DDJ
Last updated
Last updated
Double Dip Joy (DDJ) is a fungible token (ERC20) that is designed like a loyal point to reward contribution to the Double economy. It has no premine and no cap. DDJ is a per chain based token and a new DDJ token will be launched on every chain where Double is launched.
By design, DDJ is a utility token. It is the only token that can be used to purchase or breed Double Down Club (DDC). DDC is also a utility token by design and is required to supply capital into Double and capture the benefits of doubling ROI while at the same time significantly reducing impermanent loss for capital providers. DDJ has strong protocol native demand due to the strong demand of DDC.
DDJ will be issued based on the contribution to the Double economy, more specifically DDJ will be issued based on the fees collected by the Double protocol.
Let’s use an example to explain how the DDJ issuance works in detail. Assume a capital provider supplies 10,000 USDC for the AMM pool and when this position is closed, the LP return (e.g. fees earned by this position) is 1,000 USDC in value. The fee collected by Double will be 100 USDC based on the 10% commision rate configured in the protocol. Based on a reward ratio of 1 DDJ per dollar, 100 DDJ will be issued for this position. Of the 100 DDJ, the capital provider will receive 50 DDJ (50%). And the pool of DDJ will receive the other 50 DDJ (50%), which will be distributed to all DDJ depositors in the pool pro-rata based on their DDJ position sizes.
The commission rate and reward ratio are designed as monetary policy parameters, which can be adjusted up and down initially only by the team, to maintain a healthy Double economy.
DDJ can only be claimed once the withdrawal threshhold is reached
Connect your wallet via Metamask or Wallet Connect
Click Withdraw & Mint DDJ
Finalize the transaction in your wallet, this will require gas for minting the tokens