Mummy Finance data dive: a GMX fork on Fantom and Optimism
Thread353 words
Dune-based stats on Mummy Finance, a GMX fork: cumulative volume, revenue, users, TVL by chain, open interest, margin versus swap volume and MMY staking.
Key claims
Over $1bn volume and $1.8m revenue, 2.6k users since inception
TVL about $17m, roughly $13m on Fantom
Open interest about $4.7m, swaps generate more fees than margin trading
$GMX pioneered decentralized perpetual futures trading
it's hence not surprising that the @GMX_IO protocol has been forked onto various networks multiple times
a $GMX fork on @FantomFDN for example is @mummyftm and it has been showing some strong stats recently 📊🔍
data 🧵
since inception, @mummyftm has already generated
📊 over USD 1bn in volume
💰 a total of USD 1.8m in revenue
and served
👤 over 2.6k unique users
while @mummyftm is live on both $FTM and $OP at this point, the majority of usage currently happens on @FantomFDN 👤
daily volume on @mummyftm ranged between $3m and $36m since the first of March 📈
daily revenue on the other hand ranged between $5k and $60k 💰
interestingly, while margin trading accounts for the larger part of the volume, swaps generate more fees 🤑
the total value locked in @mummyftm amounts to roughly USD 17m with @FantomFDN accounting for almost USD 13m
it has been pretty stable over the last month with the $OP vault growing slightly MoM while TVL on $FTM slightly retraced (see pool breakdowns later)
the @mummyftm vault contains a variety of assets including (in descending order according to USD quantity held) 🏦
$USDC
$ETH
$BTC
$FTM
$DAI
$USDT
$OP
$SNX
fantom pool breakdown (see chart) 📊
$FTM
optimism pool breakdown (see chart) 📊
$OP
the @mummyftm platform has an open interest of about USD 4.7m 💸
$BTC, $ETC & $FTM contribute the most to the open interest volume on @mummyftm 💸
margin volume on @mummyftm has come down since the peak in mid-march 📉
however, swap volume has remained high 📈
the revenue perspective paints a similar picture for @mummyftm 💰
over 1m of $MMY tokens (roughly $4m in value) are staked, with almost the entire stake locked in $FTM contracts 🪙
the $MMY token has almost 3k holders, most of which are hodling on @FantomFDN 🪙
sources:
📊 data from @DuneAnalytics
👤 dashboard by @0xTraevon
🔗 dune.com/traevon/mummy-finance
for a deep dive into @FantomFDN, check my thread below 👻👇
x.com/expctchaos/status/1645552713181306882
I hope you enjoyed this little data-driven deep dive & don't forget to drop a follow @expctchaos 🙏
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What came next · since 17 Apr 2023
Show how the 3 covered assets moved
This data piece reports the numbers without making a call on the token, so price moves since publication are shown as market context.
Mentioned for context
No reliable price feed for $MMY.
Since then
No follow-up pieces on this subject yet. This is the latest take.
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis or market take is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.