Dogecoin has become a phenomenon in a recent crypto rally. Born as a meme, the token was able to become the darling of millions and gain the support of Elon Musk. It was he who became the main driving force that pushed the price of DOGE higher and higher.
So that the token does not fall as quickly as it rises, it will be necessary to create an ecosystem within which real scenarios of its use will be implemented. Obviously, the coin has liquidity issues and a lack of presentation in DeFi applications. To solve these and a number of other problems and consolidate the reputation of Dogecoin not only as a speculative unicorn, but also as a useful coin, the MoonDoge project appeared.
The first Doge-centric DEX MoonDoge
MoonDoge is a DeFi ecosystem created by a community of Dogecoin devotees. The project extends to many in-demand areas of decentralized finance and aims to support multiple networks at the same time, starting with MoonDogeSwap, an automated marketing liquidity protocol (AMM) based on Binance Smart Chain (BSC).
MoonDoge is the first Doge-centric DEX built on Binance Smart Chain, which offers DOGE fans and holders to take full advantage of decentralized finance, including staking, yield farming, swaps, and other cool features for dogers!
MoonDogeSwap is built on the Binance Smart Chain (BSC), therefore its infrastructure and features are all deployed on the BSC. That said, MoonDogeSwap’s products (swap, farm, stake, etc.) are not limited to open only to BEP-20 MODO tokens which are the native tokens on the BSC.
As a matter of fact, Dogecoin is the core at MoonDogeSwap, we strive to increase DOGE’s liquidity and adoption in the Defi Ecosystem. Dogecoin has its own Dogecoin Main Network, many other notable coins that are not originally from the BSC include USDT, BTC, ETH, and so on. Therefore, if you hold these non-BEP20 tokens and are looking to participate on MoonDogeSwap, you will need to migrate them to the Binance Smart Chain Network.
The core of MoonDogeSwap is the same famous Dogecoin. This coin has its own blockchain, like a number of other popular cryptocurrencies, including BTC and ETH. And so that DOGE holders can join the growing DeFi ecosystem, they can migrate their assets to BSC!
There are two main ways to do this.
- Withdraw directly from Binance Exchange
- Using Binance Bridge
After your assets go to BSC, the fun begins – interacting and taking advantage of MoonDogeSwap!
- The Binance Smart Chain is a cheap, fast and secure blockchain. Ideal for transactions and smart contracts;
- The DEX structure is anonymous and completely decentralized. Allows you to store assets on your own wallets and make swaps through the MoonDogeSwap protocols without risking your own funds;
- The smart contracts of this platform are secure and audited by Certik.
Now let’s take a closer look at the project.
- Swapping BEP-20 tokens on the Binance Smart Chain
MoonDogeSwap adopts the Automated Market Maker (AMM) trading mechanism, just like most other DEXes. The operations are simple and understandable for any user: Connect Wallet → Choose Trading Pair → Confirm Transaction.
- Add Liquidity to get LP tokens and LP rewards
Liquidity is the backbone of every decentralized exchange. Lack of liquidity makes trading a cryptocurrency pair uncomfortable and risky due to strong price slippage.
Therefore, the platform provided an opportunity for users to become liquidity providers, and receive the corresponding benefits. For example, if you add liquidity to the BNB/MODO pool, you will receive a BNB/MODO LP token.
LPs are awarded every time someone swaps tokens that you have provided liquidity to. 0.24% of the volume for each trade will be added to the LP liquidity pools.
LP tokens you receive can be used to stake in Yield Farming to receive daily MODO tokens.
- Deposit LP tokens and earn MODO Farming Reward
MoonDogeSwap offers Liquidity Providers to earn MODO by depositing the LP tokens into the Yield Farms. To run yield Farming, you need to have LP tokens. Farmers get double rewards:
1 – LP reward from trading commissions;
2 – Reward for farm income.
- Stake tokens and Get More Tokens
Another great way to earn free tokens is Moon Pools. There is no need to add liquidity to this tool, it works like classic DeFi staking!
The platform’s utility token is the BEP-20 coin MODO. MoonDoge (MODO) is the only Governance and Reward token on MoonDogeSwap Platform. MODO can be used in a lot of places on MoonDogeSwap, includes (more to come):
- You can add liquidity to MODO-related liquidity pools.
- You can deposit MODO-related LP tokens.
- You can stake MODO and earn MODO.
- You can use MODO to pay for Raffle Tickets.
The maximum supply of a token is 1,000,000,000 tokens, from which:
- 20% – Community Incentives
- 80% – Minted from Staking and Farming
800,000,000 MODO tokens will be minted via Farming and Staking, accounting for 80% of the Max Supply.
- Token Release Per Block = 18 MODO
- Time Per Block = 3 Seconds (Bsc Block Time)
- Daily Token Release = Approx. 518,400 MODO
- Year-To-End = Approx. 4.23 Years
This tokenomics, when 80% of the coins are intended to reward participants in staking and farming, attracts significant attention from the community. Especially interesting is that the project focuses on Dogecoin holders and fans! MoonDoge is at the stage of very active development and you can get acquainted with the plans of the devs on a special page on the website.