Corporate Finance, DeFi, Blockchain, Web3 News
Corporate Finance, DeFi, Blockchain News

DeFi Money Market's NFTs, Launched in 5 Country Blocks, Sold Out in Minutes in the First Sale of Its Kind

1,526,258.059 DMG, DeFi Money Market's governance token, was locked into its contracts after selling out of its recently launched NFTs that grant franchise rights to introduce assets into the ecosystem.

On December 3rd, DeFi Money Market (DMM), the decentralized protocol and ecosystem that brings earned interest back into the global monetary system, launched non-fungible tokens (NFTs) that grant the holder country-based, franchise rights on asset introduction within the DMM ecosystem. These NFTs were launched in 5 county blocks—United States, Peru, South Korea, Nigeria and France—all of which sold out within minutes. NFTs for additional countries will become available in the near future.

This launch marks the first time NFTs have been sold in such a manner. 1,526,258.059 DMG, DMM's governance token, was locked into its contracts. Based on this demand, the DMM Foundation predicts that 50 million DMG tokens will be locked in this system over the medium term and roughly 100 million DMG over a longer period of time.

Gregory Keough, Member of the DMM Foundation, the organization behind DMM, expressed, "We are pleased to have successfully orchestrated the first-of-its-kind launch of NFTs representing franchise rights to introduce assets into the DMM ecosystem. The immediate sell-out of DMM's country-based NFTs demonstrates the extraordinary demand for this type of participation in an ecosystem that guarantees stable yield for all members."

Jordan Lyall, Founder of Meme token and Product Lead (DeFi) at ConsenSys, has joined DMM as a strategic advisor. Jordan expressed, "As someone who believes strongly in the advantages of decentralization for empowering people, entities, and communities with control over their own finances, I'm very excited about the potential for DMM's NFTs to bring about extraordinary change in global financial systems."

Anyone can earn a positive, stable Annual Percentage Yield on their digital assets by depositing ethereum-based tokens (currently ETH, DAI, USDT and USDC) into the DMM system. These assets are then converted into DMM mTokens (i.e. mDAI, mUSDT and mUSDC). By collecting revenue from the overcollateralized, real-world assets backing the DMM ecosystem, mToken holders are guaranteed positive APY. These real-world assets can include equity loans on cars, aircraft, real-estate, and other physical assets.

The DMM Decentralized Autonomous Organization (DAO) decides which overcollateralized, real-world, income-generating assets to introduce. Smart contracts running on a permissionless blockchain form the foundation for DAO operations.

Affiliate and Principal DAO members have the ability to propose the introduction of new, real-world, income-generating assets to the DAO for a vote. There are only a certain number of Affiliate and Principal member "slots" available per each country. These "slots" are represented by transferable NFTs, which are distinguished on a per country basis based on different GDP and means of asset production.

Entities seeking to become an Affiliate or Principal member need to submit an application to the DAO. If the DAO votes and approves the application, the entity locks-up a certain amount of DMM's governance token—DMG—in a smart contract. Chainlink's infrastructure is used to measure economic stake in the ecosystem and determine how much DMG it would cost for the entity to become a DMM Affiliate or Principal member.

Any NFT holder has the opportunity to sell its NFT or activate its ability to draw down funds from the DMM DAO by putting a proposal to a vote. If approved, the NFT holder would be able to draw down the approved amount of funds from the DAO to fund machinery, real estate, auto liens, etc. Interest earned from these assets would then be paid back to the ecosystem, enabling DMM to guarantee stable, positive yield to mToken holders. DMM has partnered with Chainlink to ensure the security of the system.

To become an asset introducer, visit:

About DeFi Money Market (DMM)
DeFi Money Market (DMM) is a novel digital currency ecosystem that solves the dual problems of currency debasement and the near-impossibility of earning interest with its DeFi protocol that empowers anyone to earn a positive yield (interest) on digital assets. DMM enables a stable 6.25% APY to be earned on deposited funds (currently ETH, DAI, USDT and USDC). DMM tokens help fight inflation because they are based on real-world, income-generating assets, such as aircraft, vehicles, and real estate. Decentralized governance via the DMM DAO ensures the highest transparency and accountability. Since the protocol is permissionless, anyone with an internet connection can mint mTokens and tap into a financial instrument that enables greater financial freedom and inclusion for all. DMM is backed by well known VCs Draper Goren Holm, a blockchain venture studio and fund created by Tim Draper, Alon Goren and Josef Holm, as well as Collaborative Fund.

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Lundi 7 Décembre 2020