Mummy Finance – The GMX Fork on Fantom Blockchain
Mummy Finance is a derivatives DEX offering a wide range of trading options and high liquidity for a wide range of crypto assets, on the Fantom ecosystem. Mummy Finance is a fork of the GMX project, which is also a decentralized derivative on the Arbitrum system.
Mummy Finance offers many outstanding features compared to CEX exchanges (centralized exchanges) and early DEX exchanges, with more advanced features including low transaction costs, no slippage, support. trading margin, futures and especially fully self-custody (the platform does not keep the user’s money)
As a completely folk version of the GMX project, Mummy Finance inherits all the outstanding features of this Realyield derivative project.
The development team is anonymous
Tokenomics (updated 2/1/2023)
Cir Supply: 1,000,000
Max Supply: 10,000,000
Cir Market Cap: 2,200,000
Token Distribution and Vesting Schedule:
- Initial liquidity (10%): 1,000,000 MMY + $50,000. Start price: $0.05
- The remaining 90% MMY will be converted to Escrowed MMY (esMMY) in 1 year:
- DAO fund (10%): 1,000,000 esMMY (Vesting for 1 year)
- The MUMMY NFT (15%): 1,500,000 esMMY (Vesting for 1 year)
- Dev Fund (10%): 1,000,000 esMMY (Vesting for 1 year)
- MLP Staker (35%): 3,500,000 esMMY (Vesting for 1 year)
- MMY & esMMY Staker (20%): 2,000,000 esMMY (Vesting for 1 year)
Currently, according to my personal assessment, FDV is quite large, with a large potential for risk of selling pressure from the team and MMY stakers on the platform within 1 year.
To improve transparency and create confidence for investors, Mummy Finance team has also locked $600K liquidity until July 2023. Therefore, the risk of the project being “rug” will be quite low because the team cannot witdraw the liquidity:
2 esMMY vesting contract wallet addresses:
- StakedMlpDistributor Contract: https://ftmscan.com/address/0xa0207802B0953b17421bf9Cb10B3ACf5823496ab#readContract
- StakedMmyDistributor Contract: https://ftmscan.com/address/0xC2C5968e16ec9fABc39e27f9AbFC07C8Cfba6F16#readContract
👉 41,000 esMMY
These contract wallets are being released gradually to reward stakers.
Checking on-chain on Nansen we can see that the top wallet: Mummy Finance Reward Tracker has received a large amount of MMY within the last 7-30 days
This is a contract staking wallet where users will deposit $MMY into the staking platform on the platform
⇒ proves that recently Mummy is getting attention and users are constantly depositing $MMY to stake, receive interest on esMMY. This wallet currently accounts for 61% of the current supply.
Also recently, the Data Nerd also updated that Fantom Foundation also acquired 4.8K $MMY and staked on the platform → demonstrating the project’s support for Mummy Finance.
Currently at the time of writing, Mummy Finance has a total trading volume of $14M, with a total position of $425K, while the number of users is 969. These indicators are 100 times smaller than GMX.
More platform metrics can be found at: https://stats.mummy.finance/
Some milestones and events that Mummy Finance will implement in 2023:
☑️Leaders for trading competition, users can view Top Settle and Top Open, along with P&L to see their position in this competition.
When the leaderboard is ready, the team will launch a trading contest to increase trading volume for the platform as well as generate revenue. Follow and participate to win prizes up to $10,000:
☑️ Pro Trading Edition & Developer Tools
Mummy’s new and improved Pro trading interface will be released to provide a better experience for all traders! More tools for professional traders with insightful charts for decision making.
Currently the team is working and collaborating with many stakeholders to market about Mummy as much as possible. More partners, more users, and more fees for distribution.
Technical analysis (updated 3/1/2023)
In terms of technical analysis, $MMY is making a pretty good base from $1.7-$2.1
Trading volume is $286K while Liquidity is $687K, liquidity is quite good to be able to buy and sell large vol orders.
The trading volume is also decreasing, the supply is drying up, the rate of reversal in this price area will be quite high (can increase or decrease unknowable).
However, in this period, there are still strong increasing volume trees → signs of consolidation from big hands (Not Financial Advice)
Good entry will be between $1.7-$2.1. You can allocate capital to buy this child. The upcoming uptrend season, the Fantom system with the return of Andre promises to explode.
Mummy Finance is the fork of GMX – a derivative dexs on Arbitrum leading the trend of Realyield. Therefore, it has received lots of attention from the founding team as well as crypto investors community with an expectation to become another best version of GMX on other chains.