Vault Proposal: Mummy Finance - The Leading Perpetual DEX on Fantom

The Network Vault
#1

Project information

Current usage matric

  • Unique users: ~4,000
  • Weekly users: 1,500
  • Average daily trading volume: 7M$
  • Average daily fees generate: 15k$

Project description

Mummy Finance is a cutting-edge swap and perpetual DEX, offering a diverse range of trading options and unparalleled liquidity for blue-chip crypto assets and stablecoins. Our goal is to empower traders by giving them control over their capital and providing an exceptional trading experience on the Fantom network.

With Mummy, users can:

  • Trade bluechip tokens and stablecoins with the best ratios
  • Trade BTC, ETH, and FTM with up to 50x leverage at all times
  • Earn #RealYield rewards in $FTM when staking MMY and MLP

1/ Mummy’s features

  • Trading: Spot and Perpetual trading
  • Provide liquidity for the Mummy trader (mint MLP)
  • Stake and earn with MMY, esMMY, MLP, and NFT
  • Mummy Vaults: Auto-compound yield optimizer for MMY and MLP
  • Referral: Earn fees and rebates
  • Governance: Discuss and vote for Mummy’s proposals

2/ Why users should choose Mummy Finance to trade?

Next-Generation DEX: Mummy Finance, like other next-generation decentralized exchanges, offers a range of standard and advanced trading features, but with added advantages in terms of anonymity, security, and self-custody. Accessing our platform is as easy as connecting your web3 wallet, providing a seamless trading experience for both new and experienced traders. Our platform 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.

3/ Mummy’s Revolution

A multi-asset pool: the solution for trading without price impact. For every X amount of assets deposited in the pool, an equivalent dollar amount of index tokens, named $MLP, are minted. A liquidity provider can withdraw at any time by burning $MLP in exchange for any asset in the pool, allowing for large-volume swaps without price impact.

Blockchain technology and oracle pricing: The platform sets the price of each asset using an aggregated Chainlink Price Feed from major DEXes and CEXes. This benefits leverage traders by reducing the risk of liquidation from temporary wicks.

#RealYield and transparent rewards: 90% of fees collected by the platform will be distributed to $MMY and $MLP stakers in the form of $FTM, while the rest is spent on buyback and liquidity additions.

NFT staking with Mummy Club: Experience the full potential of NFTs and earn rewards. Our revenue from NFT sales is used to provide liquidity for Mummy Finance, and rewards are distributed back to our NFT stakers in $FTM. The longer you stake, the greater the value of your treasure and rewards.

Milestones:

  • Total trading volume: ~$170M
  • Top 1 GMX fork in TVL (12M$)
  • Total fees collected: +$380K
  • Total users: ~4000
  • $MMY is the top protocol token traded on Fantom
  • Mummy Finance is the MOST USED smart contract among the top 1000 #FTM whales in 24hrs for 7 consecutive days
  • $MMY listed on LBank
  • Total Mummy NFT sold: 5,000 (Sold out within 2 weeks) with a total of +$1M in the Community Treasury
  • Partnered with 1inch, Firebird, OpenOcean, Equalizer, KyberSwap

Why Funding Mummy?

Mummy Finance takes the lead as the #1 Derivative Protocol on the Fantom Foundation, filling one of the fastest-growing areas in DeFi for the chain. Offering innovative utilities and investment options, Mummy Finance drives a substantial volume of trades and transactions, resulting in increased gas fees in $FTM. Processing thousands of transactions daily with an average exchange volume of 7 million and more, Mummy Finance is a critical player in the growth and development of the Fantom ecosystem.

Amount request: 100,000 FTM

  • 80,000 is an incentive for MLP and MMY stakers
  • 20,000 for running a referral program and other marketing activities

Project roadmap and activities in the 1st half of 2023

Adapting to the ever-changing market landscape, Mummy is dedicated to making agile decisions for continued growth. Our objective is to be the go-to native protocol on the Fantom chain and offer #RealYield rewards to all our investors. We prioritize utilizing our resources effectively and investing in impactful initiatives that will drive increased user adoption.

2023 is shaping up to be an exciting year with Mummy! Get ready for the following key developments in the first half of the year:

  • Mummy DAO: Building upon the success of GMX, Mummy is a fork with a difference. By integrating the innovative Olympus DAO system (forked as OHM), we aim to drive growth and bring even greater rewards to investors. This integration could be a major step forward for all GMX forks and elevate Mummy’s value.
  • Expanded Trading Options: Expand your trading horizons with the addition of social trading and new options such as synthetic and forex. Mummy will also offer a DEX swap aggregator.
  • Loyalty program: Rewarding traders for their best performances.
  • Improved User Experience: To provide the best possible user experience, we will be enhancing the UI/UX and boosting operational security through domain name server and site hosting configurations. This will allow us to identify and implement additional improvements.

To drive growth for the Mummy protocol and community, we have a range of initiatives planned beyond product development.

  • Partnerships: By partnering with other leading protocols in the Fantom ecosystem, we aim to increase trading volume, investment options, and user engagement with Mummy.

DEX Aggregators: Collaborate with DEX aggregators to drive more trading and generate fees.
DAO: Provide enhanced liquidity for both spot and perpetual trades.
Lending: Offer utilities for MLP providers.

  • Community Engagement: Engage with the community through a variety of initiatives, including trading contests, referral programs, and trading incentives.
  • Marketing and PR: The Mummy team will collaborate with key opinion leaders, crypto news outlets, and independent Twitter users to increase awareness of Mummy and attract more users to invest and trade on our platform.