Dogecube

Dogecube is a decentralized exchange-traded fund (dETF) project built on Radix. It was created in 2021 to celebrate Radix and its founder Dan Hughes, as well as the rise of "memecoin" cryptocurrencies inspired by Dogecoin.

Overview

The project's native $DOGECUBE token has a fixed total supply of 8 billion, representing approximately one token for every human on Earth at the time of its launch. These tokens were initially distributed for free through a series of weekly "meme-brawl" airdrop events from September 2021 to March 2022, incentivizing creative meme content from the community.

Dogecube aims to provide a transparent, secure, and community-driven platform for accessing a diverse basket of cryptocurrency projects launched on the Radix protocol. By utilizing Radix's smart contract capabilities and decentralized structure, Dogecube enables decentralized governance where token holders can vote on the composition of its investment basket.

History

Dogecube was inspired by the rise of memecoins like Dogecoin, which gained popularity in 2021 despite being created several years earlier as a joke. The Dogecoin community demonstrated there was a market for light-hearted, meme-based cryptocurrency projects.

In this spirit, Dogecube was launched in 2021 as what its creators called a "social experiment" - aiming to bring some fun and humor to the Radix ecosystem while also serving as an ambassador for the network's technology.

The Dogecube name and branding plays off the mythical three-headed dog Cerberus, which is also the name of Radix's novel consensus protocol. This ties into the theme of Dogecube being a bigger, stronger "memecoin" suited for Radix.

From September 2021 through March 2022, Dogecube held 25 weekly "meme-brawl" events where participants could earn free $DOGECUBE tokens by creating and sharing memes. This unique airdrop distribution model helped widely disseminate the 8 billion total token supply.

After the meme-brawl airdrops, the Dogecube team continued developing the project with additional features like a decentralized exchange basket, NFT collection, and plans for a community-governed investment fund model. While starting as a lighthearted experiment, Dogecube evolved to showcase the capabilities of Radix's technology for decentralized finance (DeFi) applications.

Technology

Dogecube utilizes the capabilities of the Radix network and its smart contract language Scrypto to enable its decentralized applications and tokenomics model.

Basket Composition

The core of Dogecube is a basket containing up to 100 different cryptocurrency tokens launched on Radix, alongside an equivalent value of the network's native $XRD token to provide liquidity. This allows Dogecube to function as a decentralized exchange-traded fund (dETF).

Swap Mechanism

Dogecube uses the CALM algorithm developed for the DefiPlaza decentralized exchange to facilitate swaps between the $DOGECUBE token, $XRD, and the various altcoin tokens in the basket while minimizing impermanent loss.

Gravitational Fee

To discourage rapid trading that could destabilize the basket, Dogecube implements a "gravitational fee" that adjusts dynamically based on swap frequency and size. The fee is higher for sells than buys to act as a dampening force.

The gravitational fee calculation incorporates the swap density, time weighting, and relative swap size versus the total basket value for each token.

Treasury Accumulation

A portion of the fees from swaps and other sources like royalties are accumulated into treasury "chests" containing XRD reserves.4 These can then fund the addition of new projects to the basket through community voting.

$DOGECUBE Tokens

The $DOGECUBE token is the native cryptocurrency underpinning the Dogecube project. It has a fixed maximum supply of 8 billion tokens, which was fully issued through a series of free airdrop events from September 2021 to March 2022.

Tokenomics

The 8 billion $DOGECUBE tokens were distributed for free to participants of 25 weekly "meme-brawl" events, where creating and sharing memes earned token rewards. This distribution model aimed to achieve a wide dissemination of tokens to bootstrap the project's community.

The initial supply provision was calculated as approximately 1 $DOGECUBE per living human on Earth at the time. This ties into Dogecube's lighthearted origins and goal of being an accessible "memecoin" project.

Token Utilities

In addition to liquidity and voting rights, $DOGECUBE can also be used for fees, tipping, and any other transactions enabled by the Radix network.

Products and Services

Dogecube's core product is its decentralized exchange-traded fund (dETF) basket containing up to 100 cryptocurrency tokens from projects built on the Radix network, alongside XRD to provide liquidity. This allows users to gain exposure to a diverse portfolio of Radix ecosystem tokens through a single investment in $DOGECUBE.

The project currently offers the following products and services:

Decentralized ETF Basket

Users can swap between $DOGECUBE, $XRD, and the various altcoin tokens in the basket through an automated market maker (AMM) model utilizing the CALM algorithm. This provides liquidity for the basket tokens.

AMM Liquidity Pools

In addition to the unified basket pool, Dogecube previously launched DogeCubeX, a platform with separate liquidity pools for individual pairings of altcoins and $DOGECUBE. This demonstrated AMM capabilities before the unified basket.

NFT Collection

Dogecube has also launched an NFT collection called $WOW with 10,000 unique NFTs available for collectors to mint by sending 50 $XRD.

Future Products

Looking ahead, Dogecube plans to fully implement its DAO governance model, where $DOGECUBE stakers can vote on proposals to add or remove tokens from the basket, effectively operating the dETF as a community-governed index.

Governance

Dogecube implements a decentralized autonomous organization (DAO) model where governance decisions are made through community voting by $DOGECUBE token holders. This includes votes on the composition of the project's core dETF basket.

Voting System

Dogecube's voting system is based on staking $DOGECUBE tokens as "DOGECUBED", where each $DOGECUBED token represents one vote. The maximum number of votes is capped at 10 billion.

In addition to token stakers, voting power is also granted to those running validator nodes for the Radix network by staking $XRD. Each 0.00000005% of staked $XRD equates to one vote, up to a maximum of 2 billion votes.

Any new unstakes of DOGECUBE or $XRD during an active proposal vote are not counted. Once voting begins, the staked tokens are locked until the voting period ends.

Voting Process

Proposal votes last for 7 days total - 5 days for token holders to research and discuss the proposal, followed by a 2 day voting period. To pass, a proposal must receive a majority of "yes" votes from the combined DOGECUBED and node staking votes. If passed, the winning proposal is implemented, such as adding a new token to the dETF basket by swapping its reserve from the accumulated treasury "chest". This governance process allows the Dogecube community to collectively decide the future composition and direction of the project's investment offerings.

Team and Community

The Dogecube project was started by a team of individuals who had been part of the Radix community for several years.

Core Team

The team was able to coalesce organically through the growing Radix community over years of discussions and relationship building.

Community

From its origins, Dogecube has emphasized building and engaging an active, participatory community. This began with the 25 weekly meme-brawl events used to fairly distribute the initial token supply through funny, creative content.

The project maintains a presence across social media, chat platforms, and community calls to interact with Radix ecosystem developers, enthusiasts, and potential new users.

As Dogecube transitions to its full DAO governance model, the community will play a pivotal role in voting on proposals to shape the project's direction and dETF basket composition going forward.