The launch of yield farming by DMM will enable anyone participating in the DMM ecosystem the ability to earn additional DMG tokens, DMM’s governance token that is currently trading on exchanges
DeFi Money Market (DMM), the decentralized protocol and ecosystem that brings earned interest back into the global monetary system, announces the launch of yield farming for traders seeking to gain even greater ROI from their digital asset investments.
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DMM empowers anyone to earn 6.25% on their ETH, DAI, USDC, and USDT by exchanging these digital assets into the DMM token equivalent (ex: mETH, mDAI, mUSDC, and mUSDT). At any time, users can swap these mTokens back for the original DAI/USDC/USDT/ETH deposited and gain the accrued interest. DMM’s ultimate goal is to confront the global challenge of financial inclusion by addressing the two-fold problem of currency debasement and near-impossibility of earning interest. By basing DMM tokens on real-world, income-generating assets, DMM is able to ensure the stability of 6.25% APY.
With the passing of the most recent proposal, yield farmers will be able to mint mTokens and pool them together with some of the underlying tokens on Uniswap to create a secondary market. These tokens can then be staked in the liquidity pools to earn DMG, DMM’s governance token currently trading on exchanges like KuCoin and Poloniex. Though in the past term yield farming has been overrepresented by high-risk experiments, the stable yield generated from real world assets in the DMM ecosystem adds an extra layer of stability to the concept.
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To put this in context, if you had 50% mUSDC and 50% USDC, you would deposit that to a Uniswap pool to create liquidity for mUSDC and the underlying digital assets, and then the DMM staking dapp would allow users to farm DMG tokens.
“The launch of our new yield farming dapp will give users the ability to gain more DMG tokens and a greater voice in our DAO,” expressed Gregory Keough, CEO and Founder of the DMM Foundation, the organization behind the DeFi Money Market (DMM). “As leaders in DeFi, we are pleased to be able to offer this new capability to digital asset traders seeking to expand upon their streams of wealth generation during COVID and beyond.”
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