We are talking about the protocol dmd.finance, which reflects what we find on the blockchain of Ethereum with the Yearn Finance project. YFI has recently reached incredible shares, reaching over 30 thousand dollars.
Diamond (DMD), the 500 EOS token
DMD in a few hours exceeded 500 EOS per token and doesn’t seem to stop, even touching the incredible figure of 1400 EOS per token or about 4,000 dollars.
The supply is 30 thousand tokens, while the current one is 8 thousand tokens, with a market capitalization of over 12 million dollars.
Reading the post we discover that DMDs serve as governance tokens for a future site under construction, as we can read on the home page of Diamond.finance.
The comparison is also made with the project he was inspired by, namely Yearn Finance itself.
Moreover, from the post we understand that the vaults for staking will remain open for a week and then we will proceed with the next wave: every hour, for the moment, about 15 DMDs are generated.
There is one detail, however, that could escape who reads the post: the smart contract has not yet been audited and does not have a multi-signature system. The team stated that it has asked several representatives of the EOS world to do the audit and that it is in contact with some Block Producers (BP) to start the multi signature soon.
Another detail that jumps out at once is that of another protocol, Pearl.finance, which has the same characteristics as Diamond, so it is fair to think that behind both platforms there are the same subjects.
DeFi on EOS
This is not the only decentralized finance protocol (DeFi) we find on EOS.
On this blockchain, in fact, we have Pizza.live, whose APY on USDT has exceeded 60%, and even Defis Network and Defibox.io.
All these protocols give tokens every time you interact with the protocol, either for swap or lending or when providing liquidity to a pool.
By the way Defibox has been audited by 2 different teams including PeckShield and SlowMist and also has multisignature with different BP, so it is certainly more robust code side.
In order of arrival we find on EOS also yfc.one, protocol that reflects the same characteristics of Sushi.
It has a range of APY ranging from 800% to 3000% and the interesting thing is to take advantage of Defis Network pools: the user can create various pools on protocol and then from the yfc.one site do the YFC token claim, which has reached the peak of 6000 EOS for tokens.
By now the decentralized finance on Crypto Cash has exploded and this can be seen also from Tether data (USDT): 90 million dollars and 50 million dollars have been put by Bitfinex in one day.