As we know Doge has taken the internet by storm – the actual Doge coin is not a compatible ERC-20 token. The REN Project has a currently ERC-20 compatible DOGE token, which acts as a “mimic” accurately reflecting the current price of Doge. The principle is the same as “wrapping” Bitcoin. renDOGE is pegged to a 1:1 ratio of the actual Doge coin. Bringing the renDOGE to the BNT platform with added Liquidity mining can be an educational / awareness test run to shed light on the Bancor Protocol and the use case of Defi. We could have first movers advantage on DOGE via DEFI
Project
The Doge coin was started as a “meme” to provide users the ability to have a free and instant and cheap way to be able to transact with one another, also to draw a positive light on crypto currencies. Doge is a fork of bitcoin. Doge coin was written in C++ just like bitcoin.
Tokenomics
Doge coin is currently mined by users (Proof-of-work) with a block reward of 10,000 DOGE, Doge is an inflationary currency unlike bitcoin. Dogecoin’s current block time is approximately 1 minute. Significantly faster than bitcoin’s 10 minute block time.
Community and Communication
This is where the DOGE coin shines, and where it can bring great awareness to DEFI and the Bancor network. Millions of mentions across all social media platforms (Facebook, Twitter, Reddit, Discord, Twitch and TikTok) the exposure we could potentially have would be worth the Co-Investment provided by the protocol alone. There was a proposal to allocate a portion of all fees to marketing efforts, I think this could serve just as well if not more. The connection between Bancor and Doge would be one giant marketing push in it of itself for Bancor. Capitalizing on the Doge Coin community would could be our silver bullet. Elon musk has repeatedly mentioned DOGE coin and how it is his favorite coin “a coin for the people.” Doge Coin socials have been on a consistent uptrend, and show no signs of slowing down – the community is immense. Potentially millions of people – arguably the most powerful community in all of crypto currency. A truly diverse community.
Below listed for the volume for Doge coin itself Although renDOGE has siginificantly less volume, it shouldn’t serve as much because the whole point is to raise awareness to both platforms Capturing 1% of all volume would equate to $430586732.29
Doge Coins price at the time of writing is $0.3393
All-time high: $0.4377 Apr 16, 2021 (6 hours ago)
All-time low: $0.00008547 May 07, 2015 (6 years ago)
Price 90 days ago: $0.007294
129,210,007,256 tokens in circulation
The current market capitalization is $43,058,673,229
The Doge token is available on major exchanges, including Binance, FTX, Kraken, Huobi Global, and Robinhood
I like it because it would expose a lot of folks to Bancor that probably don’t even know it exists, nor know about the financial freedom that DeFi could offer them. DOGE may have been their entry to crypto, but Bancor could be their exit from a rigged financial system.
We are close with the REN team, too. We have previously discussed with them getting some more of the REN tokens on Bancor. I hope this is the first of a series of proposals surrounding the REN ecosystem.
Doge is a fad. A virtually useless token. And it will eventually die off.
But we live in a meme-driven market. We have the opportunity to leverage that to increase Bancor’s exposure. Imagine TikTok videos telling people to buy and stake Doge on Bancor for 100% APY.
Whitelisting and LM rewards would help bridge the gap to turn memecoin buyers into DeFi investors.
Trying to stay impartial as I’m not a fan of DOGE let alone giving LM rewards to its holders. Some thoughts:
I’m not sure how tech savvy the Doge holder is to go from buying Doge on a centralised exchange to staking it on Bancor.
It’s still a decent experiment and worth a shot.
It’s a good way to support the REN community.
Current volume per market cap on Uniswap would give an annualised APY of 4.06%. Consider this is at peak volume.
I’m in favour of whitelisting and although not too excited about giving a token like renDOGE LM rewards, I don’t think we’ll attract any liquidity without it.
LM rewards should be fairly limited and for a short duration in my opinion. Or the proposal could specify an extension or increase of rewards if it does attract enough liquidity and volume.
Being a meme coin, it attracts a lot of short term low volume traders who probably aren’t willing to spend a considerable amount of gas to stake their DOGE.
Could we probe the DOGE community about this and see if there’s an interest in staking on Bancor for high APYs? Also a way to get them hyped before the pool launches.
I think with educational videos we’d be able to attract more users. I think this could be a very big and revolutionary way to educate the masses.
Agreed.
Agreed.
Assuming no more coins get converted to renDOGE.
That’s why the proposed co-investment limit is 150k.
6.Agreed.
7.I think even if whales fill up the pools, we can incentivize the limit free orders and promote “zero trading fees on doge.”
8.I think Probing the DOGE community is a little bit of an overshot, as there isn’t one specific entity. Most of the community is extremely spread out and come from all walks of life, and backgrounds.
1.Fair enough.
4.That would also increase market cap of renDOGE, we need a volume/market cap that justifies it. This is the only APY measure we currently have for a renDOGE pool performance, hence why I stated it.Volume has increased since the time I posted though. Up to almost double the volume/market cap. Meaning there is an increasing interest in renDOGE.
5.When the proposal was drafted, it was just a paragraph with no amount for the co-investment limit so I couldn’t possibly know. Nevertheless, 150k BNT is more than enough before LM rewards. At $7.82 (current price) that is around $1.2M, when the market cap of renDOGE is $1M. But only one pool in Uniswap has most of the liquidity, and I can see those moving their coins to Bancor after getting rekt with IL.
8.I meant on telegram, those who are more passionate about DOGE there might help broadcast this information to other medias.
If this gets whitelisted, the only REN asset that we would be missing is renBCH (we should bring that over as well). I am in favor of whitelisting with a co-investment limit but would not support this proposal due to LM rewards. I think we need to be strategic about LM rewards and would much rather see the minted BNT use for something like rabbithole or a coinbase earn campaign.
I’m with Glenn on the LM rewards, I don’t trust the doggies to not just dump BNT as soon as they get their hand on it. Maybe we could start with whitelisting and then do a separate vote for rewards as was done for MPH.
Coinbase earn campaign sound like an amazing idea Glenn! You should put up a proposal. Something like the recent cgld campaign where the user must use the protocol to receive rewards would be ideal however gas might make that difficult.
Yes, I think the gas cost will make it difficult and it would be best for us to wait until we are on Arbitrum L2, Bancor contracts get optimized to reduce gas costs, and EIP 1559 goes live. Once those three things happen, I would be more than happy (or encourage anyone else in the community) to bring up a proposal to the DAO to start a coinbase earn campaign.
a lot of people like to trade doge, with addition of limit orders i can see it garnering good fees. LM rewards should be split up into a 2nd vote though imo.
Perhaps, create RENDoge-BNT pool first and we see how the volumes and how enthutiastic people are about it. But I believe most people who buy Doge are not our DeFi chad bros, they won’t be buying it at Bancor.
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