What is Mugen Finance? Mugen Finance is a Yeild Aggregator platform that helps users access multiple profit sources across different chains. Let’s find out what is special about this project with Weakhand in this article.
What is Mugen Finance?
Mugen Finance is a Yeild Aggregator platform that helps users access multiple profit sources across different chains.
Mugen Finance aims to deploy Multichain on many platforms such as: Arbitrum, Polygon, Optimism, Ethereum. Mugen Finance connects platforms together through LayerZero technology to help users simplify the logistics process and optimize profit sources across multiple platforms.
What is Mugen Finance?
Currently, the project is only deployed on Arbitrum and the entire protocol operates around the MGN token. So let’s find out about Mugen Finance’s operating model below.
Mugen Finance’s operating model is implemented according to the following steps:
Step 1: Users deposit USDC into the platform to mint MGN, or users can purchase MGN on the open market.
Step 2: After receiving MGN, users proceed to stake to receive xMGN and begin participating in the process of making profits on the platform.
Step 3: All USDC users deposit into the platform is transferred to the treasury. Mugen Finance uses this amount to Stake into GLP on the GMX platform, the profits generated will be distributed to users who own xMGN.
The treasury is managed by the DAO, everyone has the freedom to choose how and on what platform they want to profit.
What is the difference of Mugen Finance?
Mugen Finance uses LayerZero technology to develop in the direction of Multichain, thus helping users find multiple sources of profit through a single platform. In the near future, Mugen Finance will apply a lending mechanism for xMGN to help users optimize capital efficiency during the staking process.
Development Roadmap
Phase 1.0
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Launch initial strategies
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Make a bet
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Increase liquidity
Phase 2.0
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More strategies
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Increase revenue sources
Phase 3.0
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Cross-chain implementation
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Lending function for xMGN
Long-term
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Sponsorship program
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Launch continuous liquidity
Core Team
Update…
Investor
The project has not announced capital calling rounds.
Tokenomics
Basic information about tokens:
- Token Name: Mugen Finance
- Ticker: MGN
- Blockchain: Arbitrum
- Contract: 0xfc77b86f3ade71793e1eec1e7944db074922856e
- Token Type: Utility, Governance
- Total Supply: no supply.
Mugen Finance operates with 2 types of tokens: MGN and xMGN. Users who stake MGN will receive xMGN at a 1:1 ratio.
The special feature of MGN is that there is no total supply and is only created when users deposit USDC into the platform.
Mugen Finance tokenomics
The initial minting price is around $12-13 and will increase negatively exponentially as more people deposit USDC to mint MGN.
Exchanges
MGN is currently being traded on the Uniswap (V3) exchange.
Information Channel of Mugen Finance Project
- Website: https://www.mugenfinance.com/
- Twitter: https://twitter.com/MugenFinance
- Discord:
summary
Hopefully the above information has helped you understand What is Mugen Finance? Mugen Finance is aiming to be a platform designed to simplify the process of accessing more profits from multiple chains, while helping individuals become more knowledgeable and more confident in their ability to use tools that help bringing the space back to its original characteristic of decentralized governance.
