Overview
Disclaimer: here
Welcome to the Bones Protocol (🦴), an attempt to enable true DeFi directly on the Dogecoin Mainnet.
The case for Bones
On EVM chains and Solana, Automated Market Making (AMM) protocols provide a seamless way to trade fungible tokens on-chain. However, the two major fungible token standards on Dogecoin, DRC-20 and Dunes, don’t have in-protocol support for AMM trading or didn’t have from the beginning, what makes bootstrapping liquidity very difficult. They trade similar to NFTs, so that each trade requires a buyer to actively accept a seller's listing, and vice-versa.
This may be sufficient for large cap tokens which are listed on centralized exchanges and have market makers, but for medium and smaller tokens it is hard to bootstrap reasonable liquidity and trading them comes with meaningful friction.
Bones' solution approach
The Bones Protocol is an attempt to solve this challenge and to enable true DeFi directly on the Dogecoin Mainnet by creating a native liquidity metaprotocol for tokens and NFTs.
Main protocol-pillars
Tokens: Fungible tokens on the Bones Protocol.
$BONE: The base token for liquidity pools.*
NFTs: Bones wrapped in inscriptions, making them non-fungible.
Collections: Collections of non-fungible tokens. Each Collection can decide which Bone has to be locked to obtain a NFT.
DeFi: AMM swaps, liquidity pool and stablecoins/WDOGE possible.
*$BONE is no "utility token", just indexed as a special token within the protocol to make swaps (and some other stuff) possible.
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