Introducing Mune !
A for-profit, positive-impact DAO.
Our first product is a sanctioned fork of Saddle.Finance on Polygon — with a philanthropic twist; 50% of admin fees generated each quarter go to a community elected nonprofit.
Built through b4b, and with ongoing support from Saddle through project SEMPI, we hope to bring their revolutionary opensource stableswap implementation to polygon for years to come. Supporting low-slippage trades, capital efficient metaswaps, and low-fee flashloans on the future ecosystem of pegged value crypto assets, both native and bridged.
At launch we will host two pools:
-a USD pool containing USDC / USDt / DAI
-a FRAX metapool
Both pools will have an industry standard 0.04% swap fee, 50% admin fee [half of which goes to charity], and a competitive 0.06% flashloan fee.
Mune.Finance is the first of many products to facilitate capital friendly donations on behalf of our users.
WHY NOT A NON-PROFIT ?
When we discovered that the complications arising from the birth of our daughter would have absolutely bankrupt some of our American DAOmates, we saw an opportunity in our DeFi portfolios to give.
But we didn’t want to build just another non-profit, doomed to fade into obscurity before finding it’s footing to help.
We wanted to build a community. One capable of bolstering the existing myriad of nonprofit organizations, with their own pre-established networks.
At Mune we recognize that even the kindest people want to find financial freedom — and we believe there’s nothing wrong with that:
Profit is one of the primary motivators driving technological advancement. We hope to catalyze an adoption of for-profit, positive impact products; that allow users to feel empowered by their capitalist efforts. We all want more, but it should be no secret by now that there is enough to give everyone a fair start.
We’re building a community that believes in focusing web3 for good. DeFi represents what could be the greatest wealth transfer in human history, and we want to make sure at least some of that money goes to something meaningful.
Web3 represents an opportunity to better organize our past, present, and future. At this stage in the blockchain narrative we’re building out the infrastructure society could depend on for generations to come — how lovely it would be if we could write kindness into the foundation this time around.
HOW WILL YOU MAINTAIN PHILANTHROPIC VALUES IN A DAO ?
A constitution immortalized in ERC721. The constitution is currently in open draft, additions and modifications are welcomed and encouraged, a brief outline of the most well established values so far are as follows:
Philanthropy;
Mune’s raison d’être.
Community;
Meritocracy; Ideas and submissions must be considered on their own merit, regardless of origin.
Compensation; Significant contributions to the DAO must be recognized and rewarded.
Transparency;
Of ourselves, our contributors, our partners, and our recipient non-profits.
Adaptability;
Rules, products, and methodology must not be immutable.
WHY STABLESWAP AS THE FLAGSHIP PRODUCT ?
The stableswap algorithm is undoubtedly a revolutionary product:
Saddle has a focus on building their implementation as a Lego® block, supporting the future of the ecosystem by keeping Duplo® blocks out.
With a wave of pegged value crypto assets headed to L2; a complementary ecosystem of reliable, well managed stableswap implementations is the natural next step to maturity on these networks.
We are slow and steady type folk, we don’t like to bounce around. There are enough traditional dual-asset AMMs for volatile tokens. There are plenty of farms popping-up everyday to ape around in. We want to offer a more nuanced product, with a more specific usecase, and open the doors to partnerships with more established protocols that share our long-term vision of crypto.
WEN TOKEN ?
If we did have a token, we would focus on getting it to the right people, at the right time.
A token launch is a delicate thing. We believe that if a token is built from the ground up with its community and use case in mind, it stands a better chance of flourishing long term. If the only reason your users want or need your token, is to profit from the price; you’re gonna have a bad time.
WHAT CHARITY ?
That’s up to you ! The admin fees will sit in the contracts for two quarters until snapshot voting is enabled. The website will feature new candidate nonprofits each month — so be sure to check-in regularly, and stop by our Discord to recommend your favourite organization as a candidate !
FLASHLOANS, ISN’T THAT JUST HACKER STUFF ?
Yes ! And we encourage you to get hacking in every aspect of your life ! The culture has evolved in recent years, and the term has come to be synonymous with resourcefulness, puzzle solving, and unrelenting ingenuity.
Flashloans are a brand-new, modestly tapped, and now immortalized revenue stream. When they were first all over the news, they were a little bit scary, and that stigma has stuck. But it’s been a while and technologies have evolved. The competition has gotten fiercer, and measures to prevent reentrancy are mostly standard across nearly all networks.
Flashloans are safe, and here to stay.
Arbitrage remains one of the primary usecases. But more laymen applications exist [like recollateralizing maker vaults], and platforms like furucombo are implementing UIs to make the flashloaning experience more accessible to all. Where before you may have needed an extremely narrow pool of prerequisite knowledge to benefit from the opportunities flashloans present, now you do not. Only a short while ago, a professional trader may not have had the development experience necessary to profit from an arbitrage opportunity they had identified. Or an everyday MakerDAO user may have lost a noticeable amount of gas, time, and capital, changing the underlying collateral of their vault. Not so any longer.
As the technology matures, we will see an ever increasing number of usecases for single-block loans.
We’re offering our liquidity up for loan at a competitive 0.06%, with the hope of drawing experienced users to the platform for a long-term stay. Scripts used to loan from the competition can be modified to monitor Mune in a few short minutes, providing a regular stream of revenue the protocol and it’s recipient nonprofits.
If you like paying flashloan fees to your favourite protocols, you’re going to love giving them back to the world.
At Mune it’s free to give.
HELP BUIDL OUR CO[MUNE]ITY —
Our first two pools are available for testing on Mumbai, and deposit on Polygon, at the time of this article. The pools are controlled by a 4/7 multisig, the signers of which are as follows:
Mune: LowPolyDuck, Hekmat, Karthik
Polycat: Arfonzo, JuxtaThePozer
Our focus at this stage is our legacy users. We want to find like-minded individuals to contribute to the protocol from the ground up. Those who share our vision of an inclusive, philanthropy focused future. Individuals who seek wealth to better cultivate the agency of the forgotten.
To give, or to grow ?
A Mune Ambassador thinks: Why not both.
We aim to expand our community to 1000 mission driven members and 500 unique LP’s by the end of 2022. This would position us to build a diverse treasury of assets with a noticeable donation capacity.
Mune should be a comfy, cozy place to hang out and buidl, no matter what the markets are doing. A place to get heard, grow your personal wealth, and really have an impact on the treasury — because the yield is yours to give.
With that in mind, let me drop the ‘we’ for a moment and introduce myself:
I’m Jamie. The Low-Poly Duck. My wife is called Alyssa, and we founded this project for our daughter; the world’s biggest fan of Ducks and Moons. We’ve since garnered support from the teams at some popular protocols, and been joined by other hardworking new parents. We feel blessed to be living in a time where the finance industry has opened up to mom & pop shops. We invite you to join our journey to bring education, kindness, and financial independence to the world !
Drop non-profit suggestions, leave feedback, claim early supporter NFTs, and get ready for the official launch announcement — by keeping up with Mune:
Let’s head to the Mune; together.🚀
