Donnie Finance, a DeFi platform on the high throughput enterprise-grade blockchain, IOST, has launched the first of its six products, Checking and Saving, as per an update on Mar 9.
TVL Rises to Over $2 Million
Within minutes of this announcement, the total value locked (TVL) rose to over $2 million. Yield farmers flew in, depositing a combination of HUSD, IOST, DON, and PPT.
Donnie Finance relies on the ultra-fast smart contracting platform, IOST, to offer a range of services in the long-term.
The first service launch sets the foundation for several products, including a decentralized exchange, digital asset management, payment, credit analysis, and lending services. Backing the project are serial DeFi investors, including CObak, Tpay, and DeFi Code.
DON is the governance token of Donnie Finance.
The DeFi protocol is launching the first open-source and community-driven decentralized and integrated financial service. An all-in-one platform, it anchors on the IOST platform for high reliability, global reach, and transparency.
Yield Farming on Donnie Finance
There are 10 million DON as total supply. A majority, 60 percent or 6 million, will be distributed to each of the six services.
For now, one million will be available for mining under the Checking and Saving service.
Through the service, users can deposit and withdraw their digital assets anytime without fees. Additionally, users can deposit and earn yields on the cryptocurrency of their choice.
To participate and farm DON offered via the four IOST pools, users must first acquire the DON token, listed at several exchanges like IOSTDEX and Coinone.
The token is currently supported by Jetstream and iWallet.
Support for ERC-20 Tokens in the Pipeline
In the future, Donnie Finance plans to launch ERC-20 deposits for some of the popular DeFi tokens in Ethereum governing protocols like Compound, USDT, WBTC, and more, as per the need of the community.
This way, the project will fulfill its objective of allowing users to earn superior yields in a trustless and global platform without high network fees. Additionally, the project will also announce several partnerships with NFTs, DeFi, and cross-chain platforms.
The launch of Checking and Saving is less than a month after the protocol announced the airdropping of DON governance tokens for IOST holders. The airdrop was supported by leading cryptocurrency exchanges.