Mummy Finance – Fantom Ecosystem Spotlight
We are back with our Ecosystem Spotlight series, where we present the many exciting projects on the Fantom platform. This time, we’re featuring Mummy Finance!
Discover their perps that let you trade with 50x leverage, their belief in decentralization and self-custody, and their successful initiative that helped them onboard many users to their dApp!
How would you explain Mummy Finance to a blockchain novice?
Mummy Finance is a swap and perpetual DEX that offers a variety of trading options and high liquidity for a wide range of blue-chip crypto assets and stablecoins.
We aim to become the main solution for all traders who want to keep control of their capital and enjoy the best trading experience on Fantom.
With Mummy, users can:
- Trade blue-chip tokens and stablecoins with the best ratios
- Trade BTC, ETH, and FTM with up to 50x leverage
- Earn RealYield rewards with our MMY and MLP tokens
And what real-world pain points does Mummy aim to solve?
There are three motivations for the birth of Mummy Finance:
- Decentralization
Decentralized protocols are changing the finance game, and their rapid growth from small startups in 2017 to now boasting over 40 billion in total value locked highlights the benefits of giving users complete control over their funds.
As a decentralized exchange, Mummy Finance ensures that users can trade and invest without any inconvenience. Our platform is free from KYC and 2FA requirements, making it accessible to users worldwide. - Perpetual Trading
Traditional methods of profiting by buying low and selling high are becoming increasingly challenging in a volatile and bearish market. That's why Mummy Finance is embracing a new trading approach — perpetual trading — to provide a way for users to generate profits regardless of market conditions. - RealYield Rewards
One of the major drawbacks of most decentralized exchanges is that they reward users with their own tokens, leading to high inflation and subsequent price drops. Mummy Finance takes a different approach by rewarding users with blue-chip tokens — $FTM.
The idea is to establish a partnership with our users and investors, rather than just providing a service. A portion of the platform's revenue is shared with our stakeholders, while the rest is used to buy back and increase liquidity for the $MMY token, ensuring the sustainability and long-term growth of the protocol.
So why should someone choose Mummy Finance over other DEXs?
Mummy Finance, like other next-generation decentralized exchanges, offers anonymity, security, and self-custody. However, our platform stands apart from others as it offers:
- User-friendly UI/UX for ease of use, with an expert mode for experienced traders
- No slippage or liquidation wicks in perpetual trading thanks to price determination powered by Chainlink oracles
- Fast and low-cost trades
- Expansion of trading options, including synthetic and forex, so that Fantom users can access all their preferred options without leaving the network
- Dual-token system with the MMY and MLP tokens to earn
How do these MMY and MLP tokens work?
MMY
MMY is our utility and governance token. Users of the platform can buy and then stake MMY, which generates three reward types, such as FTM, esMVX, and MP’s (multiplier points). 30% of the platform's generated fees go to MMY stakers.
In addition, holding or staking MMY gives you the right to vote for Mummy's governance proposals. Your vote will decide what the protocol should do to maximize user growth and benefits. We want to give more power to users as they understand best what they need.
MLP
MLP is a liquidity provider token for providing liquidity to Mummy. You can mint or redeem MLP tokens using any of the assets in the liquidity pool, which are BTC, ETH, FTM, USDC, USDT, and DAI.
The fee for minting or redeeming depends on what's in the liquidity pool. It's cheaper to buy MLP with index assets that the market demands but are underrepresented in the pool. The yield for MLP holders is not based on MMY emissions but only on the fees generated weekly. 60% of the platform's generated fees go to MLP holders.
You also have an NFT collection, what is that about?
The first Mummy Club collection contains 5,000 NFTs on Fantom, consisting of 130+ hand-drawn features. Unlike other artistic NFT collections, the Mummy Club is a collection of utility NFTs created for the community to provide more cash to Mummy Finance and earn rewards based on the power of NFTs.
With a Mummy Club NFT, you can earn $FTM rewards from the fees collected by the protocol and esMMY bonuses to compound and earn more rewards (esMMY, FTM, MPs) or vesting to earn MMY!
Now that we know about Mummy Finance, let’s get into your story. Why did you decide to deploy on Fantom?
At the beginning of the project, finding the right network must have been one of the most difficult challenges. We had considered other platforms to start our business, but after reviewing our options, we decided Fantom was the one.
Because of the remarkable technology and captivating DeFi ecosystem, Fantom was the most attractive of all the options, especially because of the low cost of gas and the speed of transactions. Without the proper functioning of these two elements, there would be no chance for the perp trading platform to be a success.
In addition, the Fantom community is proving their passion to learn and win. We are happy to stand by our decision to build on Fantom.
And what has your experience been building on Fantom?
Working on the Fantom network has been a fantastic experience for us. We've had the opportunity to collaborate with many talented builders and partners to bring the best trading experience to the Fantom ecosystem.
We're proud to be working with key players like Chainlink, SpookySwap, Equalizer, and DEX aggregators like Firebird, OpenOcean, and KyberSwap. The community has been incredibly welcoming and it's a pleasure to be part of such a dedicated group of professionals who are making a positive impact in the DeFi space.
Initially, what strategies did you use to onboard users?
At Mummy, we believe in providing a platform that not only facilitates perpetual trading but also allows users to enhance their trading skills.
One of our first initiatives after our official launch was a trading competition, which was a huge success.
We rewarded traders with the highest returns on investment and the highest overall profits.
The competition attracted many new users and increased our brand recognition within the Fantom ecosystem.
What does the future look like for Mummy Finance?
Market conditions have forced us to be more agile and react quickly to every decision for the long-term growth of Mummy. Our vision is to become the #1 native protocol on Fantom to deliver #RealYield rewards to every investor. We spend our resources optimally on things that can have more impact and bring more users to Mummy.
Here are some major features to look for in the first half of 2023 with Mummy:
- Mummy DAO (combination of Olympus DAO and GMX)
As GMX’s impressive performance inspired us to make Mummy — a friendly fork — we found that integrating the Olympus DAO system will be the core innovation to boost the growth of Mummy and bring more rewards to investors. This idea might become a big step of all GMX’s fork, an evolution to make Mummy more valuable. - Improve platform monitoring
To improve the security and reliability of the platform, we will be increasing monitoring for Chainlink Keepers statuses and RPC issues. This will help us respond to any issues faster that may occur. - More trading options
We will introduce more trading options, such as synthetics, forex, and a swap DEX aggregator.
What advice would you give to someone who wants to develop similar protocols?
When building a successful protocol on Fantom, it is important to not only have a strong code base and business model but also to consider two crucial factors:
Building a strong community
The Fantom community is highly active and supportive of new and solid protocols. Engage with the community by providing regular updates and actively listening to their needs and concerns. At Mummy, we value our users and their contributions and strive to maintain a strong, supportive, and active community where all voices are heard.
Working with the Fantom Foundation
Partnering with the Fantom Foundation is a critical factor in building a successful project on the chain. Once you have met the requirements for a solid project and demonstrated strong business growth, the Foundation provides strong support, including ecosystem listings, promotional support, and partnerships.
Thanks for all the great information! Where can we find you?
Traders: Join us and discover why we're confident that Mummy is the perfect solution for all your trading needs on Fantom.
Partners: We are eager to collaborate with protocols and investors in the ecosystem and have numerous ideas for partnerships. Let's work together to build and strengthen the chain.
We extend our heartfelt gratitude to the Fantom Foundation and FTM users for warmly embracing Mummy Finance into the fold.
Engage with us here:
- Website: https://mummy.finance/
- Telegram: https://t.me/mummyftm
- Discord: https://discord.com/invite/xqSJaw8sUB
