Transcription of the DojoSwap AMA
Shinzo
Once again, a warm welcome to all ninjas to our AMA, and samurais and sushis.
After all that has happened the past few months, our team thought it would be great to do a stocktake, for those who have been in all this while, we thank you. and to the new ones, your journey with us begins, and of course thank you for those who submitted your questions.
Shinzo
Let's start with general dojoswap-related questions
Who is behind Dojo, and how big is the team?
Sensei
We are a team of web3 developers that have built and exited our web3 companies to top vc firms like sequoia, coinbase ventures and binance labs.
Our team is 15 man strong and we are still constantly hiring developers to build more features and maintain our existing platform.
Koga
2 of whom are actually chain devs. They've seen the shenanigans of today, and shook their heads tbh, we shall see where things go from here. But mainly as what sensei says, team is huge, team is strong, experiences super diverse:
- some of us excel in biz dev
- some in contract dev
- some in art
- some in UX
In other words, a legendary team i hope :)
Shinzo
DOJO has become one of the biggest projects on INJ. What has made DOJO stand out and what future plans does DOJO have to push this project to next level?
Sensei
We have many developments that we are working on in our pipeline. Including Babydojo, veDojo, Sushi staking (TBA soon). Other things that we are always working on includes securing good launchpad projects like blackpanther, ninjavault and more
Also securing more airdrops for our dojo ecosystem holders
Koga
Actually at the core of what we do, we are super responsive, and we are able to react to the narrative of the day - and i think this is a huge strength of ours
Koga
- erc404? we simply bring it in and improve it
- chain too slow? we simply build an L2 and scale the chain
Stuff along those lines, not impossible for us
Do you want to support us every step of the way as we attempt to build the biggest community focused set of things?
We don't line the coffers of VCs, but more of any community member that believes in us early, I think that is what its all about really
Sensei
We build whats needed in the community, for the community, a community driven approach. We innovate, a lot
Shinzo
With regards to visibility, what plans do you guys have for a proper CoinMarketCap or CoinGecko page?
Sensei
CMC and CG page will be up soon
It was down because we are in the midst of upgrading our analytics and subgraphs to optimize it since our traffic is high and data usage is very high as well, we expect it to be up within the next few days
Koga
A large part of visibility is about the PR that our team will do, and can do
Shinzo
Understood. Some of you have asked about the analytics page, it is being worked on as well
Koga
As you all have seen, this includes PR for CW404 - SUSHI (i presume many are happy with how things transpired for SUSHI) - (except for those who sold too early at $200) - but regardless, don't see why we can't have the same visibility for babyDOJO, but more importantly, it will take some time to prepare. We will likely take snapshot as per schedule
Sensei
PR is being worked on for babydojo :)
Koga
Might delay the drop a little bit, but its all to make sure we get a giga drop with huge tailwind. Hope you guys understand if we push the dates back a little. I'm sure you dont want us to drop babyDOJO (like literally drop it), that wont be fun.
Shinzo
Another question on visibility - Currently it is difficult for new users to get into dojo ecosystem. What is the plan to smoothen the onboarding process?
Sensei
We do have bridging guides for users already on how to withdraw INJ/USDT from binance to their wallets and then bridge over using injective hub official bridge.
We also have a direct link from our site as well to the bridge. Definitely as more dapps build on the chain, more multi-chain bridges come over, it gets easier for us to onboard users.
Koga
Ngl, it has indeed been different onboarding users into cosmos vs in EVM
But a lot of it is to do with education as sensei said
Sensei
We are talking to a few multichain bridges that is keen to build on us, for our users
Koga
We are interested in bringing in/investing in bridges that make it easy for users to use injective, nd using our liquidity pools
Multi-chain used to be one of the best (sadly they had to close down)
Sensei
Also, a key part is the word of mouth and helping peers / community out if you see anyone with difficulty trying to bridge in, which generates more fees for the platform and our LP holders, boosting APR!
Koga
Oh yes onboarding wise, integration with tools like dexscreener is already done, that brings huge visibility. Maybe we do portfolio managers like debank, but all subject to availability
Shinzo
Hope this gives everyone some insight on how we intend to boost visibility and bring more people in (with everyone's help of course!)
The next series of questions will be regarding these topics.
What is the main purpose behind kicking off airdrop season within the Dojo ecosystem?
Sensei
There a few reasons:
(1) its for generate some dividends for our users and
(2) its to help projects on injective launch off because currently there isn't many platforms they can launch off from
Our goal is to help injective ecosystem grow. When the ecosystem grow, so will we since we are the main amm dex on the chain.
One thing very important to note is that a dex thrive on volume + number of users
Airdrop is not solely for dividends (what the majority might think), its to grow our dex but to also bring in TVL
Koga
Also, visibility overall for the DOJO ecosystem
Its a lot about strategic positioning
Sure you get some free monies, but the key is really about making sure that we position well
Sensei
Which is evident in our case. Our TVL has been going up since inception: 20mil more to 100mil!
Shinzo
Is there anything that the Dojoswap team is working with the Injective team on?
Koga
Damn, there's a ton, some we cant readily share, but you can only imagine - what if we kick-start an injective season the same way arbitrum season was kickstarted? Dojo holders stand to benefit the most
Sensei
We are working with them on many fronts, including PR / marketing etc
One thing exciting thats coming up INJ team to make Dojoswap to be the official organizer of INJ hackerhouses and that is beneficial because all the dapps will compete to build off us and launch off us
This, we can probably share: We will be the 1-stop defi platform for which all dapps launch and list and trade on
We would also at the same time, be able to hire more developers to build on the dojo ecosystem!
Thats always the focus when we launch any new initiative
Koga
Hypothetically speaking - if we do get grants and stuff, team is not opposed to giving at least 90% of that all back to DOJO & SUSHI holders (by dojo holders, we mean dojo ecosystem holders, aka DOJO + SUSHI holders)
We just need a little to cover our costs, but of course its all hypothetical, but you guys can see how much we do care about all of you
Shinzo
I know we've mentioned a little about OKX Wallet Integration. What's the update on that?
Sensei
OKX wallet integration is already done. You can connect to our platform via OKX wallet
We do have a massive marketing campaign with OKX wallet coming this march where we wiill be one of the main platform featured on their wallet app. Will be huge marketing and exposure for DojoSwap
We will be able to tap on their large Chinese market, OKX is the top 3 cex in the space and this is very exciting for us
Koga
Oh yes regarding this, it will be a strong flywheel, more and more projects onboarded into injective, and hence listed on dojoswap
HUGE
You guys always ask us WEN CEX, tbh we like to keep good partners close. Thats all you have to know, there's no point listing in small CEXes, It doesnt push the needle, our team only ever swings high
Shinzo
Which is exactly what a few of you have asked... WEN?
Sensei
We are currently working with 2 major tier 1 cexes that starts with B. Our goal is to list on the #1 cex and thats what we are working on right now.
We expect a cex listing in April/May, we are currently not considering tier 2 cex and only going for the top 1 and 2
The INJ team is also helping us expedite the listing
Shinzo
Speaking of partnerships, could you explain more about the dojo labs venture fund?
Sensei
We have invested in blackpanther and the token profits will be distributed back to our users. The goal of the venture fund is for our platform to have ownership in all the INJ ecosystem projects to (1) for us to be able to work with them closely to at the same time scale up DojoSwap ecosystem (2) to generate token profits for our DojoSwap ecosystem holders
For example, we will be investing in Ninjavault as well as a strategic partner and that allow us to help direct them to focus building on top of our platform and launchpad off our platform.
And similarly, token profits will be redistribute back to our users ,this is also part of the strategic positioning that koga talked about
Koga
Strategically, this is sensible because we don't waste away the LEAD that we currently have, we simply capitalize on things, and build dojo into an irreplaceable piece of the ecosystem. Imagine holding the token that governs all the other large protocols in the space ,pretty much what CRV did to dominate the whole of ethereum
Most protocols hold CRV you know?
Shinzo
Hope this provides some insight to you guys
Let's move on to something one of the key initiatives everyone is concerned with - babyDojo
What's the utility of babydojo? Is there opportunity to stake it and earn dojo?
Sensei
Babydojo is the first ever reflection token launched on Cosmos. Its also audited by SCV and we are working with the injective team to create a standard for it and push its PR just like how we did for SUSHI
Babydojo does not need to be staked, you get to earn DOJO tokens airdropped to you by just holding on the Babydojo tokens in your wallet, as simply as that
Koga
I know some of you are also concerned - does the team have nothing after babyDOJO is complete?
I hope the earlier part of the AMA has already shown you, so much is still being cooked, the issue is, so much is being cooked, we are wondering which dish to serve next, but you guys needn't worry about this, and leave it to us, we wait for a good narrative before hopping on it
Now also, you get to stake babyDOJO in farms if you wish to do so, there are many ways to earn with babyDOJO, so obviously... holding babyDOJO is going to be super powerful
We will have utilities for babyDOJO in the future. imagine a non-meme meme coin
TOO MUCH
Shinzo
This should help to ease some of your concerns regarding next steps after babyDojo. We focus a lot on it because that is what is pushing our ecosystem next, but it doesn't mean that is the end-all. In fact it is only the beginning
There's $DOJO, then came $SUSHI and now $BabyDojo. What's the role of these tokens in the DojoSwap/DojoLab ecosystem?
Koga
Exactly! What shinzo says is accurate, a lot are seeming to think that babyDOJO is the end-all cos SO MUCH FOCUS is placed on it
But the thing is, the focus is being placed on babyDOJO by you guys (the users), cos you are so excited by it, our team hasn't really been talking much about it you know? We've already built it, tested it, ready to release
Sensei
They all play a different role in the ecosystem
Dojo is the main native token and its the basis of liquidity on our dex. Sushi is the NFT element of our project and it helps us in creating a culture/branding around DojoSwap. Its also the first innovative 404 launched on Cosmos. As for babydojo, it functions not only as a non-meme memecoin but also the start of a new standard - reflection token for the entire cosmos chain akin to Pandora being launched on EVM
All the 3 tokens work well, hand in hand and each has it own unique value proposition
Koga
But already been working on other items behind the scenes
And that's 3 things, still exclusive of what else we've planned to airdrop to you guys
If you think babyDOJO is the biggest airdrop on Injective, you have yet to see the true biggest one, but its ok, we take everything one step at a time
Shinzo
What will be the initial liquidity for BabyDojo/Dojo pair?
Sensei
The initial liquidity will be BabyDOJO/INJ and the initial liquidity will be formed using the fees generated by the dex since the day we launched
Babydojo/inj will have at least $1,000,000 USD in initial liquidity, making it the memecoin with the highest liquidity on entire injective, + a non-meme memecoin with UTILITIES
And huge staking farm rewards + dojo airdrops from the tax
Volatility > more volume > more fees generated for babydojo holders
Koga
While we want even more liquidity, we will leave it to the market and automatic liquidity acquisition to do it
We need babyDOJO to be volatile to attract users to trade it, it cant be like DOJO
Sell 100k and price moves < 1%
Sensei
Volatility > more volume > more fees used to buyback DOJO > dojo price UP > sushi price UP
Volatility and volume is the main "KPI" for babydojo, price is secondary
Shinzo
What's your plan to stop people to dump dojo and babydojo after the airdrop?
Sensei
i think koga already explained the plans earlier on babydojo, but let me go into more technical stuff and some numbers
Firstly, team has already set aside funds to buyback babyDOJO already
That said, the apr (yields) from the 8% taxation will help support price even if users sell because the token will permanently receive dividend (set a floor where it can’t go under)
With a babydojo/Inj farm, you will expect a high APR just as you would when we first launched dojo and sushi farm
That itself, is the 'floor', because valuation of a token is pegged to 2 things
- utility
- dividends/rewards/apr
And we have both of them covered
Koga
Did you guys read normie's thread?
He showed how a babyCAKE has the ability to push the needle for CAKE SO MUCH when it launched
Go study if you guys have not studied yet
Imagine, babyCAKE was built by an anon team that had no intention for it to survive
Sensei
The tweet link here: https://x.com/0x_normie/status/1753569493539021235?s=20
Koga
Obviously... team has already even gone so far as to set aside buyback funds for babyDOJO, do you think we will let it fade into irrelevance?
Shinzo
A small technical question: 8% of every transaction volume will be used to buyback $DOJO… is this correct?
Sensei
Its 8% of every transaction volume
Meaning if a user sell $100 of babydojo to dojo, $8 is used to buyback DOJO and distributed to all babydojo holders. $1 is used to buyback dojo and BURNT
And the remaining 1% out of the 10% tax is used to form liquidity for babydojo > ensuring perpetual liquidity > perpetual trading > perpetual buyback of DOJO, so its 9% in totality
Koga
8% bought as dividends so users can accumulate a bigger bag of DOJO (for those who don't already have a big enough bag, just buy babyDOJO to accumulate more DOJO)
1% to burn DOJO
So overall, babyDOJO has a net positive effect on DOJO, as it pushes DOJO into deflation
And as DOJO becomes more valuable, so does babyDOJO (cos holding some gets you DOJO into your wallet, and DOJO simply becomes more scarce over time)
Shinzo
And another quick question: $1 DOJO gives $0.42 of $BABYDOJO... Who is financing this airdrop?
Sensei
As mentioned earlier, we will be using the platform fees generated since inception to create the initial liquidity, so a total of $1,000,000 USD will be formed for babydojo liquidity and probably more as we accumulate more fees over time, Because 10% are taxed
Koga
A combination of team funds + fees generated from platform, this is a more efficient manner of fee redistribution to users for the time being
Shinzo
Hope this addresses your questions for babyDojo. If there are more feel free to ask them after this AMA
Our next initiative to talk about is veDojo
Can you guys share a bit more about what it is and when can users expect launch?
Koga
Regarding veDOJO, it has actually already been fully built
Fio
"I'm not sure if many of you know about our veDOJO plans and what it is. TLDR; you lock dojo between 1 week to 2 years. The longer you lock, the greater your veDOJO received
Now, in future launchpads, veDOJO is the requirement for participation. But that's the not the end of the story. At one point, most of you early farmers would have accumulated so much, and locked so much veDOJO that there's gonna be a supply shock. Big whales who wanna have a bite of our launchpads won't be able to join without veDOJO
Hence, veDOJO launchpad delegation
We'll build a veDOJO marketplace for you guys to auction off your veDOJO allocation to users who have no veDOJO. Imagine having $50,000 worth of votes ($250,000 launchpad allocation to sell)
So what's going to happen is that there's real utility to veDOJO, and why it's going to be important for us all. On top of receiving governance powers, bribes from external protocols and all that. It'll be huge and ideal to accumulate more and sell less once this system kicks in."
Koga
But we haven't really launched it due to one conundrum currently in the space too
Remember our most recent article?
i shared a little about how cosmos ecosystems has an illiquidity issue, currently it feels like veDOJO might exacerbate that issue, but we shall observe
Sensei
The timing of the launch is important as well. WIth our main focus on creating more liquidity on Dojo currently, having veDOJO launched would lock up quite some bit of DOJO supply and that could affect the liquidity of DOJO. we have grew DOJO liquidity from 2mil 2 months ago, to 20mil++ right now
Our goal is to get DOJO to at least 40mil in liquidity so users can trade with little to no slippages
Koga
we will release veDOJO when it is time to do so
The key is to ensure the chain has sufficient liquidity first before we start looking at ways to LOCK the liquidity in, doing so too early will kill off any possibility of building DOJO EVEN BIGGER, so we need to be careful as to when we aim to launch such initiatives and is something that our team always keeps a watchful eye on, just because something is built, doesn't mean it needs to be released immediately
Ssuch is also thankfully due to team's ability to build fast, such that we can opt to drop stuff that we've built in favor of something that is more sensible
Shinzo
Yup being flexible based on various conditions is something our team values very highly
When can users expect the total supply burn voting ?
Sensei
Either this month or the next as we continue trimming emission, we projected that we can burn even more DOJO, especially with the recent rise in dojo prices
Koga
To be honest, event is largely probably priced in too
You guys know us
We keep our promises, you already know a huge burn is coming in to get rid of DOJO supply, nothing to be suprised about. You can pretty much assume its already done in the first place, and this statement is true: imagine we follow CAKE trajectory
100mil max supply is not out of question, minus the downward trajectory of course
Shinzo
Before we end, there are some questions about $SUSHI. Note that Sushi Fighter NFTs have been having a whole discussion in their respective chats, so we urge you guys to head over if you have more questions here: https://t.me/SushiFighterNFT
Roadmap updates will be given there as well when ready. Remember, timing > all else
To address a key question: Please note that $SUSHI will be included in the calculation for net worth for the baby dojo snapshot.
And we have come to the end of the hour mark for the AMA!