Digital Monetary Framework
A fully backed digital dollar on Base. Transparent, deterministic, and non-custodial.
Overview
DMF (Digital Monetary Framework) is a non-custodial protocol on Base that issues dmfUSD — a fully USDC-backed digital token. Every dmfUSD in circulation is directly backed by USDC held in an immutable smart contract. No rehypothecation, no leverage, no governance to change the rules.
How It Works
1. Mint (Buy)
Deposit USDC into the dmfUSD contract. The contract creates an equal amount of dmfUSD minus a 0.25% fee (capped at $20). Put in 1,000 USDC, receive dmfUSD net of fee. The USDC stays in the contract — unloaned, uninvested, untouched.
2. Hold
dmfUSD is a standard ERC-20 token on Base with 0% transfer fees. Hold it, send it, use it in any DeFi application. Your USDC backing remains in the contract, verifiable on-chain at any time.
3. Redeem (Sell)
Burn dmfUSD back to the contract at any time. Receive USDC minus the same 0.25% fee (capped at $20). The process is permissionless — no asking, no waiting, no gatekeepers.
Fee Structure
| Detail | Value |
|---|---|
| Total fee | 0.25% (25 bps) |
| Cap | $20 per transaction |
| To backing (60%) | 0.15% retained in USDC |
| Operations (40%) | 0.10% in dmfUSD |
| Transfers | 0% |
The backing fee is never minted as dmfUSD — it stays as USDC in the contract, systematically increasing backing-per-token over time for all holders.
Backing & Reserves
100% on-chain. The contract holds USDC equal to the total dmfUSD supply at all times. Backing is calculated as USDC.balanceOf(contract) / dmfUSD.totalSupply()— a live check, no separate accounting variable.
Any USDC sent directly to the contract (donation, fees) instantly becomes backing. The protocol maintains full collateralization at every moment, enforced by contract code, visible to anyone on a block explorer.
Contract Architecture
dmfUSD.sol inherits from standard OpenZeppelin contracts, ensuring battle-tested security and broad composability:
- •ERC20 — standard token (6 decimals, matching USDC)
- •ERC20Permit — gasless approvals via signed messages
- •ERC-4626 — vault composability for cross-chain integration
- •ReentrancyGuard — protection on buy and refund
- •Ownable2Step — 2-step ownership transfer (ownership only controls fee recipient addresses)
Generic routing integration support enables cross-chain bridging and swapping — supported tokens across 72 chains into dmfUSD on Base.
Security
- ✓Foundry: 62 tests, 41M+ fuzz scenarios, 0 failures
- ✓Certora Prover: 3 formally proved safety rules
- ✓Slither + Aderyn: 0 High findings
Full security report: dmfam.org/security
Network
- Chain: Base Mainnet (chain ID 8453)
- Explorer: basescan.org
- dmfUSD:
0x624624FD3821d5F4f8f799369727f08d8219ce58 - USDC:
0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913
Minimum Amounts
- Buy: 0.1 USDC minimum
- Sell: 0.1 dmfUSD minimum