MoreMoney allows users to open an overcollateralized loan to borrow a yield-bearing stablecoin (MONEY).
Moremoney is an isolated lending platform that enables users to open CDPs. Borrowers mint the MONEY overcollateralized stablecoin by depositing collateral, which earns yield as it is redeposited in select lending protocols. The rewards earned from collateral is automatically compounded back into the collateral over time. This strategy is automatically assigned for single asset tokens. Moremoney currently uses Yield Yak, Benqi, Aave and Banker Joe to earn additional yield on idle collateral.
The platform charges borrowers a variable interest rate that is determined based on the USD peg on-chain. This means if 1 MONEY equals 1 USD, then the interest rate will remain at the base rate. If MONEY trades less than 1 USD, then the interest rate will go up to encourage borrowers to close out their loans and reduce the circulating supply. The protocol also generates revenue from a 0.1% minting fee and fees on yield generated from collateral.
You can deposit crypto assets into Moremoney to mint MONEY to be used across DeFi for lending and market making. The deposited assets are interest-bearing and will continue to generate yield for you. MORE stakers also receive 70% of all platform revenue and MONEY holders who stake for iMONEY earn 90% of interest paid by MONEY borrowers.