Proposal: Add $DODO as collateral asset on CREAM

Summary

We propose to list DODO as a collateral asset for lending and borrowing on Cream Finance on Ethereum, Binance Smart Chain and Polygon.

For

Add DODO as a collateral asset

Against

Do not list DODO as a collateral asset

Overview

DODO is focused on building an ecosystem of innovative DeFi products, including SmartTrade trading and aggregation, Crowdpooling, IDO, and an upcoming NFT marketplace. DODO is also a cross-chain protocol and is deployed on Ethereum, Binance Smart Chain, Huobi Eco Chain, Polygon, and soon, Solana.

Currently, DODO is not listed on any money market, yet it is among the top, if not the top aggregator on Binance Smart Chain. It has also attracted the attention of industry professional partners with capital efficient liquidity pools. For instance, Wootrade has already created a series of private pools in DODO and is using their professional market making strategies to provide liquidity.

The DODO founders have extensive experience in smart contract development and were part of the first DeFi community in China. The team is backed by top VCs including Pantera Capital, Framework Ventures, Defiance Capital, Three Arrows Capital, Coinbase Ventures and Binance Labs.

DODO Token Utility

The DODO token has been given several important utilities in addition to its governance function. Token holders currently enjoy the following benefits:

  • Governance rights: DODO holders can create and vote on proposals
  • Crowdpooling and IDO allocations
  • DODO holders may stake vDODO which entitles them to a portion of protocol trading fees

Motivation

#1. Increased TVL
Listing the DODO token would bring a flow of liquidity and TVL in the form of DODO tokens as collateral to borrow against it (current market cap for DODO according to CoinGecko at time of writing is ~$180m). Ultimately, this will generate more revenue for CREAM as the demand for borrowing assets increases and a portion of interest that borrowers pay will be collected by the platform.

#2 Access to DODO community
Listing DODO as collateral would cause a stream of marketing activities that will bring new users to Cream. DODO’s community includes over 21k members of Telegram Group, over 15.8k members on Discord and ~98.3k Twitter followers

Asset Details

  • C.R.E.A.M. money to list asset: ETH V1, BSC, Polygon
  • Token Standard: ERC-20
  • Market Capitalization: ~$180m
  • Fully Diluted Value: ~$1.3bn
  • Number of Holders: 10,756 on Ethereum and 27,027 on Binance Smart Chain
  • Total Value Locked: $213m
  • Coingecko Token Link: Coingecko,
  • Etherscan Link: Etherscan
  • Links to DEX liquidity pool:
    DODO-BNB: Pancake Swap
    DODO-UST: DODO - Your on-chain liquidity provider.

Data as of 4 Aug 2021

we will need chainlink oracle coverage of DODO on ETH before we are able to list

Is there any date for voting on this proposal?