DODO can now be traded on the centralized exchanges [MXC.com](https://coinmarketcap.com/exchanges/mxc/), [L Bank](https://coinmarketcap.com/exchanges/lbank/) and [BiKi](https://coinmarketcap.com/exchanges/biki/), as well as [decentralized exchanges (DEX)](https://coinmarketcap.com/alexandria/glossary/decentralized-exchange-dex) like [Uniswap V2](https://coinmarketcap.com/exchanges/uniswap/), [Mooniswap](https://coinmarketcap.com/exchanges/mooniswap/) and [Dodo.](https://coinmarketcap.com/exchanges/dodo/) You can find others listed on our [crypto exchanges page](https://coinmarketcap.com/rankings/exchanges/). Want to purchase cryptocurrencies like Bitcoin and Ethereum directly by credit card in the fiat currency of your choice? [Read this guide to learn how](https://www.binance.com/en/buy-sell-crypto).

DODO is a decentralized protocol and therefore resistant to centralized network attacks relying on a single point of failure. DODO’s smart contracts were audited by [PeckShield](https://peckshield.cn/en), a blockchain security company, on July 10 2020. Its audit report on DODO can be accessed [here](https://raw.githubusercontent.com/DODOEX/dodo-smart-contract/master/audit/dodo_audit_report_2020_16_en_1.0.pdf). Please be aware that DeFi protocols are innovative and high-risk projects and therefore vulnerable to coding bugs and security issues that could be exploited by hackers and result in the loss of funds.

The total supply of the DODO token is 1 billion (1,000,000,000). There are currently 12 million coins in circulation. DODO’s total supply will be distributed as follows: * 15% to the core team/future hires/advisors * 16% to investors * 1% to initial liquidity provision (IDO) * 8% to operations/marketing/partnerships * 60% to community incentives

DODO positions itself as one of the most competitive liquidity providers that offers very low transaction fees and price slippage through its PMM algorithm, first conceived in April 2020. The team claims their PMM algorithm provides superior pricing over that of AMM competitor [Uniswap](https://coinmarketcap.com/exchanges/uniswap-v2/) due to a flatter price curve. The PMM collects funds near market prices to establish enough liquidity, which drops quickly the further the price moves from the market price. DODO automatically adjusts market prices in order to attract arbitrage that will help keep liquidity provider portfolios stable. This ensures more favorable pricing, higher fund utilization and decreased price slippage, single risk exposure and no impermanent loss [(explained here)](https://dodoex.github.io/docs/docs/advantages). For traders, DODO offers sufficient liquidity comparable to that of centralized exchanges (CEX), which can be natively used by smart contracts for on-chain transactions such as liquidation and auctions. Arbitrageurs can also take advantage of price differences between DODO and other exchanges. Liquidity providers are not required to make a minimum deposit and are not restricted on the type of asset they provide. LPs can create their own trading pairs, deposit their own tokens to negate price risk and also collect a portion of DODO transaction fees as rewards. DODO also attracts new crypto projects with a free listing as an Initial DODO Offering (IDO). Unlike AMM protocols, DODO does not require quote tokens, and IDO projects only need to deposit their own tokens to the liquidity pool, after which the PMM creates its own ask-side depth. To start an IDO, a project needs to only set the oracle price to a constant. Liquidity is improved by depositing more quote tokens.

Dodo was officially [launched in August 2020](https://medium.com/dodoex/dodo-a-revolution-in-on-chain-liquidity-7bc339b9d391), founded by [Diane Dai](https://twitter.com/diane_0320?lang=en), [Radar Bear](https://twitter.com/bear_radar) and an anonymous development team. It initially attracted a $600,000 seed round led by Framework Ventures. The team announced in September 2020 that it had successfully completed an additional $5 million private sale funding round, led by Pantera Capital, [Binance](https://coinmarketcap.com/exchanges/binance/) Labs and Three Arrows Capital. The private sale round also attracted investment from several other prominent venture capital firms, cryptocurrency exchanges and trading firms that include Coinbase Ventures, Galaxy Digital, CMS Holdings and Alameda Research.

DODO is a DeFi protocol[decentralized finance (DeFi)](https://coinmarketcap.com/alexandria/article/what-is-decentralized-finance) protocol and on-chain liquidity provider whose unique proactive market maker (PMM) algorithm aims to offer better liquidity and price stability than [automated market makers (AMM).](https://coinmarketcap.com/alexandria/glossary/automated-market-maker-amm) The PMM pricing mechanism, which mimics human trading, utilizes [oracles](https://coinmarketcap.com/alexandria/article/oracles-in-defi-101-a-deep-dive-by-tellor) to gather highly accurate market prices for assets. It then provides enough liquidity close to these prices in order to stabilize the portfolios of [liquidity providers](https://coinmarketcap.com/alexandria/glossary/liquidity-provider) (LP), lower price slippage and negate [impermanent loss](https://coinmarketcap.com/alexandria/glossary/impermanent-loss) by allowing arbitrage trading as reward. DODO also caters for new crypto projects with a free [ICO listing](https://coinmarketcap.com/alexandria/glossary/initial-coin-offering-ico) through its Initial DODO Offering (IDO) which requires issuers to only deposit their own tokens. DODO’s smart contract operates as an [ERC20](https://coinmarketcap.com/alexandria/glossary/erc-20) token on the [Ethereum](https://coinmarketcap.com/currencies/ethereum/) network.