Proposal to Whitelist renDOGE with a co-investment limit of 150k BNT
Contract Address: 0x3832d2F059E55934220881F831bE501D180671A7
Project Website: https://renproject.io/
Project Documentation: https://renproject.io/renvm
Proposed Co-Investment Limit: 150,000 BNT.
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
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.
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.
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
- The 24 hour volumes range from $66,385,961,661