The Rise and Fall of Ditto Money
The Rise and Fall of Ditto Money
Ditto Money was launched in December 2020, and sadly enough ... it didn't celebrated the 1st Anniversary! The native token, $DITTO, aimed to maintain a stable price of 1 USD by translating price-volatility into supply-volatility. Being on Binance Smart-Chain made Ditto fast and cheap, and the usage of time-weighted average price (TWAP) feeds generated by on-chain AMM made the token independent from external oracles.
The project was innovative and I personally become a fan of DITTO, winning some $USDT at the meme competitions and growing a bag of $DITTO after making this badass video! It was like Ampleforth but on Binance Smart Chain
While going through my active investments or experiments, I realized that I had a Ditto - wBNB LP still staked on Autofarm. The LP was there for months and the APY went so low that it didn't even generated profit.
I had $218.25 worth of crypto and when I removed the liquidity, the breakdown was 113 DITTO and 0.26 BNB. This LP was heavy hit by the bear run, market corrections and share of pool fluctuations.
I swapped the DITTO into BTCST and did the same with the AUTO I farmed. It all summed up to 4.13 BTCST, which I used to farm BSC Bitcoin. As expected, the $DITTO value was pegged at 1 USD. All this happened at the start of November, and only one month later some events will show that timing is essential.
The DITTO Twitter account made a sad post on the 10th of December, announcing that the team will move on and DITTO will basically shut down. It was really nice and professional of them to leave the liquidity, which made DITTO leave the Cryptoverse like an absolute legend!
We started DITTO 1 year ago with lots of hope. We’ve tried our best to take our project to the heights that we wanted but unfortunately despite our efforts we couldn’t, so with great regret the team has decided to move on because of several reasons: One founder has legal issues, developers left, not enough volume & liquidity, no demand for algo stablecoins on BSC! Thanks to everyone for your support throughout our journey … There is still liquidity on Pancakeswap, We haven’t removed it..
My spider senses told me that something gone wrong after they announced an Ambassador Program, but the site was down after few weeks. Well... at least I swapped my Ditto for 1 USD before the downfall started!
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