Mad Meerkat Finance or MMFinance is a decentralized exchange (DEX) and an Automated Market Maker (AMM) created on the basis of the Cronos chain. The developing team aims to build the biggest DeFi playground across all chains and provide crypto enthusiasts with multiple earning opportunities.
MM Finance provides its users with such tools and features as cryptocurrency trading, low fees, an analytics service to track liquidity information, fee rebates, farming, token staking, NFT staking, project launch, and fixed APY token earning. In addition, the team plans to add limit orders and implement a smart router that will automatically find a route to the liquidity pool with the best prices. On top of that, the project offers commission discounts through trade mining to make fees even lower. Besides, it has implemented the Protocol Owned Liquidity (POL) into its DEX which implies the buyback of its token MMF and thus increasing its price over time.
The exchange offers 100+ digital assets for trading. Cronos can process more transactions per second than Ethereum, however, to transfer funds on this blockchain, users need to have CRO tokens to pay for the gas. Therefore, it is necessary to set up a wallet that supports CRC20 tokens, such as MetaMask or Crypto.com Defi Wallet, and connect it to MM Finance.
The MM Finance token system
MMF is the native utility token of MM Finance created on the Cronos chain to power its ecosystem. The total maximum supply of MMF is capped at 500,000,000 coins. Users can buy or trade MMF against USD, CAD, EUR, PHP, INR, and IDR on MM Finance or Crypto.com. Besides, they can get free MMF as a reward for every trade or earn MMF from yield farms and pools. The utility functions of the token include staking and providing access to the launchpad. Also, MMF holders can participate in governance and vote on proposals. Staking MMF allows users to earn different tokens with an APR of up to 200%. Also, staking pairs in pools can bring up to 350% plus trading fees (0.10%) of all trades, while staking LP tokens or token pairs within farms allows earning up to 300% APR. In addition, the platform offers MMO (Mad Meerkat Optimizer) which is a DeFi yield aggregator that allows farmers to optimize their yield compounding strategy.
Mad USD or MUSD is a stablecoin issued by the platform. The team standing behind the project is trying to increase MUSD adoption and make it the major liquidity token in the MM ecosystem. This will lead to wider adoption of the entire ecosystem and in turn generate more fees. Other benefits include self-repaying loans, the MMO token upgrades, scaling MUSD minting by locking MMF tokens, and improved capital efficiency.
MM Finance ecosystem
The MM team has developed a great variety of products to expand and strengthen its ecosystem. It includes Savanna Finance, DEX, a multi-chain bridge, liquidity pools, farms, vaults, native tokens, and the NFT ecosystem. Also, it comes with its own marketplace and launchpad and offers various earning opportunities, such as NFT farming and NFTs staking. In addition, MM Finance vaults use a compounding algorithm MM Optimizer, which lets users get higher APYs depending on the time they hold their LPs in the vault and whether or not they leave rewards there.
On the whole, MM Finance gives its clients many opportunities to earn passive income. The easiest way to get free tokens is through pools and farms where one can stake MMF and other assets. Besides, owning Mad Meerkat NFTs allows users to get more farming rewards. Also, clients can participate in the launchpad and buy new tokens with a rebate during token sales.
MM Finance fees
The exchange charges a fee of 0.17% for each token swap. 0.10% of fees is returned to liquidity pools as a reward to liquidity providers, 0.05% is used to buy back MMF and form Protocol Owned Liquidity (POL), and 0.02% is added to MM Finance Treasury.
MM Finance security
On May 4, 2022, the MM Finance website became subject to a DNS attack. The attacker used a DNS vulnerability to inject a malicious contract address into the frontend code. As a result, some users lost their funds while making swaps, adding and removing liquidity. Approximately $2,000,000 worth of digital assets were transferred to the Ethereum network and then laundered by Tornado Cash. However, none of the MM ecosystem tokens were affected and smart contracts remained safe.
The team made efforts to nullify possible subsequent attempts, stop the panic, and restore users’ trust. First of all, it has hired some cybersecurity experts to monitor the website around the clock. Also, it removed 2 service providers to reduce attack vectors. Most importantly, the team created a compensation pool for community members whose money was stolen during the attack. In fact, the team purchased some MUSD with its share of trading fees and sent the tokens to a newly created compensation pool. In addition, MM Finance launched a bug bounty program to encourage developers to find vulnerabilities in its code.
To add an extra layer of security, the platform conducts auditing for every new contract and service, which involves some of the most competent audit firms. In particular, its codebase, PCS codes (Procedure Coding System), and contracts have already been tested by CertiK, Paladin Security, and SlowMist.
MM Finance team and partners
The company has established a strategic partnership with Single Finance to arrange over-collateralized MUSD loans that will generate interest for BURROW holders. Also, it has partnered with Immunefi, the leading web3.0 bug bounty platform. Other projects include partnering with GambleFi (DAO and sports betting protocol), CroPredict (a prediction market GameFi), and Croissant Games (a decentralized gaming platform). As for th ecompany’s team members, they prefer to stay incognito as there is no information available on the website or anywhere else on the web.