🚀 MM Finance V2 on Cronos (2024)

Hi Burrow, we have now neared 10 months into our time building on Cronos, and it has been an awesome journey to say the least. In this piece, our team shares our expanded roadmap for the Cronos chain so as to allow our protocol to age more beautifully. In the next couple of weeks, our team will be working on the following:

• Deployment of MadMex onto Cronos: To achieve this, our team needs to work on building out a reliable set of price oracles ourselves as chainlink has still not deployed on Cronos. This is already a work-in-progress, and we are excited to bring decentralised perpetuals trading to #crofam
• Emissions plan to direct the future of MMF, and its holders: As we near the soft-cap 500 million MMF tokens, we need to decide the future of the protocol
• MasterChef migration and deployment of veMMF: We have finalised our voting-escrowed model to woo external projects to use our platform.

The above are items that our team has been toiling on behind the scenes, and the first confirmed deployment would be the veMMF model on Cronos slated for launch shortly. Essentially, how it would work is the following. Users will be able to lock their MMF tokens into veMMF tokens where the veMMF token is conveyed governance powers. In our masterchef migration, we will seek to reduce emissions by at least 50%, and users will only be able to attain boosted APR by locking up MMF tokens into veMMF tokens. Dependent on the amount of veMMF locked up, users will get a corresponding amount of boost (more lockup, more boost). Thereafter, project owners who wish to create a new farm on MM Finance in order to incentivise emissions can do so by procuring veMMF tokens, and hosting a governance vote to get their liquidity pool added. The amount of emissions allocated to these projects will be scaled based on the voting power they have relative to all other holders. Exact details on this will be shared in a future article when veMMF is launched.

Having reached the soft-capped 500 million tokens, our team has made the decision to implement a higher token cap at 750 million tokens. At the same time, we will be heavily reducing emissions to cater for our MMF V2 on Cronos. We will seek to explain the rationale for doing so, while outlining the scenarios involved surrounding the need to increase the token cap.

Assuming we enforce 500 million soft cap, MMF emissions will stop at 500 million tokens. Instead of printing new MMF tokens, the protocol will rely on trading fees to retain liquidity providers. Currently as it stands, MM Finance has the largest ecosystem on Cronos, and hence, will provide the most trading fees to liquidity providers. However, going down this path has its caveats, seeing as other competitors are still running token incentive programmes, which is very much likely to cannibalise our userbase. We are caught in between a rock and a hard place. Our team wants to remove token emissions so as to allow MMF holders to benefit from less selling pressure. However, in doing so, we might alienate our liquidity providers. Furthermore, removing token emissions will mean that we have very little means to provide reward incentives for MMF holders on Cronos.

That said, we understand the importance of ensuring a thriving ecosystem alongside a token that has the ability to increase its price. This is also why our team has painstakingly rebuilt MM Finance Cronos with better overall tokenomics. As a case in point, the following are items that will be implemented:

• Incentive programmes for projects to utillise our veMMF model on Cronos
• Allowing only true believers (veMMF lockers/holders) to earn higher/boosted APR
• Implementation of MadMex on Cronos to achieve capital efficiency. We will sunset most of our DEX liquidity pairs, and focus on capital efficiency.
• Addition of MUSD into our Cronos MLP

All the above said, we would like to issue out our heartfelt thanks to all of our #crofam on MM Finance. All of you held through what was possibly one of the worst bear markets imaginable, while awaiting our team’s revival of the Cronos Ecosystem. As it stands, our Cronos $MMF liquidity has been stable for the longest time at close to 6mil USD in liquidity, which is a huge feat, despite our huge focus on ensuring that PolyMM is sustainable. Given our recent MadMex implementations, PolyMM is in a way healthier state than before. For #crofam, our time is now; as our team wraps up some of the larger developmental sprints enabling us to shift our focus to transform the Cronos ecosystem into a sustainable V2 version.

Our team has deployed V2 Farms and V2 staking pools which users will be able to stake into. We have not yet enabled emissions on V2 farms as we are finalising some details. You are however free to stake in the V2 farms as these will be enabled shortly. veMMF module has already been deployed, and our engineers are finalising the UI components to keep things user-friendly. Note that as you lock your MMF tokens into veMMF tokens, there’s no opportunity cost as you will still be able to earn APR. We do highly encourage users to lock their MMF into veMMF tokens as veMMF will ultimately become a pivotal aspect of governance on Cronos. Lastly, our team has already begun deploying MadMex contracts, and will be transiting our liquidity migration by placing a prime focus on accruing MLP liquidity.

As our team sprints on Cronos ecosystem deliverables, there’s no need to feel left out as our team is constantly working on both chains simultaneously. We understand that MadMex limit orders (TP/SL) are still rather flakey, so that is a top priority for us right now. We will ensure limit orders are at least 99% reliable, so we can boost MadMex volume and usage.

Despite this being a huge bearish market, it is still ultimately a busy period for our team. We have never given up on MM Finance and its ecosystem, much like how most of you have never given up on us. We seek to continue developing and bringing huge value to all of you. Currently, our team is focused on bringing real yields to users on both chains, and this is important especially in this bearish climate.

With that, #LFGM

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