DMM Foundation proposed a new vote in the DMM Governance Forum. The new proposal includes the addition of the Yield Farming to the DMM ecosystem.
DMMF believes “with the launch of yield farming, mToken holders will be able to seamlessly farm DMG tokens by staking their mDAI, mETH, mUSDC, or mUSDT.”
Yield Farming in DMM
DeFi Money Market or DMM is an ecosystem built on Ethereum blockchain that combines real-world asset management with the DeFi ecosystem.
DMM Foundation detailed the process of yield farming in DMM and its use case for the ecosystem. According to the latest blog post,
“Users will mint either mDAI, mETH, mUSDC, or mUSDT from app.defimoneymarket.com and deposit those tokens together with the underlying assets in Uniswap to create a secondary market (and receive LP tokens for doing so). Farming will be run as campaigns for “x” amount of time, in which mToken holders are able to stake the liquidity pools created to earn the DMM governance token, DMG.”
After the addition of yield farming to DMM, users can benefit from new chances of staking and revenue. They can interact with a new tab in dao.defimoneymarket.com named Farm. The new tab helps users to add liquidity to pools on Uniswap with no need for other interfaces.
DMMF believes yield farming will help the DMM ecosystem grow. It will be a step toward more democratizing in access to permissionless yield.
The foundation tries its best to promote the new proposal and vote from other players in the DMM ecosystem. There is a big chance for the new proposal to be selected because of the critical role of DMMF in the ecosystem and their focus on more decentralization in the request.
“Overall, yield farming will provide an integral mechanism to perpetuate growth in the DMM Ecosystem(DMME) and help further decentralize the protocol as a whole. The DMMF will be proposing yield farming to the DMM DAO later this week. We look forward to seeing all DMG token holders participate in the vote and join us in our mission to make finance more inclusive globally!” according to the DMMF blog post.
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