MM Finance (MMF) has been able to maintain a trading volume of approximately 60 million USD, which positions MMF as the second most active DEX on Polygon. Within the first twenty-four hours of the launch, a number of media outlets with a moderate following began publishing articles discussing how MM Finance’s “Cronos DEX” has successfully been deployed on Polygon to a huge amount of fanfare.
The MM Team is preparing its second project on Polygon, which is called MM Optimizer. The goal is to make MM Optimizer the most popular vaulting platform on Polygon.
The decentralized finance (DeFi) ecosystem that is based on Cronos serves as a meeting ground for the various market participants, which benefits traders as well as projects.
MM Finance is a project that has a total TVL of more than 400 million USD and is ranked second in terms of TVL on the Cronos network. Is there any particular reason why the project has attracted such a large number of users? Let’s have an insight into MM Finance by looking back on the history of the time on Cronos to see how MMF came to be the most important DEX on Cronos and other interesting relevant information.
1. Introduction
On the Cronos Chain, Mad Meerkat Finance (MM.Finance) operates as both an automated market maker (AMM) and a decentralized exchange (DEX). It provides its users with the opportunity to earn fee rebates through trade mining.
MM Finance is the most popular AMM and DEX on Cronos and Polygon due to the fact that its trading volume is the highest volume (comparable to that of Uniswap on Ethereum and PancakeSwap on the Binance Smart Chain). At only 0.17%, the trading fees are significantly lower than those of any other company in this sector. In addition to this, MMF is the VERY FIRST DEX to implement Protocol Owned Liquidity (POL).
The day that Mad Meerkat acquired a stake in CrocSwap and rebranded it as MM.Finance with the goal of making it the #1 decentralized application (dApp) in the Cronos ecosystem was the day that MM Finance came into existence. This event took place on December 6, 2021. The 0.17% swap fee that the DEX charges is the lowest among all of the other DEXs and AMMs that are available on the network. In addition to the functionality of token swapping, the DEX provides its users with liquidity pool (LP) tokens. These tokens enable users to contribute liquidity to the DEX by adding tokens to existing liquidity pools.
Not long after that, the platform successfully completed an initial DEX offering (IDO) of its native token, MMF, which was oversubscribed by a factor of 800%. At the price of 0.33 CRO per token, there were 5 million MMF tokens available for purchase. It was possible to acquire a total of 1,650,000 wCRO tokens through the fundraising effort; however, only 825,000 of those tokens were put toward the formation of liquidity with MMF by the team.
Later on, MM Finance developed the project into an ecosystem called DeFi, which included other products such as Yield Optimizer, NFT, Algo Stablecoin, and DTF (DEX Traded Fund).
MMF’s current basic information includes:
Polygon:
- Total Value Locked (the total amount of assets staked across our farms, vaults, and pools): $437 million
- Circulating Market Cap: $ 15 million
- Circulating Supply (the number of $MMF tokens in circulation right now). This is calculated using the following total minted tokens – total burnt tokens): 13.6 million
- Total Volume Traded on the DEX till date via the MM router: 152 million
Cronos:
- Total Value Locked: $77.3 million
- Circulating Market Cap: $18.4 million
- Circulating Supply: 390 million
- Total Volume Traded: 17.8 million
2. Polygon Tokenomics
Ticker: MMF
Contract Address: TBA
Chain: Polygon Chain (POS / ERC20)
Basics:
The MMF token is a utility token and serves as the central cryptocurrency that drives the MM Finance ecosystem.
Steps to participate:
Acquire MMF through Yield Farms and Pools, then purchase it on the exchange, and finally explore its various use cases:
You can earn rewards by staking it in Pools or Farms.
Obtain access to the launchpad through MMF
Purchase exclusive NFT (TBA)
Total Supply: 500,000,000 MMF
Initial Allocation
1% (5,000,000 MMF ) for Launchpad
1% (5,000,000 MMF ) for Liquidity Formation Post Launchpad
5% (25,000,000 MMF ) will be allocated to CRONOS MM users.
8% (40,000,000 MMF ) will be utilized for development (tech), partnership with ecological construction, including marketing, promotional activities, liquidity management, including CEX listing – unlocked linearly in 8 months).
85% (425,000,000 MMF ) will be allocated to MMF community members.
+ can be earned by staking of LPs in yield farm
+ can be earned by single MMF staking.
The emissions from farms and pools will be released over time at a rate determined by the emissions produced per block. Once the team determines that the level of liquidity on the platform is adequate for trading, MMF will begin reducing the emissions gradually along the way.
3. MMF’s whole suite of products/features/Programs
Exchange
Decentralized exchange (Dex) Automated Market Maker (AMM) is the core product of MM Finance.
The MM Finance Exchange includes Token Swaps and Liquidity Pools.
Token swaps on MM Finance provide a straightforward method for exchanging one type of digital asset for another through the use of automated liquidity pools. Users will receive $MMF rewards whenever they trade any crypto tokens, regardless of which tokens are traded.
The following is a breakdown of the 0.17% trading fee that user/investor/trader will be responsible for paying whenever they make a token swap (trade) on the exchange:
– 0.10% – Returned to liquidity pools in the form of a fee reward for liquidity providers.
– 0.05% – Buyback of $MMF to form Protocol Owned Liquidity (POL)
– 0.02% – MM Finance Treasury
Protocol Owned Liquidity (POL) is one remarkable feature that can be found on MM Finance’s DEX. User will be charged a trading fee of 0.17% every time he/she makes a token swap (trade) on the exchange. A portion of the fees collected is put toward the purchase of $MMF and the formation of POL.
– 0.10% – Returned to liquidity pools in the form of a fee reward for liquidity providers.
– 0.05% – Forming of MMF LP and sending it to METF Treasury as backing for METF
– 0.02% – MM Finance Treasury
By allocating a large portion of transaction fees for MMF acquisition and LP forming, MM Finance will be able to ensure that as the platform scales up in terms of trading volume on DEX, it will create deflationary pressures. for MMF tokens, leading to an increase in price over time.
Most importantly, by forming LP Tokens, MM Finance always ensures liquidity for tokens on DEX in general and MMF in particular. Even during the current market correction, there will still be enough liquidity to support any sell-off.
Liquidity Pools
Liquidity pools allow users to provide liquidity by adding tokens to liquidity pools. When users add their token to a liquidity pool, they will receive Liquidity Pool (LP) tokens.
As an example, if users deposited MMF and USDC into a liquidity pool, they would receive MMF-USDC LP tokens. The number of LP tokens they receive represents their portion of the MMF-USDC liquidity pool.
Users can also redeem their funds at any time by removing the liquidity. Providing liquidity is not without risk, as users may be exposed to impermanent loss.
It’s not all bad for liquidity providers as users/traders will also be given a reward in the form of trading fees. For example, whenever someone trades MM Finance, the trader pays a 0.17% fee, of which 0.1% is added to the liquidity pool of the swap pair they traded on.
Mad Meerkat Optimizer
The same group of people who developed MMF, SVN Finance, and Mad Meerkat NFTs also developed the yield optimizer known as the Mad Meerkat Optimizer (MMO). Users can enter the MMO by clicking the “Vault” button on the MMF website. The protocol currently has 25 liquidity pools/Vaults in Cronos, and the annual percentage yield (APY) of these vaults ranges from 5445.77% in the case of the MTT-HKN vault to more than 6% in the case of the USDT-USDC vault, despite the downtime of the market. The total value locked (TVL) in these vaults is currently estimated to be $77.5 million (Cronos) and $437 million (Polygon) as of the time of this writing.
MM Optimizer is the second project that the MM Team will launch on Polygon. It will take place on August 20th with a total of 300,000 MMO tokens for sale. The goal is to become the most popular vaulting platform available on Polygon. MM Finance’s maximizer vaults give users the ability to compound their yields as many as forty-eight times per day, ensuring that the value of their staked assets is maximized.
Other notable products in MM Finance’s ecosystem include NFT, Launchpad, etc.
4. Conclusion
MMF has quickly established itself as one of the most important players on both the Cronos Chain and the Polygon platform. As a result, MMF is rapidly gaining ground on Cronos and Polygon as a result of its ability to entice users with entertaining offers and high returns, which are the features that users value most. As the Cronos chain works toward its goal of becoming one of the most successful chains in the industry, the expansion of MMF should continue so long as Cronos continues to make progress. In addition, with the strong support of Polygon after two launches, MMF will be among the most dynamic protocols, and it has the potential to become a household name among users of cryptocurrencies and decentralized finance.
Learn More
Twitter: https://twitter.com/MMFcrypto
Telegram Group: https://t.me/MMFcrypto
Announcement Channel: https://t.me/MMFann
Price Channel: https://t.me/MMFPrice
Website (Cronos): http://mm.finance/
Website (Polygon): https://polymm.finance/
Medium: https://medium.com/@MMFinance
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