DeFi Money Market Integrates Chainlink’s Premier Oracle Network to Secure Staking Within its NFT Ecosystem
To acquire the rights to introduce new assets into the DMM ecosystem, entities are required to lock up a certain amount of USD-denominated DMG determined by a Chainlink-powered decentralized Price Feed.
Dubai, United Arab Emirates; December 4, 2020
DeFi Money Market (DMM), the decentralized protocol and ecosystem that brings earned interest back into the global monetary system, announces another integration with Chainlink to further secure the DMM ecosystem.
DMM recently announced the launch of non-fungible tokens (NFTs) that grant the holder country-based, franchise rights on asset introduction within the DMM ecosystem. To acquire these sought-after NFTs, entities are required to lock up a certain amount of USD-denominated DMG, DMM’s governance token. This amount is determined by a Chainlink DMG/USD price feed oracle network, which provides reliable, tamper-proof data inputs to ensure users receive fair market valuations in a decentralized manner.
Daniel Kochis, Head of Chainlink Business Development, expressed, “We are pleased to utilize Chainlink’s decentralized oracle network to support this novel use case, further demonstrating the creative ways in which oracles can be deployed, such as within DAO ecosystems like DMM.”
Gregory Keough, Member of the DMM Foundation, the organization behind DMM, conveyed, “Chainlink’s price feed enables DMM to continue to embody the best of decentralized finance, as it automatically determines the amount in USD of DMG required to lock-up for an entity to acquire an NFT and begin introducing new assets into the ecosystem.”
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.
About Chainlink
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains and real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
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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, Josef Holm, and Collaborative Fund.
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