- Strong team with diverse background and proven track record
- The interest created by revenue-generating real-world assets
- Working product
- Strategic partnerships
Market Data
Price BTC
0.000001
Price USD
0.016251
ATH BTC
0.000119
ATH USD
1.394964
Down % ATH BTC
-99.35
Down % ATH USD
-98.84
Market Cap BTC
39
Market Cap USD
815,334
Volume 24h BTC
7.322
Volume 24h USD
153,156
Circulating Supply
50,171,518
Total Supply
250,000,000
Launch Date
2020-06-21
Website
Social Analytics Powered by 
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1,681
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Lower ranks are better
Avg. Social Sentiment 24h
50% Bullish
1.4%
51% prev. 24h
Social Dominance 24h
0%
11.8%
0% prev. 24h
Social Engagement 24h
17,404
48.4%
11,730 prev. 24h
Social Volume 24h
7
12.5%
8 prev. 24h
Social Contributors 24h
1
0.0%
1 prev. 24h
News Volume 24h
0 Articles
NaN%
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Project Highlights
- Already has a working product and providing users with 6.25% interest on DAI, ETH, USDT, and USDC deposits
- The interest created by the revenue-generating real-world assets that are purchased with deposited crypto
- Chainlink partnership as well as having backing by notable investors like Tim Draper and his venture network.
- Low friction to enter as a minimum of only 1$ equivalent crypto is needed.
- Defi Money Market offers competitive and stable rates compared to its traditional counterparts and other similar crypto lending platforms.
S.W.O.T Analysis
Strength
Weaknesses
- Too centralized in governance and is still subjectable to change of terms by its founders and foundation members.
- Only a small amount of tokens out of the total supply released to the general public, which could impact its price negatively
Opportunities
- Low-interest rates from traditional competition might push people to search for a better alternative.
- Unstable interest rates in other crypto projects could bring new users that need stability
- Implementing the fiat gateway can bring the project to position itself as the first entry point into the cryptocurrency market.
Threats
- When crypto is converted to fiat for lending, it cannot be tracked, and trust is needed in the DMM foundation with those operations.
- Risks are associated with managing real-world assets like asset confiscation, non-payment, legal problems, and more.
- Hacks and exploits of the deployed smart contracts in which the hacker may break or steal the funds underpin the system.
Technical Analysis
Technical Analysis by Kong Trading - 23/09/2020
DMG is currently very clearly in a downtrend after its strong and impulsive breakdown from the previous key area of support.
After the breakdown and break of support, DMG went into a price discovery in the negatives. Support and key-levels have to be established and made sure that investors know about it and value it there.
To read the full Technical Analysis from Kong Trading click here.
What is DeFi Money Market
DeFi Money Market is a project that enables users to earn high interest on their crypto deposits. Unlike other projects, it does so by tokenizing real-world revenue-generating assets like real estate, cars, art collections, aircraft, precious stones, and so on. Purchased assets can be easily verified as they are presented transparently, and all of the current assets held by the DMM Foundation can be viewed on the DMM Explorer.
Their wrapped token represents these assets with the prefix m (mToken). For example, collateralized stablecoins DAI and USDC with ETH, which is currently accepted, are represented as mDAI and mUSDC and mETH. You can start depositing those tokens, wrapping them up, and start earning 6.25% APY (Annual percentage yield).
The interest rate is lower than the revenue generated by the underlying assets, meaning that the DMM platform is over-collateralized to ensure a stable return. Even though the return is expressed annually, the user can easily swap back their wrapped mTokens back to the deposited crypto plus the interest earned up to date.
Source: DeFi Money Market - Whitepaper
Another token in the DeFi Money Market ecosystem is the DMG, which is the governance token and is used by the holder to vote assets and participate in the development and management of the ecosystem as well as earn an extra 5.5% generated by the platform as a means of incentivizing them to participate.
DMM platform bridges the gap between digital assets and physical revenue-generating ones to provide a stable and high interest, solving the volatility problem in the first and low (zero)-interest rate in the second. The user can deposit ETH or any digital asset on the Ethereum blockchain (other ERC tokens) and get an equivalent wrapped mToken that represents the underlying digital asset in the same amount. When the user wants to withdraw his deposit, he returns the original digital asset plus the smart contract's specific yield and earns until the due date.
Another interesting feature of the platform is that the users don't have to pay gas fees for these transactions. This is ensured by integrating delegated payments on the Ethereum network and enables further flexibility, profitability, and convenience for the user, knowing that he can withdraw funds without paying the fee so that his short-term deposits meant something.
Technology
In its entirety, the DMM components are referred to as the DeFi Money Market Ecosystem or shorter, DMME. This is the backbone of the Ethereum-based and decentralized protocol that allows users to interact with the platform.
The first protocol component is its smart contract, DeFi Money Market Wrapper (DMMW). The smart contract enables Ethereum based digital assets to be collateralized and generate income through its equivalent mToken. It acts as a point of entry as it creates the next structural component, and that is the actual DMM Account.
DeFi Money Market Account (DMMA) is specific to each token deposited as an equivalent mToken is created with the particular terms and interest (APY) for that particular token. Using the USDC example, it is deposited by the user, who, in turn, gets mUSDC, which was wrapped by the DMMW, and the DMMA has been created with and specific annual percentage yield of 6.25%. When wanting to cash out the interest earned, the mUSDC is converted back to the equivalent amount of USDC and is received by the user plus the interest earned until the date is held.
And lastly, the DMME has a decentralized oracle that collates data regarding prices of the real-world assets bought by the collateralized crypto deposits, making them available on-chain. The decentralized oracle is Chainlink, a partner with the DMM Foundation, to ensure that the real-world information is streamlined into the DMM protocol reliably.
Thus, the DMM Ecosystem (DMME) has three architectural components to itself:
- Ethereum smart contracts suite
- Treasury management function
- Chainlink-compatible data feed
The smart contract suite is, as described above, enables users to receive wrapped token for the equivalent amount out of the Ethereum-based digital asset deposited and create the DMM Account specific to the asset. As the real-world assets are overcollateralized, excess funds will be managed by the DAO through the treasury. And finally, the Chainlink oracle integration updates to existing loans, removal of old loans, and insertions of new ones.
Target Audience
DMM is for everyone who looks to earn a stable interest in their Ethereum crypto deposits or any digital asset on Ethereum (tokens). There are currently four tokens DAI, ETH, USDT, and USDC, on which users can start receiving 6.25% annual interest calculated daily. This is done by depositing them into the DMM Ecosystem and into the smart contract, which then wraps them, thus returning the user the equivalent amount of mDAI, mETH, mUSDT or mUSDC.
Users can also participate in the DMM Ecosystem inside the DMM DAO through the DMG governance token. Besides enabling the general voting and decision-making rights, it also grants an extra 5.5% generated by the platform to incentivize participation.
Product
The DeFi Money Market platform offers several features to accomplish their goals and to generate income.
These features include:
DeFi Money Market Ecosystem (DMME): An Ethereum-based and decentralized protocol that allows the creation of DeFi Money Market Account’s (DMMA) - a new DeFi native asset class that allows any holder of an Ethereum-based digital asset to earn interest and is backed by real-world assets represented on-chain.
DeFi Money Market (DMM): An ERC20 token created when a specific Ethereum asset is converted through a smart contract providing a specific Annual Percentage Yield (APY) secured by real world tokenized assets that are over collateralized.
DeFi Money Market Wrapper (DMMW): An ERC20 smart contract wrapper that can be placed on any Ethereum token to generate income and provide additional diversification and security through backing by real-world assets represented on-chain.
DeFi Money Market Account (DMMA): Specific to each individual Ethereum digital asset (mDAI, mUSDC, etc.) which empowers consumers to remain in and choose the digital asset class that best suits their needs or requirements.
DeFi Money Market Fiat Gateway (DMMFG): Software for fiat on ramps into the DMME. enabling anyone globally to participate in the community and have a part in aggregating fiat streams for those who want to diversify into an asset that is free from government intervention, debasement, censorship or control as well as produces income.
DMM DAO: A DAO that owns and governs the DMME, and receives the excess income streams so that it shares in the ecosystem’s success and revenue.
Use case
Besides providing an alternative to the bank's traditional money market account, other latent use cases are associated with this project.
The platform can be used to mitigate the risk of holding native government currency, which was previously done by purchasing real-estate in different high yield regions or countries. That ensured hedging against currency fluctuations altogether while simultaneously earning "dividend" through property rental as not everyone can invest and manage these types of arrangements due to high cost, lack of time, or cash flow issues associated with owning real-estate. Holding an interest-bearing cryptocurrency that can be purchased for as low as $1 can offer a great substitution.
As there are plans to create a fiat-crypto on-ramp into DMME through DeFi Money Market Fiat Gateway (DMMFG), this feature alone can bring new users to the platform's main entry/exit point into the cryptocurrency market.
Is there a MVP?
You can deposit DAI, ETH, USDT, and USDC for an annual percentage yield of 6.25% and start earning interest on your Ethereum-based digital assets.
To start using the platform, go to https://app.defimoneymarket.com/, and connect your preferred Ethereum wallet. If you already have the mentioned tokens, mint the amount you want to deposit. If not, you have the option to buy them in the upper right corner next to the “connect wallet” feature.
If you have minted the equivalent mTokens, you can proceed to check your balance status on the platform. When you want to convert back your minted mToken into the deposited one, click on the Redeem button, and you will get your original deposited Ethereum-based tokens plus the interest earned.
As you can see, there is over $4,671,000 (by the time of writing this) worth of mTokens purchased and is increasing daily, which means that the platform already started producing interest for its users. While the first two tokens are both stablecoins, they have already added DMMA for Ethereum, which means that ETH deposits are enabled as well.
Competition
As a DeFi platform focusing lending etc. DeFi Money Markets immediate competition are other DeFi platforms that are focusing on lending and borrowing.
Aave
Aave is an open source and non-custodial protocol enabling the creation of money markets. Users can earn interest on deposits and borrow assets.
Compound
Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.
Maker
MakerDAO is a decentralized credit platform on Ethereum that supports Dai, a stablecoin whose value is pegged to USD.Team Members
DMM Foundation consists of experts from diverse backgrounds like Fintech, DeFi, Venture Capital, Governance, Legal & Regulatory, and Academia.
Gregory Keough
Member
Gregory Keough is the Seasoned global executive and entrepreneur with 25+ years global experience and impressive track record of digital innovation in both large enterprises (MasterCard, Telefonica, and others) as well as startups.
Derek Acree
Member
Derek Acree has over 20 years of experience in corporate and business and extensive experience in mergers and acquisitions and joint ventures in a broad range of industry sectors, in both cross-border and domestic transactions.
Corey Caplan
Member
Corey Caplan Co-Founder & President at Dolomite is an experienced entrepreneur with a demonstrated history of working in the software-as-a-service, consulting, and cryptocurrency industries.
Adam Knuckey
Member
Adam Knuckey is the COO & Co-Founder at Dolomite is a developer and tech enthusiast building the next generation of crypto trading platforms.
Matthew Finestone
Member
Matthew Finestone, CFA is an advisor to the project as a Director and Business Development Executive at their partnered project Loopring.
Zachary Rynes
Member
Zachary Rynes Marketing Consultant who studies Smart Contracts, Decentralized Finance, and Blockchain Oracles.
Early-stage investors in the project are also considered as advisors and are taking a more active role in developing and positioning this project in the market. Listed on the website are Tim Draper, Stephen McKeon, Alon Goren, and Josef Holm.
Roadmap & Events
The technical roadmap for the DMME is categorized as five major developments.
- Adding more real-world assets classes
- Adding tools for improving transparency
- APIs and integrations with existing tools to the DMM Ecosystem
- Improving treasury management
- Introduce DMM DAO
These steps are set to ensure an increase in the percentage yields stability, trust, users and exposure, efficiency, and decentralization.
Past Events
Upcoming Events
Token Sales & Economics
The total supply of the DMG token is set and fixed at 250.000.000 DMG. This amount is pre-mined and will be distributed over time through different mechanisms that we will go over below.
1) 30% (75.000.000) - Public token sale - First round 10% (25.000.000)
2) 30% (75.000.000) - Reserved to incentivize ecosystem developers, partners, and integrations with other protocols to ensure DMM is a vibrant growing and decentralized ecosystem.
3) 40% (100.000.000) will go to the DMM Foundation for continued development, support, and other general corporate purposes.
The token sale for the DMG (DAO governance token) was conducted in a private round (undisclosed date) and then on the public, which lasted from June 22 and was ongoing until July 22 but ended on the June 24.
The token sale for the DMG (DAO governance token) was conducted in a private round (undisclosed date) and then on the public, which lasted from June 22 and was ongoing until July 22 but ended on the June 24.
The model was IDO (Initial decentralized exchange offering) and took across two main channels, and that was through their website (dmg.defimoneymarket.com) on the frontend but via Dolomite (an orderbook DEX using the Loopring protocol) on the backend. The second DEX used was mesa.eth.link, which is powered by the Gnosis Protocol (a ring-trade DEX) with a frontend governed by the DXdao.
Only 10% of the total supply or ⅓ of the tokens allocated for the public sale (25m out of 75m) was initially planned to be sold, while other ⅔ are still withheld to provide liquidity on the DEX for trading purposes.
Lime locks and vesting periods.
Since the DMG token is pre-mined and there is no block time nor the inflation rate, the lock-up and release mechanism serves the purpose of the token emission into the circulation. This is why we are going to explain the exact structure of the token emission rate and their vesting period in the following paragraph.
First and foremost, all of the Foundation’s 40% allocation (100M DMG) is sent into a timelock smart-contract. Until November 15, 2020, the lock-up period is when the first tokens start entering back into the circulation at the rate of every Ethereum block equally until November 15, 2021, or a whole year.
The average Ethereum block time from June 13, 2020, has been around 13.3 seconds. Calculating the emission rate by looking at the average ETH block time, we come up with a total of 42.174 DMG per block or 273972.46 DMG per day.
Second is another 10% of the total supply (25M DMG) from incentive allocation and third another 10% from the public sale allocation, which is also locked until November 15, 2020. Still, unlike in the first case, then the full amount of 50M DMG will be brought back into the circulation.
We conclude that currently, a total of 60% (150M DMG) is locked from the total supply out of which on November 15, 2020, 20% will be immediately released while the other 40% (100M DMG) will be emitted at the rate of 0.27397246% per day in the next 365 days.
The addresses and wallets for these time-locked contracts can be found on their main GitHub page.
Out of the other 40% that is in the circulation, 10% (25M DMG) has been soled in the IDO. The additional 30% is still controlled by the Foundation for providing liquidity pools on various DEXs like Uniswap and Dolomite for the purpose of creating a secondary market for the DMG token and enable users to enter the DMM DAO.
DMG Token Value Growth Model and DMM DAO Revenue
The revenue model for the DMM DAO and appreciation in value for DMG is segmented into four areas:
- Earning interest on real-world assets revenue
- Token burns
- Voting and staking for asset introduction
- A principal or Affiliate members who can generate asset introduction or origination fees.
Market potential
The project aims to provide 5x to 6x more interest rates than its traditional competitors (bank money market accounts). Namely, current traditional Money Market Accounts offer very low-interest rates globally and, in some cases, even going negative (Europe: -0.46%, UK: -0.67%, US: 1.5%, Japan: 0%). As reported, there is currently $17 trillion of negative-yielding debt globally, which is more than 25% of the global investment-grade debt.
DMM looks to provide stable and high yields on digital assets deposited, which also set it apart from some of its crypto competitors. The interest rate varies in percentage and is only backed by collateralized loans, while DMM is making up
these shortcomings by investing in real-world revenue-generating assets.
Partnerships
Chainlink
The Chainlink network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain.
Coinbase
Coinbase is a secure platform that makes it easy to buy, sell, and store cryptocurrency like Bitcoin, Ethereum, and more.
Draper Venture Network
Draper Venture Network is a one-of-a-kind alliance of independent venture capital firms.
Portis
Portis is a Non-Custodial Blockchain Wallet that Makes Apps Simple for Everyone
Huobi
Huobi is a Singapore-based cryptocurrency exchange. Founded in China, the company now has offices in Hong Kong, Korea, Japan and the United States
Fortmatic
Fortmatic is an easy-to-use alternative to web3 wallets like Metamask.Github activity
Overview
Main Repos
Commit Activity past 12 months
+0
Last Commit
2 years ago
Stars
Languages
Community Data and other Key Information
The largest following DMM project has on Twitter with over 10k+ followers which is continuing to increase rapidly. The posts there are engaged with and retweeted as well as their handle being tagged by their partners out of which the most notable ones are Chainlink and OKEx which brings a large exposure. Next in line by the number of people is their Telegram channel. The smalles social media channel is their Discord channel.
References and important to read articles
https://defimoneymarket.com/DMM-Ecosystem.pdf
https://medium.com/dmm-dao/defi-money-market-dmm-dmg-governance-token-491c9a62c6bf
https://github.com/defi-money-market-ecosystem
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