The cryptoeconomy is increasingly becoming a cross-chain ecosystem where users want access to DeFi services across multiple blockchains and scaling solutions simultaneously. In response to this increasingly complex landscape, DODO has launched a diversification strategy to make its services available across a range of DeFi-centric blockchains. DODO’s proactive Multi-Chain Strategy is a three-pronged approach: deploying on layer-one blockchains, such as Ethereum, layer-two chains, such as Arbitrum, as well as on sidechains, such as Arbitrum.
Some of the main deployments include Ethereum and Binance Smart Chain for layer-one, Chainlink and Arbitrum for layer-two (whose inaugural DeFi cohort included DODO), and the Polygon PoS sidechain. DODO has also been making forays into the NFT world, with major partners including Marvel-licensed KAKA, the Fear game studio (creators of the Whack It franchise), and Yui Hatano (one of the biggest adult entertainers in Japan). The Multi-Chain Strategy represents the latest in DODO’s endeavors to make the DeFi world, and in particular, its unique Proactive Market Maker (PMM) model, available to as many people as possible.
Diane Dai is the 24 year-old co-founder and CMO of DODO, a decentralized crypto exchange based in Singapore. Diane Dai is a well-known thought leader and pioneer in the Chinese DeFi community, and has been working in the decentralized exchange space since 2017. Prior to founding DODO, she spent time at DDEX and CypherJump.
What has been the traditional company response to financial technology innovations nationally?
Generally speaking, the traditional response has been to just ignore them. Established companies in China are, by and large, apathetic to the recent developments in decentralized finance.
WeChat remains the biggest Chinese fintech provider, while WeChat Pay and AliPay are the largest local platforms for fiat transactions. These major players have not placed financial innovation on their priority list, which has created opportunities to serve customers seeking out those financial innovations.
How has this changed over the past few years?
Developments in fintech over the past 5 or so years have made an impression on the traditional platforms, but they are only minimally warming up to the possibility of implementing them.
Banking, money transfer, and insurance have all remained stagnant from a technology point of view. This attitude of ignoring innovation has opened the door for innovative, non-traditional companies to enter the scene, including companies in the nascent DeFi sphere such as DODO.
Is there anything that has created a culture of change inside the company?
Unlike the established TradFi companies, DODO’s team is young and energetic. Our devs are proactive and never complacent. To stay ahead of the curved and continue innovating, they’re constantly experimenting with new ideas based on market research and real-time feedback from our community.
We’re also aware of our place in the broader DeFi space, and keep a close watch on developments from across the ecosystem. This dynamic strategy ensures our position at the forefront of the DeFi world, continuously adding new features to not just stay competitive but stay ease of our competition with fresh innovation.
What fintech ideas have been implemented?
DODO’s main objective for the past six months has been deploying our product on as many DeFi-centric blockchains as possible. The Multi-Chain Strategy is our way to increase users and liquidity providers while also ensuring our readiness for sudden shifts in platform popularity.
With DODO being deployed on a variety of L1s, L2s, and sidechains, our product is now integrated with both major chains such as Ethereum, Arbitrum, and BSC, as well as smaller competitors such as Moonbeam and Huobi.
What benefits have these brought?
Now that DODO’s Multi-Chain Strategy has been in force for around six months, we see the clear benefits it has brought us. Increased user volume and liquidity are the most obvious benefits, but we’ve gained in qualitative measures as well. Our user base is growing and DODO’s diversification across a variety of chains has made us resilient to shifting market dynamics. With our eggs spread across many baskets, we’re set for success, regardless of how DeFi evolves.
Do you see any other industry challenges on the horizon?
The rate at which financial technology is developing is becoming a major industry challenge. With an increasingly complex DeFi landscape consisting of hundreds of new trends, chains, and protocols, our company must be always ready to integrate with emerging APIs and liquidity sources, and to deploy onto new chains. Regulatory restrictions will also pose a growing challenge to the industry.
DODO is well prepared for these challenges, as we are fully compliant with the law in Singapore and are prepared to defend our financial rights and those of our users in local courts of law.
Can these challenges be aided by fintech?
DODO’s strategy has been to diversify our deployment to cover as large a portion of the DeFi ecosystem as possible – that way, a change in popularity of one platform will not affect our overall performance.
Of course, to stay competitive, we also have to innovate better than the competition. DODO’s dynamic way of working and top-notch talent are our best tools to ensure that our fintech products and features remain market-leading innovations. These innovations, in turn, attract better technical and non-technical talent, which allow us to keep up with regulatory trends as well.
DODO’s PMM and Crowdpooling models represent a revolution in the DeFi world. Our main focus now is to make them available to as many people as possible, on as many platforms as possible. That way, the entire DeFi ecosystem can benefit from DODO’s market-leading liquidity, ease of use and customization, and other unique features.
Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.