News Report Technology
November 07, 2023

DODO Suspends vDODO Token Reward Release and Redemption Fees

In Brief

DODO will implement the cancellation of vDODO redemption fees on November 8 at 13:00 and suspend the release of vDODO rewards on January 1, 2024.

DODO Suspends vDODO Token Reward Release and Redemption Fees

The DODO community has recently approved a proposal titled “Temporary Pause of DODO Emissions in vDODO Staking Pool to Mitigate Inflation and Enhance Long-Term Stability,” to halt the release of vDODO tokens in the vDODO staking pool. This decision aims to mitigate inflation and bolster long-term stability within the community.

Accordingly, the community has made the following adjustments: As of November 7, 2023, at 11:59 PM EST, the redemption fee for vDODO will be waived. Additionally, beginning December 31, 2023, at 11:59 PM EST, the community will halt all DODO emissions in the vDODO staking pool.

The community voiced increasing concerns regarding the inflationary effects caused by the current DODO token emissions. They emphasized the pressing need to address these issues promptly, aiming to benefit all stakeholders.

Despite the pause in DODO emissions, the 15% trading fee for DODO buybacks and the subsequent monthly distribution to vDODO holders will remain unchanged.

The team keeps a close watch on market conditions and remains flexible, characteriznig the suspension of emissions as a temporary measure. Any forthcoming changes, such as the potential resumption of emissions or a revised tokenomics model, will be presented to the community for review and approval.

The DODO team has encouraged community members to stay involved, while it navigates the current challenges. 

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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