One sentence to describe Mushrooms Finance?
Mushrooms Finance is designed for optimized earning on multiple chains and built with focus on seeking sustainable profit in DeFi universe.
What are Mushrooms Vaults?
Vaults help to earn passive profit on crypto assets like WETH/WBTC/DAI/USDC, etc. For example, the earning strategies associated with the Vaults will automate your yield farming on Alchemix or Curve by auto-compounding the profit, i.e., Vaults get appreciation in denomination of whatever token you deposited. You will receive mTokens upon Vault deposit which represent your share in that Vault. When you withdraw from the Vault, the mToken share allows you withdraw both principle plus earned profit over the deposit period.
What are Mushrooms Farms?
Mushrooms Finance distribute its governance token (MM Token or MM for short) as rewards to all ecosystem participation via liquidity mining (farming). Currently, there are three major categories of farming pools:
- staking mTokens from Vault deposit
- staking liquidity Provider (LP) token for MM from Uniswap (MM-USDC) or Sushiswap (MM-ETH or MM-KP3R)
- staking MM Token (Super Mario pool)
What are Mushrooms Zaps?
Zap helps to convert plain single crypto assets into another form, like covert MIR & UST to MIR-UST Uniswap LP or USDC into Curve 3CRV LP or simply wrap ETH into WETH. It is exactly same as you would have on Uniswap or Curve but all via Mushrooms UI with one click.
What are current fees involved in Mushrooms Finance?
There are 2 main types of fee now. All fees are used to buyback MM and then distributed proportionally among stakers in Super Mario pool:
- Vaults: 30% performance split
- Vaults: No fee upon withdrawal(some legacy Vaults/Strategies may have a negligible 0.001% fee due to a limitation in existing smart contracts)
How is the APY/APR calculated?
We by default display Vault APR based on real-time calculation from underlying earning strategy, instead of APY. For Super Mario farming pool, it also include buyback distribution in additon to basic weekly mining allocation. You could combine both Vault and Farm APR for your invested crypto asset as the final expectd earning rate.
How do I know the auto-compounding of Vaults work as excpeted?
All vault performance stats are available on our Dune Analytics dashboard and every new profit harvest() call is pushed to our discord channel #mushrooms-bot. Or you could check on Etherscan for Vault's getRatio() which represent the crypto asset each unit of mToken share could withdraw.
Tokenomics?
MM token is mainly for governance in Mushrooms Finance and distributed through fair launch (no public/private sale):
- Total supply of 721704 MM to be mined in 4 years, refer to Etherscan for current circulation
- Staking MM in a farming pool allows you to earn captured fee among Mushrooms ecosystem, i.e., buyback-and-make philosophy
- MM token is currently only distributed via Farms with a weekly-decreasing schedule to align for the best interest of the Mushrooms community
- Check our weekly report on latest distribution allocation among all farming pools on Medium
How to participate in the governance?
Currently we hold an off-chain voting portal on Snapshot. You need to hold/stake some MM token or stake LP token in Farms to vote.
Tell me sth about the core team?
First thing first, core team are anonymous full-time on Mushrooms. We started our journey into blockchain/Ethereum/DeFi in 2018 and the team have worked together for the last three years, so basically this is a small but cohesive team.
Any formal security audit on your smart contract?
We have formal audit report from CoinFabrik team and another audit from Dedaub team is to be released soon. All deployed Vaults with associated strategies could be found in our Github deployment doc and open-sourced/verfied on etherscan.io.
Any vision or roadmap thing?
There is no written roadmap, but a few things are in mind for this year:
- Long Term: L2/Cross-chain integration
- Mid Term: Increase MM utility and liquidity
- Always: Keep sync with latest DeFi trending to yield sustainable profit safely