By
Temitope Olatunji
April 22nd, 2024
Excitement is building as DojoSwap will be announcing the details of the upcoming launchpad project in the next 1-2 days.
Injective Protocol, a leading decentralized finance (DeFi) platform, is preparing to host its next launchpad event on January 19-20 through its automated market maker (AMM) platform DojoSwap. More details about the upcoming event are to be released in 1 to 2 days.
DojoSwap aims to be the go-to decentralized exchange for the Injective community, with its native token DOJO playing a pivotal governance role. Over the past day, anticipation has led to an over 80% price surge for the token. This shows investors a positive attitude towards the latest launchpad developments coming out of the Injective ecosystem.
DojoSwap Launchpad Unlocks Further Utility for DOJO
DojoSwap, as the leading automated market maker (AMM) on the Injective Protocol, is introducing new features for the DOJO token to encourage users to hold onto their tokens for the long term.
One of these features is the launchpad platform, which allows small projects with low market capitalization to raise funds, receive support, and gain exposure within the Injective ecosystem. This benefits DOJO holders by giving them early access to these projects, generating trading fees, and increasing the overall usage of the protocol.
To ensure the sustainability of DOJO token holdings, DojoSwap has implemented measures such as gradually reducing the rewards given through yield farming over time. These measures aim to promote steady and lasting gains for token holders rather than encouraging short-term speculative behavior.
As Injective continues to grow, the launchpad provides an additional avenue for DOJO holders to benefit from the increasing network effects and capture more value.
Mechanisms for the Upcoming Launchpad
The upcoming launchpad will utilize a token-gating mechanism to determine participation eligibility. Specifically, only holders of the DOJO token or DOJO-INJ liquidity provider (LP) tokens will be allowed to take part. The hard cap for the raise is set at $100,000 in INJ, Injective Protocol’s native asset. A portion of the INJ raised will be used to buy back DOJO off the open market, some of which may subsequently get burned or provided as liquidity to external projects.
Dojoswap introduced its launchpad platform to further build out the utility case for DOJO. As activity within Injective ramps up, the team believes that firmly coupling the growth of DOJO to that of the overall ecosystem will maximize long-term, sustainable gains.
Launchpads enable high-quality, low-market capitalization projects to tap into the injective community for initial funding, support, and exposure. In turn, DOJO holders benefit from early access, trading fees, and the influx of new protocol users.
Future iterations of the Dojoswap launchpad will incorporate veDOJO, a vested version of the DOJO token. veDOJO holders will receive priority access to a larger portion of token allocations during whitelist events.
The Focus on Long-Term Sustainability
Dojoswap has implemented measures to encourage people to hold onto DOJO tokens for the long term instead of engaging in short-term speculation, particularly around launchpad events. One of these measures is a gradual reduction of DOJO yield farming incentives over time.
As we enter 2024, Injective Protocol is making significant strides toward achieving widespread adoption in the DeFi space. With the mainnet upgrade underway, the team is excited, and both DOJO and INJ token holders eagerly anticipate further details. However, it is clear to them that 2024 will be a groundbreaking year for the protocol and its dedicated community of Ninjas.