The team announced a 4,236% oversubscription on DOJO Launchpad.
DojoSwap, Injective’s first Automated Market Maker (AMM) launchpad, has completed its public sale to continue building the largest DeFi ecosystem on the Injective blockchain. protocol presentation On Thursday, it announced that it had recently raised $25 million through a public sale of 635,000 INJ tokens.
According to the announcement, the sale lasted only 48 hours and trading and claiming of DOJO tokens followed immediately.
A brief insight into DojoSwap (DOJO) token economics
In particular, DojoSwap Launchpad operates according to a model called the “Dynamic Overflow” approach. This method allows users to subscribe to as many Launchpads as they want. However, the final allocation will be determined based on the percentage of the user’s commitment to the total commitment amount of all users at the end of the sale. For any remaining funds, users can claim them along with their tokens after the sale.
DojoSwap also explained what could happen if committed funds exceed the overflow limit. The project confirms that this kind of scenario will immediately unlock the next fundraising round. This ultimately increases the fundraising amount along with the overflow limit and initial liquidity per DojoSwap. Additionally, the protocol guarantees that the amount raised cannot affect the price of the token.
DojoSwap DEX was launched on mainnet on December 30th. However, at the time, the protocol team shared that the rollout would occur in two phases.
According to the team, the first phase will focus on securing liquidity in major trading pairs. This includes pairs such as INJ-USDT, INJ-wETH, INJ-wBTC, USDT-USDC, wBTC-USDT, and wETH-USDT. Since the mainnet launch, users have been forming LPs to earn transaction fees. The farm also went live shortly after the mainnet, allowing users to earn $POINT which can be exchanged for DOJO tokens.
According to the team, Phase 2 will focus on accepting smaller pairs on the DEX. This includes meme coins and other tokens from external projects.
The Automated Market Maker (AMM) protocol, inspired by Uniswap, seeks to enable decentralized on-chain exchange for all assets involved in the Injective ecosystem.
next