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DODO exchange's first IDO! BNB48Club to launch governance token KOGE tonight at 8pm.

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According to the latest announcement from BNB48Club, the organization will issue governance token Koge, and will launch an IDO (Initial Dex offering) on decentralized exchange platform DODO tonight at 8:00 PM (UTC+8).

BNB48Club Launches Governance Token

KOGE is the governance token of BNB48Club, the first decentralized autonomous organization (DAO) on Binance Smart Chain (BSC). Token holders can participate in governance and use the token to participate in crowdfunding projects initiated by BNB48Club. Additionally, token holders can enjoy membership privileges such as access to higher-level chat groups, discounts from partners, and airdropped tokens from incubated projects.

BNB48Club stated that the funds raised through the Initial DEX Offering (IDO) will be used to support the BSC validator node project. Furthermore, the organization will use these funds for low-risk liquidity mining, angel investments, and incubation of new projects within the BNB ecosystem. The profits generated will be used to buy back and burn KOGE tokens in the market, reducing the token's supply.

Koge IDO Rules and Details

  • Date and Time: September 24, 2020, 8:00 PM
  • Listing Price: 0.03 BNB
  • Total IDO Tokens: 2,250,000 Koge
  • Hard Cap: 75,000 BNB
  • IDO Duration: 7 days (168 hours) after reaching the Soft Cap of 25,000 BNB or when reaching the Hard Cap of 75,000 BNB

It is important to note that the IDO will take place on the BSC chain (supporting only the BEP20 version of BNB) and not on Ethereum. Users who wish to participate must first connect their Metamask to the BSC mainnet to participate in the IDO on the DODO dex. Additionally, the IDO for KOGE will utilize DODO's Proactive Market Maker (PMM) algorithm. In other words, the IDO price will not be fixed but will increase with the purchase amount, meaning earlier purchases will have a lower cost.

After the KOGE IDO concludes, an initial temporary liquidity pool, KOGE-BNB, will be created on DODO. BNB48Club will provide 750,000 Koge as initial liquidity, setting the initial price at the end of the IDO. This pool will be temporary and no one else will be allowed to provide liquidity. The liquidity (KOGE and BNB tokens in the pool) will be withdrawn at a certain point. The team mentioned that all withdrawn KOGE tokens will be burned, and any BNB exceeding the Soft Cap (25,000 BNB) will be used to buy back and burn other KOGE tokens.

After the temporary initial liquidity pool is closed, a full trading pool will be created (exact timing to be announced).