchanges.
Recommend; Intermediate/Advanced
Custodial Providers: These are companies that offer custody services for cryptocurrencies. Examples include BitGo and Coinbase Custody.
Pros: High level of security and insurance, and suitable for institutional investors.
Cons: Higher fees and lower flexibility compared to other staking platforms.
Recommend: Advanced
DODO Exchange: This is the official exchange of the DODO protocol that offers staking and liquidity provision services.
Pros: Easy to use, no need to worry about managing private keys, and rewards for staking are paid in DODO tokens.
Cons: Lower liquidity compared to centralised exchanges
Recommend: For Beginner
How to stake DODO using DODO protocol
Step 1: Settings up wallet.
Setting up a wallet is the first step towards staking DODO tokens. There are various types of wallets available, including hardware wallets, software wallets, and web wallets.
Hardware wallets are considered the most secure as they store private keys offline.
Software wallets are digital wallets that store private keys on a device, and web wallets are online wallets that are accessed through a web browser.
For staking DODO, it is recommended to use a web wallet or software wallet as they are more convenient.
Some of the wallets that are compatible with DODO include MetaMask, Trust Wallet, and Ledger Live.
Here are the step-by-step instructions for setting up a wallet to stake DODO:
Choose a wallet: Choose a compatible wallet, such as MetaMask, Trust Wallet, or Ledger Live.
Create an account: Follow the instructions to create an account and set up a password.
Save your recovery phrase: Write down your recovery phrase in a secure location as it is necessary to restore your wallet if you lose access to it.
Fund your wallet: Transfer funds to your wallet by purchasing DODO tokens from a cryptocurrency exchange or transferring them from another wallet.
Step 2:: Acquire DODO.
Once you have set up your wallet, the next step is to acquire DODO tokens. DODO can be purchased on a variety of reputable cryptocurrency exchanges or through swapping with another tokens using the DODO swapping protocol.
Here are some popular exchanges where you can buy DODO:
Binance: Binance is one of the largest cryptocurrency exchanges in the world. It offers a wide range of trading pairs and has a high trading volume.
To buy DODO on Binance, you first need to create an account and complete the necessary verification procedures.
Once you have done that, you can deposit funds into your account and use them to buy DODO.
Gate.io: Gate.io is another popular cryptocurrency exchange that offers DODO trading.
Like Binance, you need to create an account and complete the necessary verification procedures before you can start trading on Gate.io.
BitMax: BitMax is a newer cryptocurrency exchange that has quickly gained popularity among traders.
It offers a user-friendly interface and a wide range of trading pairs. To buy DODO on BitMax, you first need to create an account and complete the necessary verification procedures.
Once you have chosen an exchange to buy DODO on, the next step is to Visit the exchange official App or website.
For the purpose of illustration, we will be buying DODO in this article via Binance .
Here are the steps for buying DODO on Binance exchange:
Create a Binance account: Go to the Binance website and click on the “Register” button to create a new account. Follow the prompts and complete the verification process.
Fund your account: Deposit funds into your Binance account using a supported cryptocurrency or fiat currency.
Navigate to DODO: Once your account is funded, navigate to the DODO trading page by clicking on “Trade” in the top menu.
Buy DODO: In the DODO trading page, locate the DODO trading pair that you wish to buy.
For example, if you want to buy DODO with USDT, find the DODO/USDT trading pair. Then, place a buy order by entering the amount of DODO you want to buy and the price you’re willing to pay.
Alternatively, you can place a market order at the current market price.
Withdraw your DODO: Once your DODO purchase is complete, since we are not planning on staking DODO using the Binance platform, we shall proceed with withdrawing the DODO tokens to a wallet that that we have set up.
Be sure to follow the withdrawal instructions carefully and double-check the wallet address to ensure that you are sending your DODO to the correct address
Virtual illustration
Step 3 Connect Your wallet to DODO protocol
Connecting your wallet to the DODO protocol is a straightforward process. Here are the steps to follow:
1.Go to the DODO exchange website at https://app.dodoex.io/.
2.Click on the “Connect Wallet” button on the top right corner of the page.
3.A pop-up will appear with a list of compatible wallets. Choose the wallet you set up earlier and click on it.
4.The website will prompt you to give permission for the wallet to connect to the DODO protocol. Click “Connect” to proceed.
Once your wallet is connected, you should see your wallet address on the top right corner of the page.
Virtual illustration
Congratulations! You have successfully connected your wallet to the DODO protocol
Stake 4: Proceed to Staking DODO.
There are two ways to earn DODO in the DODO protocol:
- Stake DODO Tokens also know as Mining
- Providing Liquidity to DODO-USDT Liquidity Pool
Providing Liquidity to DODO-USDT Liquidity Pool
To add liquidity to a DODO liquidity pool, follow these steps:
1.Click on the “ADD LIQUIDITY” button under the “Earn” tab and select the liquidity pool you wish to add liquidity to. You can either search for a pool by tokens or by address.
2.Set the slippage tolerance before depositing your funds by clicking on the gear button at the bottom right of the “Add Liquidity” dialog. The default slippage tolerance is 3%, but you can customize this percentage or choose the Auto mode.
3.Authorize and add funds by double-checking if the pool supports single-sided or double-sided provision before clicking “Add”. Confirm the transaction in your wallet to complete the deposit.
Note that you need to give DODO permission to access the token you want to deposit in your wallet by clicking “Approve” for the first time.
View your liquidity positions by going to “Liquidity” -> “Your Liquidity” after successfully adding liquidity on DODO.
Withdraw your liquidity anytime you want
Virtual illustration
Stake DODO Tokens also know as Mining
Before you can access the staking feature,
First, you will need to provide Liquidity via Liquidity pool of the asset you would like to stake
You will be awarded the Lp tokens of the asset you provided.
Once you completed the above step, you can now proceed to
1.Choose a trading pair from the “Earn” -> “Mining” -> “Active” page.
2.Click on the button for the token you want to stake.
3.Click “Approve” on the Mining page to give DODO permission to access the LP tokens.
4.Click “Stake” and confirm the transaction in your wallet app to start mining.
Unstake your LP tokens on the Mining page and withdraw your funds on the Liquidity page to withdraw your assets.
Benefit of DODO staking
Staking DODO allows you to earn passive income in the form of rewards from the liquidity pool. Plus, by staking, you’re helping to increase the platform’s liquidity, making it easier for traders to buy and sell assets.
But wait, there’s more! DODO also rewards long-term holders with increased rewards, which means you get extra incentives for holding your DODO tokens for longer periods. It’s a win-win situation!
Still not convinced? Let me give you some popular institutions investing in DODO.
The Blue Whale Foundation staked DODO tokens and earned a whopping 29.1% annualized return on their investment while increasing their DODO holdings by 50% in just three months! And DeFi Capital used a dollar-cost averaging strategy to earn a 20% return on their investment over six months by staking DODO tokens.
Expert traders and investors also recommend staking DODO for its high APY and ease of use.
They advise diversifying across different trading pairs to minimize risk and maximize rewards. So what are you waiting for? Start staking DODO and watch your money grow!
How To Stake DODO |Conclusion
Congratulations, you made it to the end! Let’s quickly recap the benefits of staking DODO and the rewards available. By staking your DODO tokens, you can earn passive income, increase the liquidity of the platform, and enjoy incentives for long-term holding.
We’ve also explored some fascinating case studies, where the Blue Whale Foundation and DeFi Capital were able to earn impressive returns on their investment by staking DODO tokens in various trading pairs.
Now, keep in mind that to be a successful staker, it’s crucial to stay up to date with platform updates and developments. This will enable you to adjust your strategies and maximize your rewards.
So what are you waiting for? Get started with staking your own DODO tokens today and take advantage of the benefits that come with it. Don’t forget to share your experiences and strategies with others in the staking community. Happy staking.
How To Stake DODO|Frequently Asked Questions
What is staking on DODO?
Staking on DODO refers to depositing DODO tokens into a liquidity pool to provide liquidity to the platform and earn rewards.
How do I stake DODO on DODO?
To stake DODO on DODO, you need to choose a trading pair, obtain LP tokens by adding liquidity, and then approve staking on the Mining page. After that, click “Stake” and confirm the transaction in your wallet app.
How much can I earn from staking DODO on DODO?
The amount you can earn from staking DODO on DODO varies depending on the trading pair and the amount of liquidity you provide. Generally, the higher the liquidity and longer the staking period, the higher the rewards.
Is I stake DODO on DODO safe?
Staking DODO on DODO involves risk, as with any investment. However, DODO has implemented various security measures to protect users’ funds, including smart contract audits and insurance.
Can I unstake my DODO tokens at any time?
Yes, you can unstake your DODO tokens at any time. However, there may be a cooldown period before you can withdraw your funds.
Do I need to hold DODO tokens to stake on DODO?
Yes, you need to hold DODO tokens to stake on DODO, as they are used to provide liquidity to the platform.
Can I stake DODO on other platforms?
Yes, DODO tokens are listed on various decentralized exchanges, and you can stake them on those platforms as well. However, the rewards and risks may vary.
