Which is why we are here to give you an update about what is being built and what we plan to build in 2023. Making sure we stay committed to helping individuals in this space, become less reliant on others, and take back the ability to operate confidently.

As many know, if you have been following us, we have been working on the cross chain swaps for quite some time. For those who don’t know this will allow users to swap across multiple chains using multiple exchanges. While we would have liked to have completed this product already and pushed it out for all to use, especially with the concern of centralized counterparts, the complexity of such a task was something that we underestimated. Especially from a front end perspective. However with the help of an outside group we are making solid progress and it shouldn’t be too much longer.

Outside of cross chain swaps we are working on several other products in various stages of R&D. All of which we will release more information on as time goes on. But each having a focus on helping users generate yield on a variety of assets in a sustainable and simple manner. The goal is, and always will be the same. Make products that try to help users in one way or another.

Outside of development we have also been very lucky to build a great community of extremely intelligent and quality people. Without them we literally would not exist. So before signing off and heading into 2023 we want to say thank you to all of you who have stood by us, supported us, and even challenged us on existing assumptions.

We can not wait for 2023 and the years to follow. No matter what happens we will also be here building, working to create a better space for everyone involved.

Thank you and Happy New Year

     - The Mugen Team

However, there are quite a few things that have been developed. The cross chain swaps is nearing testnet. Following launch and initial testing we will open it up to a select group of individuals within the community to allow them to test the product and provide feedback. Work has also began on strategies for Ribbon Earn vaults and for Sandclock. Both of which reside on Ethereum mainnet. As for Arbitrum strategies we are continuing to work on vaults for Jones Dao, and are waiting for Umami V2 and the launch of Rysk Finance in order to begin development on those as well.

Lastly on the backend aspect of the project, we will be reorganizing the github in order to separate the core contracts from products and strategies. This will just make our workflow much cleaner and allow for it to become much more readable.

Frontend

The frontend is still under development with staking coming soon. A community member also graciously put us in touch with an outside agency which is helping build out the frontend for the cross chain swaps. Allowing us to bring the full product to market faster.

A quick word on cross chain swaps, initially it will span across 7 chains. Ethereum, Arbitrum, Optimism, Fantom, Polygon, BSC, and Avalanche. Including 5 different exchanges that users will be able to choose from. Uniswap, Sushiswap, Spookyswap, Pancakeswap, and Trader Joe decentralized exchange. This product will also look to expand to other exchanges and chains, such as bera chain, in the future. There will be a .25% fee which will go to bolstering the treasury, building out an insurance fund, and expanding the team.

With this nearing completion for the initial testing we have begun brainstorming and initial development of our next product. All products are built out with the intention of bolstering Mugen and continuing to expand the options available to users.

The second product is aimed at allowing Mugen to utilize under collateralized loans in order to increase its capital efficiency significantly. While also rewarding creditors with a fixed income that is dependable. It would be structured in a similar manner to fixed rate corporate bonds.

Corporate bonds are a proven fundraising method in tradition finance, and bonds in general have a market value of over 115 trillion USD globally. But it still remains an under utilized tool in decentralized finance.

In order to deploy this product we would need to:

1. Continue to build our reputation as a trustworthy protocol in this space

2. Provide with reasonable confidence to creditors that Mugen would not default.

The first can only be gained through time and continuous actions, and the second can be done through a sort of insurance fund that can be split between the main protocol (yield aggregation strategies) and the secondary aspect of corporate bonds.

While this secondary product is still quite far off into the future, internal ideas are already floating around as to how this can expand outside of Mugen and potentially help other protocols. As well and create a fixed rate marketplace that lives entirely on-chain.

But that is really it at the moment. The team is continuing to build out behind the scenes with the primary focus on the swaps contracts and frontend.

If you are a community member and interested in testing out the cross chain swaps early, please reach out on discord so that once the time has come we can begin to onboard people in an efficient manner.

The staking contract will go live, and 24 hours afterwards the first rewards will be sent.

Disclaimer: If you send any Mugen to the contract that is not through the stake function those funds are lost. So please follow this guide and make sure you are using the correct function!

Step 1 Approve the contract

Back again with the approvals. This time you will need to go to the Mugen contract and approve the xMugen contract. A link to the Mugen contract is below as well as the xMugen address. Mugen has 18 decimal places so you will need to add 18 0’s to the end of the number in order to approve the right amount. Any decimal amount of Mugen (.5 or .001 Mugen) would require the removal of decimals. But for approval that is less important and you would be better off just using whole numbers.

Mugen contract: https://arbiscan.io/address/0xfc77b86f3ade71793e1eec1e7944db074922856e#code

xMugen address:

0x25B9f82D1F1549F97b86bd0873738E30f23D15ea

If you would like to approve 1 million Mugen to prevent having to approve again in the near future, copy the number below and place it into the amount field:

1000000000000000000000000

Approval example:

Step 2 deposit into the xMugen contract

Go over to this link (the xMugen contract):

https://arbiscan.io/address/0x25b9f82d1f1549f97b86bd0873738e30f23d15ea

Once there all you have to do is go to the stake function, enter the amount of Mugen you would like to stake, and thats it!

Remember when you put the amount you wish to stake, it will need 18 decimal places.

*If for instance you have 52.4574567457 tokens it would look like this 52457456745700000000

*Or .523452 would be 523452000000000000 (18 total places compared to 19+ with whole numbers).

One more thing to touch on, if you want to use the compound function there is the parameter “amountOutMin” this is for the swap through the uniswap pool. It is for the minimum amount of Mugen you expect to get back for your current claimable rewards. Your claimable rewards can be seen from the earned function (it is in weth, so 1e18 is 1 weth) and the price of Mugen is visible on different platforms. You will need to calculate based on the $ value of your rewards and the $ value of Mugen + Slippage, what is the minimum amount back you would expect. Setting this properly will help make sure that you do not get front ran or sandwiched when compounding.

Happy staking!

We would first like to give a quick explanation of what it is that we are doing and why we are doing it the way that we are.

To answer the first question we need to look no further than late 2021. Everyone was excited as the times were seemingly good. However underneath all of these things the foundation was shakey. Insolvent CEO’s flaunting on twitter and egos running wild. Very soon after the highs, pieces began to break. Starting with luna and everything that followed that. Mugen was already under development at that time, but these events strengthened our resolve to build out this project even more. Individuals needed a clear and transparent way to access yield. The old opaque ways were simply not good enough. It was also critical that individuals understand how this yield was being generated, and that is was sustainable. Thus Mugen came to life.

Aggregating the best yield across all of defi in a way that was clear, transparent, and easy. Well, some what easy, but we will get to that. Long gone are the days in which you can just throw money at something and hope things work out. Which brings use to the why behind the way that we are doing things.

Individuals have recently become to dependent on centralized entities for control of decisions with their money. We have intentionally made this entire protocol one long process in which individuals will begin to slowly move away from these entities and become fully capable of handling things themselves. Starting with learning basic tools like etherscan, github, and even the basics of solidity. We have no intention of just throwing you to the wolves, but rather slowly working through different aspects of our own protocol in the open with helpful guides anyone can use for a variety of purposes.

The first step starts today. Beginning with how to deposit into our very own treasury. This guide will take you step by step making sure that you know what is going on throughout the entire process. If you already have a pretty good understanding of defi and have used etherscan to write and read contracts feel free to skip this beginning part and go on to the section labeled Deposit into the Treasury.

We have made a few assumptions that if you are reading this you most likely understand how to use basic defi protocols like Uniswap work.

Step 1. Bridging to Arbitrum.

There are several bridges that you can use. We personally recommend either Stargate or Synapse. We have gone ahead and linked them each to their respective names, but we do always recommend verifying yourself from their official twitter pages or other communication outlets.

Once onto these sites you simple need to connect your wallet and head over to their transfer or bridge tabs and select Arbitrum for the receiving chain. We recommend bridging either ETH or USDC over to Arbitrum.

It will probably take a few minutes to go through but shouldn’t be more than 10-15 and can always be tracked on etherscan.

Step 2 Get USDC

Once you have made it to Arbitrum you will need to make sure that you have USDC. This is because on launch USDC will be the only whitelisted protocol available for deposits. However you will need to make sure that you have enough ETH leftover to pay for a few transactions.

Step 3 Approve the Treasury

This is where the fun begins. Now that you are here and have your USDC there is one more thing that needs to be done before you can deposit. You need to approve the treasury address to spend your USDC. The reason behind this will be explained at the end of this post where we walk though step by step what exactly is happening when you start this deposit function, but for now all you need to know is we need to head over to arbiscan.

You can either paste this address into the arbiscan search bar:

0xFF970A61A04b1cA14834A43f5dE4533eBDDB5CC8

or you can click this link here.

Once there you will need to head over to the “Contract” tab and select “Write as Proxy”. Once there you will see a small box at the top that says “Connect to web3”. Simply click that link and follow the instructions to connect to arbiscan. It should be quite similar to connecting to any other website you have used in web3. The dot will turn green when successful.

Note: If you use Brave you will most likely have to turn off the Brave Wallet and make sure it does not come up as the default.

Now the function that we are interested in this the approve function. It should be the first function.

There are two input fields spender address and amount. In the first field you will place the contract address, which will be given upon launch and in the second address you will place how much you would like to deposit. We recommend slightly more just to make sure. Typically when you approve a function you approve 2**256 -1 so that you do not have to do it again. If you would like to do so you can. However it is unnecessary as we will show later on.

A important thing to not about the uint256 amount field is that you will need to approve however much you want to spend in USD * 10 raised to the 6th (raised to the 6th because USDC has 6 decimals, for tokens with 18 it would be to the 18th).

Am approval of 1 would look like this 1000000, 100 is 100000000, and 1 million is 1000000000000, so on and so on.

Once you have completed this you have just one more thing to do, deposit into the treasury.

Step 4 Deposit into the Treasury

This will operate in a very similar fashion as before with nearly identical inputs. There will be two fields an address field labeled token and an amount field. For the address field you will simply but in the USDC address and for the amount field you will but in the amount (following the same guidelines discussed earlier { amount * 1e6}). And boom that is it you have done it.

Now if you want to stick around and learn a little bit about what is happening feel free. If you just want to learn how to deposit right now that also works. But now we will take a look at the code to see what is happening.

Starting with the parameters. These are the fields that you will see in arbiscan and allow the contract to know which token it is taking in and what amount. There are also several modifiers to protect against reentrancy, make sure the token is whitelisted, the cap is not crossed, and there is no pause against the current contract.

Following checking to make sure the above conditions are met and the amount is greater than 0 we set a memory variable to the decimals of the token, as this would have a big impact on how the accounting works and also how much is transferred to the contract. Caching this variable also helps save gas.

Then we check to see if the token decimals are equal to 18 or not. If it is not we have an addition step we need to take were we do some calculations to set the value so that it will be equivalent to as if it did have 18 decimals. This step is to help with the bonding curve.

The get price function is a function of chainlink data feeds and tells use the current by as well as the decimals of the price feed. Once we have the decimals of the price feed we divide the (amount price) by this to give us its USD value * 1e18.

This value is then feed into the bonding curve which will tell the contract how many tokens to mint the user.

The total supply and value deposited are then updated and we emit an event so that this transactions can be more readable.

Then lastly the deposited tokens are transferred to the necessary contract and Mugen tokens are minted and sent to you!

And boom transaction done. Now you are ready to complete this again in the future or try it out for yourself on a different contract. You have official learned how to complete a transaction just using arbiscan and are one step closer to being less dependent on third parties.