We’re thrilled to announce that Mummy Finance is now integrating with Optimism, the low-cost and lightning-fast Ethereum L2 blockchain. This marks a significant achievement for the project as it indicates that Mummy is now officially a multi-chain project starting from March 8, 2023.
What is Mummy Finance?
Mummy Finance is the leading decentralized spot and perpetual exchange on the Fantom Opera network. With its low swap fees and zero-price impact trades, it has attracted a user base of over 6,000 and facilitated trade volume exceeding $375 million, resulting in total fees of 700K$ and over 15M$ in TVL. This impressive performance establishes Mummy Finance as a major player in the derivatives sector.
What is Optimism?
Optimism is a layer 2 chain built on top of the Ethereum mainnet (layer 1). Transactions occur on Optimism, but the transaction data is posted on the mainnet for validation. With $964 million locked into its smart contracts, Optimism is one of the largest chains in the ecosystem. It records an average of 220,866 transactions daily, has over 28 million unique addresses, and secures assets exceeding $2 billion. Optimism’s impressive scale and efficient design make it a popular choice for blockchain users seeking a secure and fast transaction processing experience.
Why Optimism?
For traders and investors who may not be totally clued up on different DeFi blockchains, building a perpetual exchange protocol on Optimism has several advantages:
Higher throughput: Optimism’s layer 2 solution enables much higher transaction throughput than Ethereum’s main chain, which is critical for a high-frequency trading environment like a perpetual exchange.
Lower fees: Optimism’s off-chain processing and batching of transactions can significantly reduce the cost of trading on the exchange, making it more affordable for traders.
Fast settlement: Optimism’s fast transaction processing enables near-instant settlement of trades, reducing the risk of price slippage and increasing trading opportunities.
Security: Optimism’s layer 2 solution benefits from the security and decentralization of the Ethereum network, which provides a high level of protection against hacks and other security threats.
Ecosystem compatibility: Since Optimism is built on top of Ethereum, it is compatible with the existing Ethereum ecosystem, including wallets, dApps, and other tools that traders may be using.
Overall, building a perpetual exchange protocol on Optimism can offer a more efficient, cost-effective, and secure trading environment that can benefit traders and the broader Ethereum ecosystem. It can help drive the adoption and growth of decentralized finance (DeFi) and further establish Ethereum as a leading platform for decentralized trading and financial services.
Important note:
1/ To encourage liquidity, 70,000 esMMY tokens will be distributed to MLP holders on Optimism from March to April 2023. Please note that the rewards on Optimism will start at 14:00 UTC on March 14th, 2023, with the same epoch duration as Mummy on Fantom.
2/ MMY staked on Fantom will receive rewards as FTM while MMY staked on Optimism will receive rewards as ETH.
3/ If you unstake MMY to bridge it to Optimism you will lose multiplier points, we might support bridging multiplier points later on but it will take some time to implement.
4/ MLP on Optimism is a separate token from the MLP on Fantom, the price and rewards will differ between the two networks.
5/ If you received esMMY rewards from MLP, you would need MLP on the chain you received the rewards from to vest the esMMY into MMY.
6/ The tokenomics of MMY remain unchanged. You can easily bridge MMY tokens from Fantom to Optimism and vice versa to trade and stake.
7/ During the operational time of Mummy Finance on Optimism, we will enhance the trading experience for users by gradually adding MMY/WETH liquidity to Velodrome Finance.
Plan launching on Optimism
- MMY cross-chain
Mummy Finance has partnered with Multichain (previously Anyswap) to enable the bridging of MMY tokens from Fantom to Optimism. To bridge your tokens, please visit https://app.multichain.org/#/router, search for MMY on Fantom and Optimism, and confirm the transaction by hitting the SWAP button.
MMY contract address on Optimism: https://optimistic.etherscan.io/token/0x47536F17F4fF30e64A96a7555826b8f9e66ec468
2. NFT launch
Mummy Finance is excited to announce the launch of a new NFT collection live on Optimism, aimed at providing liquidity for MMY/WETH and MLP on Optimism.
- Price: 0.13 $ETH
- Bonus: 40 esMMY/NFT
- Total supply: 5,000 NFT
For details about NFT Club on Optimism, please read here.
3. Marketing and partnerships
To ensure the success of Mummy Finance on Optimism, we have planned several initiatives and promotions. These initiatives include joint promotions, AMAs, and other co-marketing activities with partners, subject to meeting the minimum requirements for security and other parameters. We also plan to connect MMY contributors with ecosystem partners. We welcome any initiative that the Mummy community believes can strengthen the protocol’s position on Optimism, and encourage discussions on the forum.
Moreover, we are actively pursuing new partnerships to capitalize on the current hype surrounding the Mummy brand. As a well-established protocol, we are well-positioned to attract new business on the Optimism chain. With all these efforts combined, Mummy is poised for a strong start on the new chain.
About Mummy Finance
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. It aims to become the solution for all traders who want to keep control of their capital and enjoy the best trading experience on Fantom Opera and Optimism.
Follow our links and social media not to miss any updates:
Website: https://www.mummy.finance/#/
Twitter: https://twitter.com/mummyftm
Telegram: https://t.me/mummyftm
Discord: https://discord.gg/xqSJaw8sUB
