The DeFi Money Market Foundation has announced that the public token sale of DMG, the DeFi Money Market governance token, was exceptionally successful. The DMG public sale launched as an Initial DEX Offering (IDO) to enable broad and permissionless access for anyone with just an Ethereum address and an internet connection.
The sale opened on 22 June and was set to run for one month or until all the allocated tokens had been sold. Through the sale, the DMM Foundation raised a total of $6.8M across DAI, USDC, and ETH. The sale lasted less than 48 hours.
The 15.7M DMG tokens offered during the sale were sold across two exchanges. The split was roughly 50/50 across the DMG purchase portal (powered by Dolomite/Loopring) and Mesa (from the dxDAO/Gnosis Protocol). The sale began at $0.36 and rose to ~$0.56 over the two-day period. This pricing followed the predefined bonding curve structure of increasing 1.5% every block of 83,333 DMG across each trading pair and across each venue which went as planned. This means there were ~500k DMG tokens per price tier.
Since the token sale, the DMM Foundation has deposited $350k of liquidity to the DMG-ETH Uniswap decentralized exchange (that is $350k of DMG and $350k of ETH) using funds raised from the sale. This ensures users have the lowest slippage possible to enter and exit the DMM DAO. We plan on adding an equal amount of liquidity to Dolomite, which powers our DMG purchase portal.
The DeFi Money Market Foundation is focusing on building and growing the ecosystem. With user deposits into the DMM protocol growing rapidly, we are dedicated to creating more transparency within the ecosystem while continuing to collateralize the system with more income-generating real-world assets.