One of the first "yield farming" protocols based on EOS.IO open source software, DMD.Finance, has released a meaningful announcement about its token, DMD.
DMD token contract will be executed multi-sig
According to the official statement by the DMD.Finance product team, the multi-signature authorization feature will be implemented into the DMD token contract. This novelty improves product security and transparency and is introduced by DMD engineers as a response to "community" concerns.
Team contributors also shared updates on some aspects of token distribution. They reported that 5,000 DMD allocated to product developers will be issued to eosdmd4pools, liquidity providers of the protocol.
Also, another portion of 5,000 DMD—designed to organize governance referendums—will be controlled by all participants in the multi-signature infrastructure.
This announcement was followed by a DMD price spike to a new all-time high above $750. At press time, it is changing hands at $700, or up 25.6% in 24 hours despite significant pullback.
DeFis on EOS gain traction
DMD.Finance (DMD) is called "YAM on EOS." On Sept. 3, it was launched by EFi, pioneers of decentralized financial instruments that leverage the performance of the EOS blockchain.
Despite Ethereum's (ETH) still remaining the most popular decentralized application hosting platform and the most widely used DeFi protocol environment, its rivals EOS (EOS) and Tron (TRX) have no plans to surrender.
As covered by CryptoComes previously, shortly after new injections of U.S. Dollar Tether (USDT) liquidity, the total value (TVL) locked in EOS-based decentralized financial instruments has printed a new all-time high.
Despite being an early-stage product, DMD.Finance has contributed massively to this result. Also, independent analysts are impressed with the success of DeFi Network, DeFi Box and Equilibrium EOSDT decentralized applications based on EOS.IO software.