October 11, 2022: dAMM Finance, a lending and borrowing protocol allowing users to pool digital assets and directly lend them to top institutional borrowers, is becoming the first ever in the space to lend Compound Finance & Aave LP (liquidity pool) tokens.
This opportunity is taking place between now and October 31, 2022 (Halloween) through its fun, spooky-themed “dAMMpire Attack” campaign, where users can stake any amount of their Compound Finance or Aave LP tokens and receive a wide variety of lucrative bonus rewards, including earning around a high 30% yield.
Within less than 24h live, dAMM protocol tripled its TVL, securing +$5M in TVL in one of the fastest growing liquidity pools campaign during a bear market in the DeFi space.
dAMM will be rebasing APYs in all cToken and aToken pools, aiming for minimums of:
- 20% APY between October 3 - 15
- 15% APY between October 16 - 31
When Halloween arrives in just a few weeks, dAMM will enable free bond unlocks for a period of 24 hours (free redemption day). After the 24-hour period has passed, users will be able to redeem their bonded $DAMM tokens with $COMP and $AAVE governance tokens. In addition, dAMM stakers will share in receiving 10% of all interest payments from borrowers, distributing more rewards to the community and further incentivizing stakers.
The dAMM Finance team has also announced that they are not planning on migrating these LP tokens into underlying pools on their platform after the event concludes. Instead, all tokens the protocol receives will be fully owned by the platform, where $COMP and $AAVE tokens will be used to increase liquidity mining rewards for stakers.
This entire campaign is centered around attracting new users to the dAMM protocol, bringing the Halloween spirit into the mix while encouraging them to stake and try it out for themselves. dAMM’s team has also hinted at providing additional on-chain exclusives and rewards for LP token stakers after October ends, leaving more excitement for participants on what’s to come.
Excitement is beginning to brew, as the campaign has already been live for a few days in October. dAMM’s mission is to provide users with more free-flowing capital for digital assets by upgrading the current model through blockchain technology. More specifically, they’re allowing lenders to earn high interest and borrowers to provide liquidity across all crypto markets.
dAMM is becoming an industry leader and first mover by initiating the lending of Compound Finance & Aave LP tokens. Their journey to transcending institutional lending and borrowing is just getting underway.
This post is commissioned by dAMM Finance and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.
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