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Dodo Review 2024

Autor

Alejandro Borja

Revisor

Xavier Tarrasó

Last update: 6 months ago

Our veredict

DODO is a decentralized exchange (DEX) that stands out for its unique Proactive Market Maker (PMM) protocol, offering higher liquidity and price stability compared to traditional automated market makers (AMMs). The exchange allows users to trade cryptocurrencies without giving up control of their private keys, minimizing the risk of losing funds to hacks—a significant advantage for users concerned about security. It also supports the creation of on-chain market orders without the need for an order book, enabling more efficient asset swaps. For crypto enthusiasts, especially those new to the decentralized finance (DeFi) space, DODO offers an accessible platform due to its user-friendly interface and the ability to directly interact with the blockchain while maintaining full custody of their assets. The exchange also provides opportunities for liquidity providers to earn competitive yields by contributing to liquidity pools, which could be attractive for users looking to earn passive income through yield farming.

However, DODO has some drawbacks. It is currently less well-known compared to larger DEXs like Uniswap or Sushiswap, which might affect the depth of its liquidity pools. Additionally, the platform’s reliance on smart contracts can expose users to potential risks if these contracts have vulnerabilities. For users seeking to explore the world of decentralized trading with an innovative approach to market making, DODO is an excellent choice, though they should be mindful of the associated risks with newer platforms.

Pros

Cons

4,3

Threenvest Score

Network

Ethereum

Fees

0,30%

With the confidence of Threenvest

Security Methods: DODO ensures that users retain control over their private keys when trading, minimizing the risk of asset theft. The decentralized nature of the platform inherently reduces security risks associated with centralized exchanges.

Trading Volume and Liquidity: With the PMM protocol, DODO offers high liquidity compared to many other DEXs, facilitating efficient and swift trades even for large orders, which contributes to its growing trading volume.

Reputation and Reviews: Since its inception, DODO has garnered positive feedback for its innovative PMM protocol and user-friendly interface. The platform has built a reputation for being a forward-thinking player in the DeFi space.

Withdrawal and Deposit Policies: DODO allows users to directly interact with their wallets for deposits and withdrawals, ensuring that they have full control over their funds without interference. This policy promotes both transparency and security.

Transparency: DODO operates with a high level of transparency, providing detailed documentation and open communication about its operations, updates, and improvements. This openness builds trust among its users.

Best Crypto Decentralized Exchange

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About DODO Decentralized Crypto Exchange

Introduction

DODO is a decentralized exchange (DEX) that offers a unique approach to trading and liquidity provision through its Proactive Market Maker (PMM) protocol. This innovation addresses the common issues of liquidity and slippage in traditional Automated Market Makers (AMMs), making it an intriguing platform in the DeFi landscape.

What is DODO?

DODO operates as a decentralized platform where users can trade cryptocurrencies directly from their wallets without giving up custody, ensuring a higher level of security and control. Unlike traditional AMMs, DODO utilizes the PMM algorithm to adjust prices dynamically, providing higher liquidity and reducing impermanent loss for liquidity providers.

Background and History

Launched in 2020, DODO was developed to overcome the limitations of existing DEXs by offering better liquidity solutions and price stability. The platform quickly distinguished itself in the competitive DeFi space by introducing features that allow for capital-efficient swaps, which are attractive both to traders and liquidity providers.

Founders

The brains behind DODO are Diane Dai, Radar Bear, and an experienced team of blockchain developers. Diane Dai, known for her deep insights into the cryptocurrency market, has been a prominent advocate for decentralized trading solutions. Their collective vision was to enhance the trading experience by merging the best features of existing DEXs with the innovative PMM model.

Fun Facts and Interesting Insights

PMM Over AMM: DODO’s PMM protocol uses oracles to gather off-chain pricing data, ensuring that the assets are always traded close to the market price, a notable improvement over the typical AMM model.
Rapid Growth: Within months of its launch, DODO had managed to attract significant attention and investment, reflecting the market’s demand for better liquidity solutions.

Headlines

“DODO Decentralizes Trading with Innovative PMM Protocol”
“DODO: Redefining Liquidity on DEX with Proactive Market Making”
“How DODO’s Founders Are Shaping the Future of DeFi”

DODO stands out in the crowded DEX space by effectively addressing some of the most pressing issues faced by traders and liquidity providers, such as front-running and slippage, making it a significant player in the ongoing evolution of decentralized finance.

Why Choose DODO?

DODO stands out in the crowded market of decentralized exchanges by offering unique advantages that cater particularly well to both novice and experienced traders seeking control and efficiency in their trading operations. The use of a Proactive Market Maker (PMM) protocol sets DODO apart by dynamically adjusting prices to mirror market trends more closely, which minimizes slippage and provides higher liquidity compared to traditional AMM-based DEXs. This innovative approach ensures that users get the best possible prices for their trades, making DODO an excellent choice for those who prioritize cost-effectiveness and minimal trading slippage.

Security is a paramount concern in the crypto world, and DODO addresses this by enabling trading directly from a user’s wallet, which means that funds are never held on the exchange itself. This mechanism significantly mitigates the risk of asset theft that can occur on centralized exchanges. Additionally, the DEX does not require KYC procedures, offering privacy-minded individuals an anonymous trading experience without compromising on security. These features make DODO highly appealing to users who prioritize security and privacy in their trading endeavors.

Lastly, DODO’s user-friendly interface and transparent operational framework make it accessible to beginners while still providing the advanced features that experienced traders expect. The platform’s commitment to transparency and regular updates enhances user trust. Moreover, the ability to participate in liquidity provision and yield farming offers additional avenues for users to earn passive income, further increasing the financial attractiveness of the platform. Whether you’re looking to trade efficiently, participate in DeFi opportunities, or prioritize security, DODO provides a comprehensive and compelling solution that meets diverse trader needs.

Where it falls short

Lower Popularity and Limited Liquidity: Compared to industry giants like Uniswap or Sushiswap, DODO is not as well-known, which can affect the depth and breadth of its liquidity pools. This lesser popularity might deter some users and liquidity providers from joining the platform, which in turn affects the overall efficiency of trades and the variety of available trading pairs. Improvement Suggestion: To enhance its market presence and attract more users, DODO could increase its marketing efforts and community engagement to raise awareness about its unique features and benefits. Additionally, partnerships with well-established crypto entities and further incentives for liquidity providers could bolster its liquidity, making the platform more attractive to a broader audience.

Vulnerability of Smart Contracts: Like many decentralized platforms, DODO relies on smart contracts for its operations. While this is standard across DeFi, any potential bugs or vulnerabilities in these contracts could pose significant risks to users’ funds. Given the complexity of the PMM protocol, ensuring the absolute security of these contracts is crucial. Improvement Suggestion: Strengthening the security framework is essential. Regular and thorough audits by reputable third-party security firms can help identify and mitigate vulnerabilities before they can be exploited. Additionally, establishing a substantial bug bounty program would encourage the developer community to continuously search for and report potential security issues, thus enhancing the platform’s overall safety and reliability.

Features	Explanation
Minimum Trade	DODO allows trading with relatively low minimums, making it accessible for users with small amounts of capital to start trading efficiently.
Trading and Transaction Fees	DODO’s fees are competitive within the DeFi space, utilizing a small percentage of each trade to facilitate liquidity and reward participants, keeping costs reasonable.
Number of Cryptocurrencies	While offering a variety of popular cryptocurrencies, DODO’s selection is less extensive compared to larger exchanges but is continuously expanding.
Crypto-to-Crypto Trading Pairs	DODO supports a moderate range of crypto-to-crypto trading pairs, focusing on major and some minor pairs, with plans to add more as the platform grows.
Website Transparency	The DODO website provides clear information about its operations, protocols, and fees, though it could offer more detailed insights into its liquidity sources and contract mechanics.
Credit/Debit Card	DODO is primarily available on Ethereum and Binance Smart Chain, which covers a significant portion of the DeFi market but could expand to include more networks like Solana or Polkadot.
Storage Offering	As a decentralized exchange, DODO does not offer storage; users maintain control of their private keys at all times, trading directly from their wallets.
Staking and Rewards	DODO provides attractive staking opportunities and rewards for liquidity providers, with a PMM model that enhances yield potential compared to traditional AMMs.
Mobile App and Desktop	The DODO website is user-friendly and informative, designed to assist users in navigating and utilizing the exchange effectively, with ongoing updates to improve user experience.
Customer Service	Customer support is limited primarily to community-based channels such as Discord and Telegram, with no direct customer service hotline or email support.
Deposit and Withdraw	Deposits and withdrawals are executed directly through users’ wallets, providing a high level of security and control over funds, although the process relies heavily on network performance.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert on our website, I highly recommend DODO for users who are looking for innovative liquidity solutions and efficient trading with minimal slippage. Its Proactive Market Maker (PMM) protocol significantly enhances the trading experience by ensuring better pricing and reduced impermanent loss. However, prospective users should be aware of the platform’s relatively limited customer support and the current range of available cryptocurrencies. For those interested in exploring advanced DeFi features and participating in liquidity provision, DODO offers a compelling, user-centric platform that’s definitely worth considering.

Fees

DODO Exchange operates with a simple and transparent fee structure. It charges a flat fee of 0.3% for all trading transactions, regardless of whether you are a maker or a taker. This fee is considered competitive within the decentralized exchange (DEX) space. In addition to trading fees, users will also incur network fees, which are standard charges paid to the miners of the relevant blockchain (e.g., Ethereum). Importantly, DODO does not impose additional transfer or withdrawal fees beyond these network fees. This makes DODO an attractive option for traders looking to minimize costs associated with trading and asset transfer. Citations Information on trading fees: DODO charges a flat fee of 0.3% for all buy and sell transactions, with network fees also applying. Additional details on fee structure and network fees: DODO does not impose transfer or withdrawal fees other than the network fees, which vary based on network pressure.

Pros

Flat fee structure: DODO charges a straightforward 0.3% flat fee for all transactions, making it easy for users to understand and calculate costs.
No additional withdrawal fees: Users only need to pay standard network fees, with no extra charges from DODO for withdrawals.
Low slippage costs: Thanks to the Proactive Market Maker (PMM) algorithm, DODO minimizes price slippage, ensuring more favorable trade executions.

Cons

Network fee variability: Although DODO does not charge withdrawal fees, network fees can fluctuate based on blockchain congestion, which can sometimes be high.
Dependence on PMM: The effectiveness of DODO's low fees and slippage reductions heavily relies on its PMM algorithm, which may pose a risk if the algorithm fails to perform as expected under certain market conditions.

Detailed Analysis of DODO Exchange Commissions

DODO Exchange employs a unique and straightforward fee structure that benefits both traders and liquidity providers. The platform charges a flat trading fee of 0.3% on all transactions, which is competitive within the decentralized exchange (DEX) ecosystem. This fee structure is designed to be simple and transparent, allowing users to easily understand and calculate their costs. Additionally, DODO does not impose any withdrawal fees beyond the standard network fees, which vary depending on blockchain congestion.

Breakdown of Trading Fees

The 0.3% trading fee on DODO is split into several components to benefit the community and liquidity providers:

Liquidity Providers (LPs): A significant portion of the fee, 88%, is redistributed to liquidity providers. This incentivizes users to contribute to the liquidity pools, ensuring there is sufficient liquidity for trading activities.
DODO Staking Pool: The remaining 12% of the fee is used to buy DODO tokens and distribute them to the staking pool, rewarding users who stake DODO on the platform.

Network Fees

In addition to the trading fees, users must also pay network fees for transactions. These fees are paid to the miners of the relevant blockchain (e.g., Ethereum) and are not controlled by DODO. Network fees can vary significantly depending on network congestion but typically range from 0.0001 to 0.001 ETH for Ethereum-based transactions .

Competitive Edge of PMM Algorithm

DODO utilizes the Proactive Market Maker (PMM) algorithm, which is a notable advancement over traditional Automated Market Maker (AMM) models. The PMM algorithm ensures better liquidity and more accurate pricing by mimicking human trading behaviors and using oracles to gather real-time market data. This results in reduced slippage and minimized impermanent loss for liquidity providers, making trading on DODO more efficient and cost-effective compared to other DEXs .

Conclusion

DODO’s fee structure is designed to be competitive and beneficial for its users. With a flat 0.3% trading fee that supports liquidity providers and a robust PMM algorithm to enhance trading efficiency, DODO stands out as a cost-effective and user-friendly option in the decentralized exchange market. Additionally, the absence of withdrawal fees, apart from standard network fees, adds to its appeal by minimizing extra costs for users. This combination of low fees and innovative technology makes DODO a compelling choice for both novice and experienced traders in the DeFi space.

Product selection

Dodo is a decentralized exchange (DEX) that leverages Proactive Market Maker (PMM) technology to offer a superior trading experience within the decentralized finance (DeFi) ecosystem. Unlike traditional Automated Market Makers (AMMs), Dodo’s PMM algorithm adjusts the asset pricing mechanism dynamically to maintain market liquidity, resulting in lower slippage and more competitive trading prices. This innovation makes Dodo a user-friendly and efficient platform for swapping a wide range of tokens directly from users’ wallets without the need for intermediaries. In addition to its trading capabilities, Dodo provides a variety of financial products and services designed to cater to both novice and experienced users. These include the Dodo Vending Machine for creating liquidity markets, Crowdpooling for fair and secure token launches, and Private Pools for advanced liquidity provisioning. The platform also supports staking, allowing users to earn rewards by locking their tokens. With robust API support and bridges for multiple blockchains, Dodo ensures seamless integration and interoperability within the broader DeFi landscape. Overall, Dodo stands out for its innovative approach to market making, user-centric design, and comprehensive suite of DeFi products.

Pros

Innovative PMM Algorithm: Provides better liquidity and reduces slippage compared to traditional AMM models.
Multi-Chain Support: Operates on multiple networks including Ethereum, BSC, and Polygon, increasing versatility and access.
Fractionalized NFT Marketplace: Allows users to create, manage, and trade fractionalized NFTs, enhancing liquidity and market participation.

Cons

Read more about product selection in DODO

Detailed Overview of DODO’s Services and Products

DODO Exchange is a decentralized trading platform that distinguishes itself with a variety of innovative services and products designed to enhance user experience, liquidity provision, and market participation.

Proactive Market Maker (PMM) Algorithm

At the core of DODO’s technology is its Proactive Market Maker (PMM) algorithm, which offers significant improvements over traditional Automated Market Maker (AMM) models. The PMM algorithm uses oracles to gather real-time market data, providing more accurate pricing and reducing slippage. This results in a more efficient and cost-effective trading experience for users and minimizes impermanent loss for liquidity providers .

Trading Features

DODO supports decentralized on-chain asset trading across multiple blockchain networks, including Ethereum, Binance Smart Chain (BSC), Polygon, and others. The platform’s SmartTrade feature aggregates liquidity from various sources to ensure the best prices for traders. Users can engage in seamless token swaps with minimal slippage, benefiting from the liquidity provided by DODO’s advanced PMM algorithm .

Liquidity Pools

DODO offers several types of liquidity pools, including Public Pools, Private Pools, and Pegged Pools:

Public Pools: Also known as DODO Vending Machines, these allow anyone to provide liquidity and share trading fees.
Private Pools: These are customizable by the pool creator and offer flexibility in terms of liquidity provision and parameter adjustments.
Pegged Pools: Suitable for synthetic assets, these pools have fixed parameters once created .

Crowdpooling

DODO’s Crowdpooling feature enables equal-opportunity token launches, allowing projects to distribute tokens fairly without the risk of frontrunning. This feature supports both fixed-price and variable-price crowdpooling, providing flexibility in token distribution strategies .

NFT Vault

The DODO NFT Vault is a unique protocol for the creation, management, and trading of fractionalized NFTs. Users can pledge existing NFTs or create new ones, then fractionalize them into fungible tokens. This enhances liquidity and market participation for NFTs, supported by DODO’s PMM algorithm.

Staking and Mining

DODO provides lucrative opportunities for users to stake their tokens and participate in liquidity mining. The staking process is straightforward, and users can earn rewards by staking DODO tokens or providing liquidity to various pools. The platform also features Combiner Harvest Mining, where liquidity providers can earn additional DODO rewards from vetted projects .

Token Creation

DODO simplifies the process of creating and managing tokens. Users can quickly create tokens on multiple networks, including Ethereum and BSC, without requiring any coding knowledge. This feature supports various configurations, such as transaction fees and supply adjustments, making it accessible for developers and project teams.

Multi-Chain Support

One of DODO’s key strengths is its support for multiple blockchain networks, including Ethereum, BSC, Polygon, Arbitrum, and more. This multi-chain compatibility ensures broader access and flexibility for users, allowing them to trade and provide liquidity across different ecosystems .

Conclusion

DODO Exchange offers a comprehensive suite of services and products that cater to the needs of traders, liquidity providers, and project developers. Its innovative PMM algorithm, diverse liquidity pools, NFT Vault, and multi-chain support make it a versatile and efficient platform in the decentralized finance (DeFi) space. Whether you are looking to trade, stake, or launch new tokens, DODO provides the tools and infrastructure to do so effectively.

Account opening

Opening an account on DODO Exchange is a straightforward and user-friendly process, as it does not require traditional registration or KYC (Know Your Customer) verification. Users can start trading immediately by connecting a supported cryptocurrency wallet. Supported wallets include MetaMask, WalletConnect, and Portis. Once the wallet is connected, users can access all of DODO’s features, including trading, liquidity provision, and staking. This decentralized approach ensures that users maintain control over their funds at all times, enhancing security and privacy .

Pros

Cons

Detailed Account Opening Process for DODO Exchange

How to Sign Up on DODO

Connecting a Wallet:

Visit DODO’s Website: Navigate to DODO Exchange.
Connect Wallet: Click on the “Connect Wallet” button located in the top right corner of the homepage.
Select Your Wallet: Choose from supported wallets such as MetaMask, WalletConnect, or Portis. For mobile access, wallets like Coin98 Wallet, imToken, Math Wallet, TokenPocket, and Trust Wallet are also supported .
Authorize Connection: Follow the prompts to authorize the connection between your wallet and DODO. This typically involves scanning a QR code or confirming the connection within your wallet app.
Start Trading: Once connected, you can access all of DODO’s features, including trading, liquidity provision, and staking without needing to create an account or undergo KYC verification .

Opening an Account

DODO does not require a traditional account creation process. Instead, users interact with the platform through their connected wallet, which holds their funds and authorizes transactions. This decentralized approach means that your assets are always under your control, enhancing security and privacy.

How to Buy Your First Cryptocurrency

Ensure Wallet is Funded: Make sure your wallet has funds in a supported cryptocurrency like ETH or USDT.
Select Trading Pair: On the DODO platform, navigate to the “Trade” section and select the pair you want to trade (e.g., ETH/USDT).
Execute Trade: Enter the amount you wish to trade and confirm the transaction. DODO’s SmartTrade feature will find the best prices across its liquidity pools and execute the trade .

Account Types and Usage

DODO does not differentiate between account types. All users have equal access to the platform’s features and services. This egalitarian approach ensures that every user can trade, provide liquidity, and stake tokens without any tier-based restrictions or membership fees.

How to Use DODO

Trading: Utilize the “Swap” feature for quick trades between tokens or the “Pool” feature to provide liquidity and earn rewards. The intuitive interface and SmartTrade feature make it easy to find the best prices and execute trades efficiently. Staking: Stake DODO tokens directly from the platform to earn staking rewards. Navigate to the “Mining” section, select the staking option, and follow the prompts to stake your tokens . Crowdpooling: Participate in token launches and liquidity events through DODO’s Crowdpooling feature, which offers equal opportunity access to new projects and tokens.

Registration and KYC

DODO does not require any KYC (Know Your Customer) procedures, allowing for a seamless and private trading experience. Users can start trading immediately upon connecting their wallet, without the need for personal information or identity verification . How to Deposit Money Depositing funds on DODO involves transferring cryptocurrencies from your wallet to the platform. Ensure your wallet is funded and connected to DODO to begin trading and using the platform’s features.

Security

Dodo is a legitimate decentralized exchange (DEX) that prioritizes security and user safety through its innovative use of Proactive Market Maker (PMM) technology. PMM provides a more efficient and less volatile trading environment, which is further supported by the platform’s decentralized and non-custodial nature. This means that users retain full control over their funds at all times, mitigating the risks associated with centralized exchanges. Dodo has undergone security audits to ensure the robustness of its smart contracts and overall platform, contributing to its reputation as a secure trading venue. In terms of security methods, Dodo employs multiple layers of protection including regular audits, secure coding practices, and the implementation of industry-standard protocols. The platform also promotes transparency through open-source code, allowing the community to scrutinize and verify its security measures. Additionally, Dodo supports a decentralized governance model where DODO token holders can participate in decision-making processes, further enhancing the platform’s accountability and trustworthiness. Overall, Dodo’s commitment to security, user control, and transparency makes it a reliable choice for trading and liquidity provision in the DeFi space.

Pros

Rigorous Security Audits: DODO undergoes regular security audits by top-tier firms like SlowMist, PeckShield, Certik, Beosin, and Trail of Bits, ensuring a high level of security and trust in its smart contracts.
Decentralized Architecture: The decentralized nature of DODO's architecture, with servers spread globally, reduces the risk of downtime and makes the platform more resilient to attacks.
User Control Over Funds: As a non-custodial platform, users retain full control over their assets, which remain in their wallets until a trade is executed. This minimizes the risk of large-scale thefts common in centralized exchanges.

Cons

Reliance on Chainlink Oracles: DODO heavily depends on Chainlink for price feeds, posing a single point of failure risk. If Chainlink experiences a breach or malfunction, it could lead to inaccurate pricing and potential losses for users.
User Responsibility: While the platform itself is secure, the onus of security is largely on users. Poor cybersecurity practices at the user end can compromise asset safety, highlighting the need for users to follow robust personal security measures.

Is DODO Legit?

Yes, DODO is a legitimate decentralized exchange (DEX) that has garnered significant support from reputable investors such as Pantera, Binance, and Coinbase. These endorsements indicate strong industry confidence in its security and functionality.

Regulation and Licensing

As a decentralized exchange, DODO operates without traditional regulatory oversight. It does not require users to undergo Know Your Customer (KYC) verification, which allows for greater privacy and accessibility. The decentralized nature of DODO means it isn’t subject to the same regulations as centralized exchanges, providing users with a more autonomous trading environment.

Is DODO Safe?

DODO employs a variety of security measures to ensure the safety of user funds and the integrity of its platform. These include:

Smart Contract Audits: Regular audits by top-tier security firms such as SlowMist, PeckShield, Certik, Beosin, and Trail of Bits. These audits cover DODO’s smart contracts, crowdpooling contracts, and the DODO Vending Machine.
Decentralized Structure: DODO’s decentralized architecture means its servers are distributed globally, reducing the risk of downtime and making it resilient to attacks. Users’ assets remain in their wallets until a trade is executed, which minimizes the risk of large-scale thefts.
Oracle Integration: DODO uses Chainlink oracles to provide real-time, accurate market data, which helps in reducing the risk of price manipulation. However, this reliance on a single oracle provider can pose a risk if the oracle service is compromised.

History and Security Conclusion

Since its launch in August 2020, DODO has maintained a strong security track record. The platform’s innovative Proactive Market Maker (PMM) algorithm and comprehensive security measures make it a trusted choice for traders and liquidity providers in the DeFi space. While the decentralized nature of DODO provides significant security advantages, users must still exercise caution and adhere to best practices in cybersecurity to protect their assets.

Conclusion

DODO Exchange is highly secure and legitimate, with robust audit processes and endorsements from major industry players. Its decentralized architecture and reliance on advanced security measures make it a safe platform for trading and liquidity provision. However, users must remain vigilant and follow good security practices to ensure their assets remain protected.

Customer service

DODO offers excellent customer service to its users. The platform provides a comprehensive help desk to address most user queries, complemented by detailed documentation known as DODO Docs, which covers the platform’s various features in-depth. Additionally, users can raise tickets for specific issues and engage in community discussions via platforms like Telegram, Twitter, Discord, and Forums to seek solutions and contribute to the future of decentralized finance. The self-help section on DODO is well-organized, featuring a range of useful articles and tutorials. The community on Discord is particularly active, with moderators available to quickly address and resolve any questions or issues. This robust support system ensures that users have multiple avenues for assistance, making DODO a reliable platform for both new and experienced traders.

Pros

Comprehensive help desk and documentation: DODO provides a thorough help desk and extensive documentation, known as DODO Docs, which covers the platform's features in detail. This allows users to resolve most issues independently .
Active community support: DODO has a vibrant community on platforms like Discord, Telegram, Twitter, and forums where users can engage in discussions, seek help, and contribute to the platform's development .
Fast and responsive support: The customer support on DODO is efficient, with quick resolution of issues, especially through the Discord channel where moderators are actively present to assist users .

Cons

Declining usage and market share: Despite its superior features, DODO has been experiencing a drop in usage and TVL (Total Value Locked), losing market share to competitors like Uniswap and SushiSwap. This indicates a need for more aggressive marketing and user engagement strategies .
Dependence on external oracles: DODO's reliance on Chainlink oracles for pricing introduces a single point of failure risk. If the oracle fails or provides inaccurate data, it could significantly impact the platform's pricing and user experience .

Read more about customer service in DODO

Customer Support: DODO offers a robust customer support system that includes a comprehensive help desk and detailed documentation known as DODO Docs. These resources cover various features of the platform and provide step-by-step guides to help users resolve common issues independently. In addition to this, DODO has active community forums on platforms like Discord, Telegram, and Twitter, where users can seek help and engage in discussions. Reputation and Customer Feedback – What Do Users Have to Say? DODO generally receives positive feedback from its users. The platform is praised for its innovative Proactive Market Maker (PMM) algorithm, which provides efficient liquidity and better price stability. Users appreciate the active community support, especially on Discord, where moderators are quick to address issues. However, some users have pointed out the platform’s declining usage and market share, suggesting a need for more aggressive marketing and user engagement strategies. Methods by Which You Can Contact Them: Users can contact DODO support through several methods:

Help Desk: The comprehensive help desk on DODO’s website provides articles and tutorials on various features.
Community Forums: Platforms like Discord, Telegram, and Twitter are active with community members and moderators ready to help.
Ticket System: Users can raise tickets for specific issues through the DODO website, ensuring direct and personalized support.

Response Time: The response time for customer support on DODO is generally fast, particularly on Discord, where moderators are actively present. Most issues are addressed within a few hours, providing quick resolution for urgent matters. Email responses might take longer, typically within 24 to 48 hours. Additional Information: For those who prefer self-help options, DODO Docs offers detailed documentation that can guide users through most issues without needing to contact support. The community engagement on platforms like Discord and Telegram is also beneficial, as users can learn from others’ experiences and solutions.

In conclusion

DODO’s customer support system is well-rounded, providing multiple avenues for users to seek help and resolve issues efficiently. Whether through the help desk, community forums, or direct ticketing, users can expect responsive and effective support.

Is DODO Right for You?

You value extensive customer support and community engagement: If you appreciate a platform with a robust support system, DODO is ideal. It offers a comprehensive help desk, detailed documentation, and active community forums on platforms like Discord and Telegram, ensuring you get the assistance you need promptly.
You prioritize innovative trading features and competitive fees: DODO’s unique Proactive Market Maker (PMM) algorithm offers efficient liquidity and better price stability compared to traditional AMM models. This, combined with competitive fees, makes it a strong choice for traders looking to maximize their returns while enjoying advanced trading features.
You seek a reliable and secure platform: With its reliance on Chainlink oracles for accurate pricing and a strong track record of security, DODO provides a secure environment for trading. However, if you prefer a platform with a more aggressive marketing and user engagement strategy, you might find other exchanges more active in maintaining their market presence.

Threenvest score

4,3

Network

Ethereum

Earn

Yes

Fees

0,30%

On the exhange website

Threenvest score

4,5

Network

Ethereum

Earn

Yes

Fees

0,30%

Threenvest score

4,2

Network

BSC

Earn

Yes

Fees

0,30%

Available cryptocurrencies and countries available

DODO supports thousands of cryptocurrencies across various networks, including Ethereum (ETH), Binance Smart Chain (BSC), Polygon, Arbitrum, HECO, OKC, Aurora, Moonriver, and Boba. This extensive range provides traders with a wide variety of tokens to choose from, enhancing trading opportunities and liquidity options.
However, some major cryptocurrencies are not available on DODO. For instance, tokens specific to networks not supported by DODO, such as Solana (SOL) or Cardano (ADA), are not tradable. Users looking to trade these assets will need to use other exchanges that support these networks.
DODO is accessible in many countries, but there are some restrictions. For instance, users from the United States face regulatory challenges due to the SEC’s stringent policies. This restriction is common across many decentralized exchanges to avoid legal issues with the SEC. Similarly, residents from countries with strict cryptocurrency regulations or sanctions, such as North Korea, Iran, and Syria, might also find it challenging to access DODO.

Main cryptocurrencies available

Ethereum (ETH)
Bitcoin (BTC)
Binance Coin (BNB)
Tether (USDT)
USD Coin (USDC)
Cardano (ADA)
Polygon (MATIC)
Solana (SOL)
Polkadot (DOT)
Avalanche (AVAX)
Chainlink (LINK)
Uniswap (UNI)
Litecoin (LTC)
Dogecoin (DOGE)
Shiba Inu (SHIB)
Wrapped Bitcoin (WBTC)
Dai (DAI)
Fantom (FTM)
Aave (AAVE)
SushiSwap (SUSHI)

Main countries where you can open an account

United States: Unlike many exchanges that restrict U.S. users due to regulatory concerns, Dodo allows users from the U.S. to access its platform.
Canada: Users from Canada can also open accounts and trade on Dodo without restrictions.
United Kingdom: The platform is accessible to users in the UK, providing full trading functionalities.
Australia: Australian users can open accounts on Dodo and participate in all its offerings.
Germany: Dodo is available to users in Germany, supporting a full range of DeFi services.
France: French users can access Dodo, enjoying the decentralized trading experience.
India: The platform supports users from India, providing a range of DeFi tools and services.
Japan: Users in Japan can open accounts and trade on Dodo without facing regulatory barriers.
South Korea: The exchange is available to South Korean users, allowing full access to its features.
Brazil: Brazilian users can access and use Dodo for decentralized trading and liquidity provision.
Singapore: The platform supports users in Singapore, providing extensive DeFi capabilities.
South Africa: Users from South Africa can also open accounts on Dodo and utilize its services.

FAQs

What is DODO Exchange?

DODO is a decentralized exchange (DEX) that uses the Proactive Market Maker (PMM) algorithm to provide efficient on-chain liquidity. It supports multiple networks including Ethereum, Binance Smart Chain, Polygon, and more, allowing users to trade a wide variety of cryptocurrencies with minimal slippage and low fees.

How do I connect my wallet to DODO?

To connect your wallet, visit the DODOEx website and click on the “Connect to a wallet” button in the upper right corner. Choose your preferred wallet, such as MetaMask, WalletConnect, or Portis, and follow the prompts to connect it. Once connected, you can start trading and using DODO’s features.

Can I use fiat currency on DODO?

No, DODO does not support fiat currency deposits or withdrawals. The platform only accepts cryptocurrency transactions. Users must use other exchanges to convert fiat to crypto before trading on DODO.

What are the trading fees on DODO?

DODO charges a flat fee of 0.3% for all buy and sell transactions. These fees are distributed to the community and liquidity providers, ensuring the platform remains sustainable and rewarding for participants.

Is DODO available in my country?

DODO is accessible in many countries around the world. However, it has restrictions for users from certain countries like the United States, North Korea, Iran, Syria, Cuba, and Sudan due to regulatory and compliance reasons.

What is the DODO NFT Vault?

The DODO NFT Vault allows users to create or use existing NFTs, fractionalize them into fungible tokens, and create a liquidity pool for trading these pieces. This feature is powered by DODO’s PMM algorithm, enabling efficient and flexible trading of NFT pieces .

How secure is DODO Exchange?

DODO employs multiple security measures, including audits by reputable firms such as SlowMist, PeckShield, Certik, Beosin, and TrailofBits. The platform is secured by the Ethereum network and follows best practices to ensure user funds and data are protected.

Final opinion on DODO

DODO Exchange stands out in the crowded field of decentralized exchanges by leveraging its unique Proactive Market Maker (PMM) algorithm, which offers superior liquidity and reduced slippage compared to traditional AMMs. This innovative approach ensures efficient trading for users, making DODO a robust option for those looking to maximize their trading potential. The platform supports thousands of cryptocurrencies across multiple networks, including Ethereum, Binance Smart Chain, and Polygon, providing a wide array of trading opportunities. Furthermore, DODO’s comprehensive customer support, active community engagement, and extensive documentation make it an attractive choice for both beginners and seasoned traders. However, it’s important to note that DODO does not support fiat currency transactions, which might be a limitation for users looking to directly trade from fiat to crypto.

On the other hand, DODO faces challenges in terms of market share and user engagement. Despite its advanced features, the exchange has seen a decline in usage, losing ground to competitors like Uniswap and SushiSwap. Additionally, regulatory restrictions in key markets, such as the United States, limit its accessibility. Security remains a strong point for DODO, with thorough audits and best practices in place to protect user funds. At Threenvest, we believe that while DODO offers a compelling platform with innovative trading mechanisms and strong security, it needs to enhance its marketing efforts and user engagement strategies to regain and grow its user base. For traders prioritizing advanced trading features and robust security, DODO is a commendable choice, but those looking for broader accessibility and fiat support might need to consider other options.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.