What is DinoSwap?
DinoSwap ($DINO) is a decentralized exchange (DEX) Polygon network-based cross-chain protocol that rivals the likes of PancakeSwap and other automated market makers. Launched on 17 July 2021, the DEX allows users to use the DINO token to earn various tokens of projects operating on top of Polygon.
Some of the top investors of DinoSwap include DeFinance, Hashed, Spartan Group, DFG, and co-founder of Polygon Sandeep Nailwal.
DinoSwap’s goal is to allow users from any blockchains to benefit from increased liquidity by tapping into tethered liquidity from multiple other blockchains, thereby becoming a centralised hub for cross-chain liquidity. This can be done by building liquidity for layer one blockchains, AMMs (Automated Market Makers), and partnering projects.
The first blockchain that DinoSwap has started with is Polygon due to its high liquid environment and extremely low transaction cost. By leveraging the strength of Polygon, DinoSwap is then able to help crypto projects boost their token liquidity.
How does DinoSwap work?
Currently, DinoSwap offers three products:
The main focus of DinoSwap, it is a DEX that does not have its own Automated Market Maker (AMM) and instead interfaces directly with third-party liquidity pools of the top DEXs on Polygon. On DinoSwap, users can exchange ERC20 tokens, and one of the features that make DinoSwap unique is that it does not charge any additional fees on exchanges.
Yield Farming (aka DinoSwap Fossil Farms)
Following the dinosaur theme, DinoSwap’s Fossil Farms are where users can earn DINO by staking their LP tokens from SushiSwap, QuickSwap and Dfyn.
This is a non-burn pool where users can stake their DINO and earn more tokens from partnering projects. In addition, users can still withdraw or deposit DINO without any additional fees, time-locks, or burns.
Extinction Pools are burn pools where deposited DINO is burned when all rewards are distributed. Users can stake their DINO tokens in order to earn more tokens from other partners over a period of time.These allow projects to issue tokens to a global community of Degen Dinos which increases wallet holder count, boosts awareness of the project, and bootstraps initial market liquidity. Participating projects are announced through the official DinoSwap social media platforms and receive cross promotional benefits, and these projects will also populate on the default list of DinoSwap tokens without having to search for the contract address.
Users can stake DINO in the Tar Pit to earn more DINO tokens. Entering these pools requires an adjustable time lock on staked DINO, but longer lock-ups mean increased rewards.
DINO token utility
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.
The DINO token at this time has two different uses: DINO is currently used to farm yDINO, a governance token which will be part of a complete ecosystem, by staking DINO and BNB on Tenet. DINO provides passive income to its users and holders through the 1% redistribution applied from every transaction Note: It will be used in the near future as the central currency used in this ecosystem currently in development, where artists and collectors can buy and sell digital art goods using DINO Token.
DINO Token Distribution
65 million DINO tokens were distributed at launch as follows:
- 65% – Farming Rewards (Fair launch).
- 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)
After the first 65 million DINO have 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.
Trading on DinoSwap
Trading on DinoSwap is simple:
- Navigate to the DinoSwap exchange here
- Unlock your Polygon Wallet, click connect, and choose the wallet provider of your choice
- Select the tokens you wish to swap and enter the amount (make sure you have MATIC in your wallet to push the transaction through) .
- Check the details, and click “Swap”.
- Check the details again and click “Confirm Swap”.
- Confirm the transaction in your wallet.
- The swap is complete and you can click view on maticvigil to see your transaction details
Yield Farming on DinoSwap
This function allows users to stake DINO in order to earn even more rewards after a period of time. There are two parts to this process:
Every Fossil Farm needs a specific LP Token that can be acquired by providing liquidity for the appropriate pair. The following steps will prepare you to start excavating in your favorite Fossil Farm.
- Go to the Fossil Farms page.
- Click on your favorite Fossil Farm.
- Click on the “Get LP” link on the left side.
- Follow the instructions to get LP tokens on either SushiSwap, Quickswap or Dfyn.
Entering a Fossil Farm
Now that you have your LP Tokens ready, it is time to put them at work and start excavating.
- Go back to the Fossil Farms page.
- Unlock your Wallet via the “Unlock Wallet” button or the “Connect” button (top right).
- Make sure your wallet is on the “Matic Mainnet” network.
- Click on the Fossil Farm you want to excavate.
- Click the “Enable” button.
- Your wallet will ask you to confirm the transaction.
- Click the “Stake LP” button.
- Enter your desired amount of LP Tokens and click the “Confirm” button.
- DONE! You are now farming DINO.
Adding or removing LP Tokens
At any time, you can decide to leave the Fossil Farm or add more LP Tokens to it.
- Return to the Fossil Farms page.
- Click the “Staked only” toggle to see the pairs you have LP Tokens in.
- Choose a Fossil Farm you have LP Token in and click on it.
- Click on the “+” or the “-“ button to add or remove LP Tokens.
- Enter the amount you would like to add or remove.
- Verify your information and click the “Confirm” button.
- After a short wait you should see your new balance in the details section of the LP Token pair. If you have unstaked your LP Tokens, any unclaimed rewards will automatically have been collected.
DinoSwap ran a highly successful fundraising campaign before its launch and is even backed by the co-founder of Polygon himself, indicating a large amount of confidence in the project. The DEX has also successfully completed three Certik smart contract audits and has received a “low risk” rating from the Rug Doctor. DinoSwap is already the 7th most popular dApp on Polygon in less than 2 weeks from its official launch.
With DinoSwap’s mission of increased liquidity for cryptocurrency exchange, this DEX is one to keep an eye on and has huge potential to change the crypto exchange game.