Explainer

Doppler is an onchain protocol for launching tokens through various price discovery auctions.

Teams use Doppler to create new tokens and determine their prices via onchain public markets. In addition to basic creation of the digital assets, Doppler can handle various downstream functionality, such as vesting, inflation, governance, multiparty trading fees, buybacks, and more.

Doppler's smart contracts can be interacted with directly or through an open source SDK which abstracts away all relevant smart contract complexity. Data including market cap, volume, holder counts, and more is available through a publicly hosted indexing API. All of the smart contracts have been through security review &/or audited.

Price discovery auctions

Doppler currently supports three different kinds of price discovery auctions, each designed to be utilized in different contexts, such as available network compatibility or desired market structure.

• Static auctions - allow specifying a single supply or price curve.

• Multicurve auctions - allow specifying multiple supply or price curves.

• Dynamic auctions - allow specifying ranges for dynamically adjusting supply or price curves.

Liquidity migration

After a price discovery auction completes, the liquidity proceeds generated in the auction can be migrated into a different DeFi or automated market. Integrations with Uniswap v2 enable fee rehypothetication for liquidity to grow overtime and wide availability. Integrations with Uniswap v3 or v4 enable custom fees and other bespoke hook based logic.

Fees

Every token can be created with a unique set of beneficiary addresses that earn earn fees on every swap in pools created by Doppler, forever. The protocol fee is set to 5% of whatever the token's fees are configured to. For example, if a token is configured with 1% fees, the protocol earns 0.05%.

Governance & Treasury

Using OpenZeppelin's Governor, tokens can optionally be created with onchain token holder governance and treasury management. Community stakeholders can hold onto a meaningful percentage of token supply, and after vesting or unlocks, vote on what to do with it's treasury.

Airlock

Doppler's Airlock smart contract provides a unified interface for interacting with the protocol. Users pass their desired parameters into the Airlock, which then manages all interactions with downstream contracts - including token factories, hook initializers, governance factories, and any other contracts configured for a given launch. The Doppler SDK makes interactions with the Doppler SDK seamless and intuitive, abstracting away smart contract complexity.

Design principles

• Capital efficiency - Highly optimized auctions help tokens find their fair market price.

• MEV protecting - Configure custom markets and launches designed to mitigate sniping & MEV.

• Composability - Doppler is fully onchain and composable with other programs.

• Optionality - turn on and off different modules, eg. use governance, or opt out of it entirely.