Mutuum Finance has launched its V1 lending and borrowing protocol on Ethereum’s Sepolia testnet and confirmed that an additional feature will be rolled out next week as development progresses.
The team said it is refining core components of the codebase, including optimisations to the Stability Factor, while reporting more than $20.6 million raised and over 19,000 holders of the MUTM token priced at $0.04.
In a statement posted on X, the project said a new protocol feature is expected to be released in the coming week.
According to the team, the Sepolia testnet version of the protocol has surpassed $90 million in simulated total value locked, with ETH, USDT, LINK and WBTC currently supported for interaction.
Users who supply assets receive corresponding mtTokens, such as mtWBTC or mtUSDT, which accrue value based on pool utilisation and annual percentage yield, and can also be staked in a safety module for dividends paid in MUTM tokens.
The protocol requires collateral for borrowing, allowing users to deposit assets such as ETH and borrow stablecoins against them without liquidating their positions, with collateral released once principal and accrued interest are repaid.
Mutuum Finance said its lending protocol was audited by Halborn and its token contract reviewed by CertiK, which awarded a Token Scan score of 90 out of 100, as the project continues testing ahead of a planned full deployment.
At the time of reporting, Ethereum price was $2,064.38.