Mutuum Finance (MUTM) said its V1 protocol is now active on the Sepolia testnet, opening access to core platform functions such as liquidity pools and debt accounting. For a DeFi lending project still in presale, that testnet launch stands out as a key technical milestone.
The protocol is being built as a non-custodial lending system where users can borrow against crypto holdings or lend assets to generate yield. According to the project’s published figures, the presale has raised more than $20.1 million and attracted over 19,000 holders. The sale is currently in Phase 7, with the token priced at $0.04 versus a confirmed launch price of $0.06.
Presale allocation and mtToken mechanics
Mutuum Finance said 45.5% of total token supply has been allocated to the presale, with distribution aimed at broadening token ownership. The project also stated that more than 840 million tokens have already been sold. The source material describes demand as increasing as launch approaches.
On the product side, lenders receive mtTokens after depositing assets into pools. These tokens function as yield-bearing receipts whose value increases as borrowers pay interest into the protocol. The example provided by the project uses a pool with 12% APY: a $10,000 deposit would translate into a $1,200 gain over one year.
Fee-funded token purchases and expansion plans
The project also described a buy-and-distribute model tied to loan activity. A portion of fees from each loan is used to purchase MUTM on the open market, and those tokens are then distributed to users staking mtTokens. In practice, that structure is meant to connect protocol usage with token demand.
Its roadmap includes a native over-collateralized stablecoin backed by interest and collateral within the protocol. For pricing data, the system relies on Chainlink Oracles, which the project says will support lending and liquidation processes through real-time feeds. The team also plans to expand to Arbitrum and Optimism to reduce transaction costs and improve speed.
Audit status, CertiK score, and bug bounty
On security, Mutuum Finance said it has completed a full independent audit by Halborn Security. The MUTM token also carries a 90/100 CertiK score, according to the source. Ahead of a mainnet release, the team launched a $50,000 bug bounty program to reward developers who identify and report vulnerabilities.
To keep participation high during the final presale stretch, the project runs a 24-hour leaderboard. The top daily participant receives a $500 bonus in MUTM tokens. The source also cites bullish analyst price targets for the token, though those figures remain outside projections rather than realized market outcomes.