The DeFi Money Market (DMM) DAO governance token, DMG, is the tool through which the community governs and grows the DMM ecosystem and the underlying protocol. As we look to build a vibrant global community, DMG is a critical component that will engender broad participation and mitigate centralized governance risk. Specifically, DMG effectuates governance of the ecosystem via the DMM DAO, which has control over the Ethereum smart contracts and its adjacent assets.
Ownership of DMG represents the right to govern the parameters of the DMM Protocol, a claim on the excess revenue generated from the DMM ecosystem, as well as governance over the ability and decisions surrounding the introduction of new assets to the ecosystem in regards to both asset type and asset location. The DMG token is a fork of Compound’s COMP governance token (featuring native delegation and vote weighting) with added capability such as meta-transaction support and a native burn function.