DeFi is currently the hottest thing in Crypto right now. Coins like Compound and Synthetix have seen major gains recently as DeFi continues to grow and grow. CoinMarketCap has even created a filter for just DeFi coins, making it easier to search for coins in the DeFi space. However, this brand new coin, which isn't even listed on CoinMarketCap yet, may have the potential to gain tremendous amounts as DeFi popularity rises. That coin is the DeFi Money Market Governance (DMM).
What is DMM?
DMM stands for DeFi Money Market. DMG is the governance token for DMM. It allows users to earn 6.25% interest on ETH, DAI, and USDC, a very large return compared to other DeFi platforms like Compound. More over its backed by tokenized real world assets, which generates large amounts of income greater than the amount of interest owed.
DMM uses the deposited coins to buy these real world assets that are tokenized and placed on the blockchain, which is tracked by Chainlink's oracles. This allows for full transparency where users can track these assets on the public blockchain.
What Makes DMM Unique?
With DMM you earn a stable interest rate. This is different compared to most other DeFi platforms where the interest rates fluctuate, you are guaranteed to earn 6.25% yearly with DMM. This makes it a much safer and attractive option to invest.
Backed by Real World Assets
By using real world assets, DMM is able to ensure that the income generated by these assets are always greater than the Interest Rate paid out by DMM. This is what allows them to offer a stable rate of 6.25%.
With blockchain technology, you can view what assets DMM are investing in publicly. You can track these assets, which means DMM can't do anything shady with your coins. This greatly increases trust in the ecosystem, which is something that new projects definitely need.
Who is Behind DMM?
The DMM Foundation comprises of a mix of experts in Fintech, DeFi, Venture Capital and Governance. Gregory Keough is the CEO and Founder of DMM and has over 25 years of experience in digital innovation, working with companies like MasterCard and Telefonica. DMM has also received an investment from legendary investor Tim Draper, one of the earliest adopters of Bitcoin.
What does the Future Hold?
There's no doubt that DMM is a very promising project in the DeFi space. It's a new, exciting coin that just started trading on June 21st. Since its initial price of $0.70, it has already reached an all time high of $1.77 in less than 2 weeks. It's so new that it's not even listed on CoinMarketCap. However, it is listed on CoinGecko and with its market cap already at $50 million, it sits at #111, making it a top 15 DeFi coin.
As DeFi continues to grow in popularity, expect DMM to gain interest as well. DMG's current price of $1.50 may be a bargain when compared to other DeFi coins like Compound and Maker.
You can buy DMG using Uniswap, MXC, Bilaxy and more.