What is Dotties?
Despite being a newcomer to the blockchain layer-1 category, Aptos is having their NFTs sold at an incredible rate, with its top project at the moment—Aptos Monkeys—topping all other NFT collections across both Solana and Ethereum in terms of 24-hour trading volume.
For an ecosystem with such great potential for NFT adoption, the boundaries should be pushed further to speed up the process, remove limitations of the existing infrastructure, etc.
That's where Dotties comes in.
Dotties is the first AMM protocol for NFT on Aptos, enabling NFTs to have liquidity & trading activities (buy & sell) to be executed instantly.
To put it in a simple manner, Dotties is Uniswap for NFTs, instead of tokens. On OpenSea, a seller needs a buyer in order for a transaction to go through, while on Dotties, people can sell their asset into the liquidity pool, which makes the selling transaction instant.
How do we do it?
To deliver this, Dotties applies an AMM model to NFT Trading.
An Automated Market Maker (AMM) is the technology that powers a decentralized exchange (DEX). It enables assets to be traded by using crypto liquidity pools as counterparties. A liquidity pool is a smart contract where you usually have two assets on it: the trading pair. When interacting with a liquidity pool, a user can exchange (swap) one asset for another or be a liquidity provider (LP). To be an LP, the user must supply both assets of the trading pair. In the NFT context, an LP provides the NFTs and APT, for example.
And why would somebody want to be an LP? The LP collects the trading fees of the liquidity pool where he deposited his assets. In NFT trading, this means that he would get a fee on this transaction and not the collection’s creator.
Three types of liquidity pools on Dotties:
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Buy-only pools
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Sell-only pools
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Buy-and-sell pools
And these pools may have either of the following bonding curves:
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Linear curve: the price increases or decreases linearly as buys and sells happen
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Exponential curve: the price increases or decreases by X% as buys and sells happen
What are Dotties’ values?
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Immediate liquidity — the ability to sell your NFT quickly, something which is not an option in other NFT marketplaces,
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Fully decentralized — Dotties is fully on blockchain, meaning that even if Dotties is down, there will always be alternatives and proxy websites from which you will be able to access the marketplace
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Less fees — Dotties takes 0.5% from each transaction while OpenSea takes 2.5% plus the creator fees.
Roadmap
Dotties aims to start onboarding top Aptos collections by the end of November, while onboarding new members to the community.
Stay tuned to our Discord opening by 10:00am EST, November 1st. Countdown with us to this exciting event here.
Only the first 1000 Discord participants will get Early role!