The team announced 4236% oversubscription on DOJO launchpad.
DojoSwap, the first native Automated Market Maker (AMM) Launchpad on Injective has completed its public sale to continue to build the biggest DeFi ecosystem on the Injective blockchain. The protocol announced on Thursday that it raised $25 million from its recent public sale of 635,000 INJ tokens.
Per the announcement, the sale lasted only 48 hours, the trading and claiming of DOJO tokens followed immediately.
Brief Insight into DojoSwap (DOJO) Tokenomics
Notably, DojoSwap launchpad operates according to the model called the “Dynamic Overflow” method. This method ensures that users may subscribe to the launchpad as much as they want to. Their final allocation, however, will be based on the percentage of a user’s commitment relative to the total amount of commitment from all users at the time the sale closes. For any leftover funds, users may claim those alongside their tokens after the sale.
DojoSwap also explained what could happen in a case where the committed funds exceed the overflow cap. The project confirms that kind of scenario will immediately unlock the next fund-raise round. This would in turn, increase the fund-raise amount alongside the overflow cap, and the initial liquidity, per DojoSwap. Furthermore, the protocol also assures that no amount raised can affect the token price.
DojoSwap DEX launched on mainnet on December 30. However, the team behind the protocol shared, at the time, that the launch will be in two phases.
According to the team, the first phase will focus on acquiring liquidity for the main trading pairs. Those include pairs such as INJ-USDT, INJ-wETH, INJ-wBTC, USDT-USDC, wBTC-USDT, and wETH-USDT and others. Since launching on the mainnet, users have been forming LPs to earn trading fees. Farms also went live shortly after the mainnet, allowing users to earn $POINTs, which are now redeemable for DOJO tokens.
Phase 2, according to the team, will focus on accommodating smaller pairs on the DEX. This includes meme coins and other tokens from external projects.
The Uniswap-inspired automated market-maker (AMM) protocol seeks to enable a decentralized on-chain exchange for all assets involved in the Injective ecosystem.