OP Crosschain proposal

Background 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.

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.

Proposal Given Mummy Finance's rapid growth and potential for further user and revenue expansion, we propose launching the protocol on Optimism to accelerate its trajectory. Optimism boasts a weekly active user base of over 250,000 and has forged collaborations with multiple protocols to attract a diverse and engaged user base to the platform. We believe deploying Mummy Finance on Optimism will yield several key benefits that will fuel its success. We will outline the most important ones here briefly:

Why Optimism? Enhanced transaction speed and throughput: Optimism's layer 2 technology will enable Mummy Finance to process transactions with lightning speed, providing a seamless user experience and increasing the potential for high-volume trading activity. Reduced transaction fees: By deploying on Optimism, Mummy Finance can benefit from significantly reduced gas fees compared to operating solely on Ethereum's layer 1, making it more accessible and affordable for users. Access to a larger user base: Optimism's existing user base, coupled with its partnerships with other protocols, will enable Mummy Finance to tap into a wider pool of engaged users and expand its reach. Marketing Support: Optimism brings one of the most vibrant marketing support to help Mummy showcase the product and capture a large audience base. Easy access to Mummy: With robust infrastructure support from more than 10 of the top 50 exchanges offering on-ramps and multiple other partners to assist with on-ramping on the chain, it is effortless to access Mummy, enabling it to capture more users. Additionally, many of Mummy’s current partners exist on Optimism, including DEX aggregators (such as 1inch, Open Ocean, Firebird, KyberSwap, Paraswap) and multi-chain swaps (like O3Swap and Voyager), which will help accelerate growth on the platform.

Mummy on Optimism bull thesis Well-educated market: The optimism community is well-versed in perpetual exchanges, with over 340K distinct traders and over $16B in notional value of trades already executed on Perpetual protocol. By deploying on Optimism, Mummy Finance can benefit from these already established trading communities and their engagement, ultimately increasing its transaction volumes and fees. This revenue growth will help the protocol run smoothly and meet the expectations of all stakeholders, including MLP, $MMY holders, and traders Massive user base: Optimism boasts over 80,000 daily active users, representing a significant potential user base for Mummy Finance to tap into. With more users comes increased trading volume and liquidity, which can drive up the value of $MMY and $MLP tokens. Medium level of competitiveness: While there are already derivatives protocols on Optimism, there is no clear dominant player on the platform, and a well-performed GMX fork is not yet available. With the latest updates from Synthetic and more innovative trading features in the pipeline, Mummy Finance is confident it can provide a seamless trading experience on Optimism and attract users to trade on the platform. Increase Fees - Currently generating around $15K in daily fees for users on Fantom, launching on Optimism would allow the protocol to tap into a massive user base, generating additional fees for $MMY holders. The success of other DEXs on Optimism: Other decentralized exchanges (DEXs) on Optimism, such as Velodrome, Uniswap, Curve, and Beethoven X, have experienced massive success due to the high demand for trading and the platform's engaged user base. Given Mummy Finance's unique zero-price impact trades, it is well-positioned to become the liquidity hub of Optimism, further increasing trading volume and value for token holders.

Launching plan

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: 200$ for each NFT Bonus: 40 esMMY/NFT Total supply: 5000 NFT The benefit of NFT: NFT stakers will receive 50% of the ETH rewards generated by the staked MLP, minted from the revenue. The remaining 50% will be used to pay for the Oracle price bot update on Optimism.

The esMMY bonus for the NFT is derived from the DAO Fund and does not require MMY/MLP deposit to vest. 20% of the total revenue generated from the NFT Collection will be used to add liquidity for MMY/WETH on DEX, while the remaining 80% will be used to mint MLP and provide liquidity for traders.

After three months after the launch, the DAO fund minted 200K esMMY to further allocate for activities that will accelerate the growth of Mummy Finance. The MMY tokenomics remain on track and in a super-healthy state for the protocol and our investors.

Earning boost:

As an added incentive for users to join Mummy Finance on Optimism, we will provide a boost of 20,000 esMMY for MMY and MLP stakers on Optimism. Starting from week 3, the esMMY distributed to each chain will be based on the total trading volume of the respective ecosystem.

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.

Important note: The RealYield rewards of each chain (FTM in Fantom and ETH in Optimism) are distributed separately to stakers on each chain. MMY from Fantom will be bridged to Optimism and vice versa. Conclusion

We believe that the current conditions are ideal for a cross-chain deployment, as decentralized perpetual contracts have been gaining ground over their centralized counterparts. With this in mind, we are confident that using the 200k esMMY for the NFT collection on Optimism will bring enormous benefits to the protocol and the community as a whole. We aim to restore the core values of DeFi with the Mummy community through this initiative.

Snapshot vote Yes, Spending 200,000 esMMY from DAO for NFT Club launching on Optimism No, further discussion required