DinoSwap is among the projects that have an awe-inspiring first launch on Polygon. It took only two weeks to reach $500M in TVL and became the 3rd leading DeFi platform on Polygon. DinoSwap is also notable for its list of inventors, including all leading DeFi Fund (DeFiance, Hashed, Spartan Group,...) and many influential individuals such as Polygon co-founder Sandeep Nailwal, Terra Founder Do Kwon, and the founder of SushiSwap.
In this article, Coin98 will find out more about this project by understanding:
- What is DinoSwap? How does it work?
- DINO Tokenomic information and how to buy, store or mine DINO token.
- Is DinoSwap a good investment?
Let's get started!
What is DinoSwap?
DinoSwap is a multi-chain infrastructure project that builds liquidity for layer one blockchains, AMMs, and partnering projects. The ultimate goal of DinoSwap is to become the hub for cross-chain liquidity by tapping into the liquidity of many blockchains then tethering them together in one centralized platform. This way, users from any blockchains can benefit from increased liquidity generated by DinoSwap.
DinoSwap chooses Polygon as the first blockchain to start, where it can take advantage of Polygon's high liquid environment and near-zero transaction cost. DinoSwap aims to leverage the mentioned strength of Polygon, acting as a "LaunchPad '' helping crypto projects bootstrap their token liquidity quickly with the mission to become #1 liquidity aggregator for the Polygon Network in the meantime.
How does DinoSwap work?
DinoSwap currently offers 3 main products:
Swap on DinoSwap Exchange: It works as a normal DEXs, where users can exchange one ERC 20 token for another. But one notable thing is that Dinoswap does not have its own AMM but interfacing directly with 3rd party liquidity pools of the top DEXs on Polygon. These DEXs apply their own fees structure, and DinoSwap charges no additional amount to users.
Yield Farming on DinoSwap Fossil Farms: Users can deposit their LP token from SushiSwap, QuickSwap, Dfyn to earn DINO tokens.
- Jurassic Pools: This is a non-burn pool. Users can withdraw DINO at any time with no deposit or withdrawal fee and no burn.
- Extinction Pools: This is a burn pool. All deposited DINO is burned at the conclusion of the pool when all rewards are distributed.
- Tar Pits: Users can earn more DINO by locking the token longer in a staking pool.
See Also: How to use DinoSwap
What is DINO token?
DINO token is the native token of DinoSwap in ERC - 20 standard and is used to get other tokens from projects partnering with DinoSwap. DINO token has no hard cap but has a burning mechanism to deter inflation and ensure the healthy development of the ecosystem.
Detailed information about DINO token
DINO Key Metrics
- Token Name: DinoSwap.
- Ticker: DINO.
- Blockchain: Polygon.
- Token Standard: ERC-20.
- Contract: 0xAa9654BECca45B5BDFA5ac646c939C62b527D394
- Token type: Utility token.
- Total Supply: 70,375,742 DINO.
- Circulating Supply: 22,882,641 DINO.
DINO Token Allocation
DINO Token Sales
DinoSwap is a fair launch project and has no pre-sale.
DINO Release Schedule
(1) At launch, 65 million DINO tokens are allocated as below:
- 65% - Farming Rewards (Fairlaunch).
- 5.6% - Treasury.
- 14.4% - Team (vested over 12 months, linearly, on a per-block basis).
- 15% - Investors and Advisors (vested over 12 months, linearly, on a per-block basis)
Initial DINO Emission Rate (Farms and Pools):
Initial Distribution of DINO Tokens to Farming Initiatives:
(2) After the 1st 65 million DINO has hatched, new tokens will be created on-demand. For every 10 DINO created, one extra DINO will be allotted to the DinoSwap Treasury to support further protocol growth initiatives.
Distribution of Newly Minted DINO:
DINO Token Use Cases
Right now, DINO tokens can be used to stake and receive tokens of projects partnering with DinoSwap.
More use cases are to be updated soon.
How to get DINO token
You can get DINO token by farming or staking on DinoSwap.
How to buy DINO token
You can buy DINO tokens from several exchanges:
- CEXs: KuCoin, Hotbit.
- DEXs: Sushiswap, QuickSwap.
Besides that, you can also buy YFI on Coin98 Exchange in the section “Swap” as you can see from the end of this article.
Learn more: How to use Coin98 Exchange
How to store DINO token
You can store DINO on Coin98 Wallet by following these steps:
Step 1: At the main screen of Coin98 Wallet, click Receive.
Step 2: Search for DinoSwap token.
Step 3: Copy your DINO wallet address and send DINO tokens to this address.
Quarter 3, 2021
- Restructure the Tar Pits with drastically enhanced returns.
- Release gamification products: DinoSwap Lottery, The MEGAsaurus (feature Patago Titan Sauropod size jackpots).
Quarter 4, 2021
- List DINO on CEXs
- Create DinoSwap’s own AMM
- Integrate DinoSwap NFT
Quarter 1, 2022
- Formalize Governance Implementation
- Incorporate a multi-chain DinoSwap Bridge so that users can move DINO and other assets cross-chain easily
Team, Investors, and Partners
All of the DinoSwap team are anonymous.
DinoSwap has successfully raised $4.7 million from leading DeFi investors: Hashed, Defiance, Spartan, Digital Finance Group, Linqpad, ClusterVC Neptune Duo, Coin98, Cinchblock, SVC, AngelDao, OKEx (Blockdream), Kosmos, Synaps, and Pluto VC.
Currently, DinoSwap has partnered with many projects to help them boost their token liquidity and is still open for the application of new projects.
Is DinoSwap (DINO) a good investment?
I hope that from all the mentioned information, you can get a basic understanding of DinoSwap to start researching more about this project. It is hard to tell firmly whether any project/token is a good investment or not. However, I will provide you with some key highlights of DinoSwap so that you can do your own research and make your own investment decisions.
DinoSwap has had an impressive launch on Polygon, with the TVL reaching $500M only after two weeks but now its TVL has plummeted sharply to less than $100M. The initial remarkable growth in TVL can be explained by the huge incentives DinoSwap offered users when joining yield farming. However, it eventually made the number of mint tokens outweigh the burn token and resulted in a significant price drop.
As mentioned in the roadmap, DinoSwap is working on many new features: NFT, Gamification,... while planning to expand to new chains and list the DINO token on CEXs. If DinoSwap can launch new products successfully and increase the buy demand for DINO tokens, then the project can regain its growth; or else the negative effect might last.