DMM's NFTs represent franchise rights to introduce real-world, income-generating assets to the ecosystem.
DUBAI, United Arab Emirates (PRWEB) December 01, 2020
DeFi Money Market (DMM), the decentralized protocol and ecosystem that brings earned interest back into the global monetary system, is launching non-fungible tokens (NFTs) that grant the holder country-based, franchise rights on asset introduction within the DMM ecosystem. NFTs will be available as of December 3rd, 2020. DMM has partnered with Chainlink to ensure the security of the system.
"Launching NFTs represents a major step forward for the DeFi ecosystem," said Gregory Keough, Member of the DMM Foundation, the organization behind DMM. "DMM's NFTs represent franchise rights to introduce real-world, income-generating assets to the ecosystem. This NFT system enables major firms, funds, and companies from around the globe to become full participants invested in fostering the growth of this novel, decentralized monetary system that is transforming finance for the better."
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 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.
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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.