Ditto is a decentralized finance ( DeFi ) project that runs on the Binance Smart Chain (BSC). It is a fork of the Ampleforth ( AMPL ) protocol. The goal of the project is to maintain a stable price of $1. Ditto achieves this by altering the supply of the token based on the demand.
When a token has an elastic supply, the number of tokens in circulation can either decrease or increase depending on the situation. Hence, its supply is not limited, as it automatically changes relative to demand through a balancing process called Rebase.
Depending on the price target, a rebase can either be positive or negative. The rebase aims to adjust the token price to the price target, which in the case of DITTO is set at $1. If the price falls below the target, a negative rebase occurs. As a result, the supply drops and the price is expected to increase to the target value.
The opposite happens when the price is higher than the price target: a positive rebase occurs. The supply rises and DITTO price drops to the target.
Regardless of the current rebase, the ratio of the users’ funds to the total supply will always remain the same. The project offers two ways through which users can make profits. They can either earn when there is a positive rebase or when the market capitalization increases.
Ditto is an open-source project that launched in December 2020. It was the second initial futures offering (IFO) on PancakeSwap. The Github account related to the project names two contributors, which are known as developerfred and chefchansey.
The project’s uniqueness lies in the elastic supply. Through dynamic rebasing, DITTO can be adjusted towards the price target. The rebase remains active until DITTO reaches the peg price.
Rebasing can be activated up to 6 times per day. The idea behind the rebasing is that a token’s nominal price will move towards its target over time.
The flexible rebasing ensures that the token stays unaffected by the extreme price movements of other cryptocurrencies. The rebase configuration and admin functionality is stored on a smart contract called Ditto Master.
The fact that it is based on the Binance Smart Chain allows Ditto to support lower fees and faster transactions. Ditto does not rely on any external oracles to generate price feeds. Instead, it uses a time-weighted average price (TWAP) to generate on-chain price feeds. It also recently introduced cross-chain swaps on its network.
DITTO is an elastic supply token that runs on the BSC. As of March 2021, it has a circulating supply of 2,570,142 tokens. 70% of the DITTO supply was allocated to the public sale, 15% to liquidity providers’ (LP) staking rewards, 10% to the ecosystem fund and the remaining 5% to initial liquidity.
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DITTO is a BEP-20 token. Unlike ERC-20 tokens, BEP-20 tokens run on the Binance Smart Chain.
You can trade the DITTO token on the following exchanges:
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