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
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.
Recommended AI News: IRI Upgrades Data Masking Software for DBs, Files, and Big Data Streams
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.”
Recommended AI News: Wipro to Deliver Agile Customer Engineering Services to Verifone Inc
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.