We hope that more people can learn about the opportunities that DMM provides for earning consistent interest, so that DMM can better support people in getting through these turbulent times.
DUBAI, United Arab Emirates (PRWEB) August 25, 2020
DeFi Money Market (DMM), the decentralized protocol and ecosystem that brings earned interest back into the global monetary system, announces partnerships with KuCoin, Poloniex, and Bitmart. DMM's governance token, DMG, is currently available for trading on KuCoin and Poloniex. Additionally, DMM has partnered with Poloniex and Bitmart to provide traders with a unique opportunity to mint DMM's mTokens that will allow them to earn 6.25% interest on various Ethereum-based digital assets. The Bitmart integration will be available as of Friday, August 28th.
"We have seen great potential in the DeFi field and we are happy to empower promising DeFi projects like DMM with our various product lines," said Johnny Lyu, CEO at KuCoin Global. "DMM Ecosystem is building a very solid decentralized financial service that brings constant benefits to both parties in the double side market."
Within the DMM ecosystem, users can currently 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.
Gregory Keough, CEO and Founder of the DMM Foundation, the organization behind the DeFi Money Market (DMM), expressed, "The COVID recession is leading to a negative interest state and creating an even greater need for sources of stable asset growth and income generation for regular people. We hope that more people can learn about the opportunities that DMM provides for earning consistent interest, so that DMM can better support people in getting through these turbulent times."
The coronavirus pandemic has shed light on the benefits of DeFi. Beyond the advantages of digital, contactless transactions, DeFi does not rely on any centralized entity for governance and grants users with complete transparency into their transactions.
"If the essential DeFi qualities of transparency and accountability through decentralized governance had been in place prior to 2008, the mortgage crisis never would have happened," said Keough.
DMM is governed by a DAO (Decentralized Autonomous Organization) wherein DMG tokens are used to cast votes on key decisions for the protocol, such as which digital assets to introduce for earning yield and what real-world assets to add to the basket for earning interest. The DMG tokens are actively traded on many exchanges, including KuCoin and Poloniex. As more exchanges list DMG, more people will have the opportunity to participate in DMM governance. The mToken integrations by Poloniex and Bitmart will offer more people the ability to benefit from yield provided by the DMM protocol.
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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, car loans, 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 aims to spark the return of earned interest to the global monetary landscape.