Meet Dove Finance: The Pioneering Cronos-Based Decentralized Reserve Currency

dove financedove finance

Creating an alternative to centralized financial institutes has been a main aspiration of cryptocurrencies since their inception. 

However, trends such as centralized exchanges (CEXs) and the meteoric rise of stablecoins such as Tether have presented obstacles to this goal. 

Dove Finance is setting out to overcome them by launching a decentralized reserve currency based on Cronos. Its main aim is to become the currency of the people, based on decentralized governance. Here’s how.

Solving the Issue of Stablecoins 

At the moment, most stablecoins are pegged to the US dollar. This pegging guarantees the same purchasing power as the USD, with minor variations. 

However, the USD is constantly decreasing in purchasing power in itself due to inflation, which, in turn, is influenced by the US Government and the Federal Reserve policy. 

All of this has negative ripple effects on stablecoins. They constantly lose purchasing power, even when you invest them. While the absolute amount of coins you own may grow, the individual value of each coin still decreases. 

The Dove Finance Solution – How does it work? 

Dove is setting out to solve this issue by releasing a decentralized reserve currency based on Cronos. Treasury assets will back each DOVE, which therefore can never have less value than this asset. 

As such, DOVE has more in common with a gold standard currency than with modern fiat currencies. The treasury assets will begin as a basket of stablecoins such as USDC and DAI, but will expand to ensure true value.

A special feature is that those who stake DOVE additionally receive a share of all DOVE minted by the protocol. This is essentially an investment into the protocol, which is rewarded by compounded growth of the stake.

Since DOVE are backed by treasury assets, the absolute value of the stake grows without the stakeholders doing anything else.

That, in turn, gives users a strong incentive to buy and stake DOVE. This makes DOVE much more attractive as a reserve currency than stablecoins, let alone fiat currencies. 

In addition, Dove has also forged ahead and introduced economic and game-theoretic dynamics to the market through staking and bonding.

Why Cronos? 

Another stand-out feature of Dove’s solution is its blockchain base, Cronos. Cronos is a competitor to the Ethereum blockchain, notable for much lower “gas fees.” 

These lower per-transaction costs as well as Cronos’ higher transaction speed give it a competitive advantage. 

The main reason why Cronos can offer these advantages is that it uses a different consensus mechanism than Ethereum – proof-of-authority, rather than proof-of-work. This cuts back significantly on the processing power needed. 

Cronos itself is built on the Cosmos blockchain. It’s a project initiated by, one of the biggest crypto exchange platforms. Its native token is called CRO. Dove Finance aims to add CRO to its basket in the near future.

Importantly, Cronos can serve as a bridge between the huge Ethereum ecosystem and’s 10 million users. It’s compatible with the EVM (Ethereum Virtual Machine), meaning that developers of Ethereum smart contracts and dApps (distributed applications) can easily port them to Cronos.

All of these powerful features make Cronos a solid basis for Dove’s operations. And: Dove Finance is the first OHM fork on the CRO blockchain, which is growing rapidly more popular.

Transparency and Community – Living Up to The DAO Ideal 

Crucially, Dove strives to live up to the founding values of a Decentralized Autonomous Organization (DAO). This type of governance helps its reserve currency operate in ways that are fair, transparent, and objective. 

For instance, Dove determines through Governance votes which assets to add to the Treasury. Similarly, DOVE stakeholders can propose suggestions, and vote to decide which ones to accept – or not.

Like other recent players in the field, such as RomeDAO, Dove’s protocol is a fork of Olympus DAO and its OHM token. While Olympus has undergone several audits, Dove has introduced some code changes that necessitate renewed audits. 

In the interest of absolute transparency, the developers will release these code changes for community review before public launch – to avoid rug-pulling investors, as has happened with other Olympus DAO forks. 

While Dove’s development team will also own DOVE, their share has a cap: It can never grow above 5% of the supply. 

What’s the status of Dove Finance right now? 

Dove Finance is currently in the process of launching: An IDO – Initial Discord Offering – will soon make an initial minting of 10,000 DOVE available. A whitelisted number of users on Dove Finance’s Discord server can then exchange USDC at a fixed rate of 100 USDC to 1 DOVE. 

The funding target is 1,000,000 USDC, which will go straight into the protocol’s treasury. Thereafter, this initial pool locks. From this moment, the protocol itself owns the treasury assets, and so no developer can withdraw any of it.

There is currently no set date for the public launch, but DOVE will then become available at 150 USDC each.

In the meantime, Dove Finance is working to prove security and trustworthiness: The new code will receive audits, and in the meantime the developers will make it available for community checking. A third party will verify the founder’s identity to satisfy KYC procedures.

What’s next for Dove Finance and DOVE? Incentivized by their stake, the community aims to ramp up its marketing efforts. As part of this, 600 people who participate in contests, memes, and boosting in chat and on Twitter, received invitations to the IDO. 

It pays to get in early – since the sooner you stake DOVE, the sooner it can grow.

A Bright Outlook  

DOVE provides an exciting opportunity to participate in a true-spirit DAO. 

Based on community governance and transparency, it harnesses Cronos’ advantages to provide a reliable reserve currency. 

At the end of the day, DOVE is a viable long-term alternative to stablecoin. Importantly, it works completely independent of mainstream centralized financial institutions.

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