New projects launch every week, but few lead with real product delivery. Mutuum Finance (MUTM) has formally kicked off development of its lending and borrowing protocol (V1), with a Sepolia testnet launch slated for Q4 2025. The aim is practical: let depositors earn on idle assets while borrowers unlock liquidity against their holdings—self-custodied, on-chain, and without intermediaries.
What is Mutuum Finance
Mutuum Finance is a decentralised lending-and-borrowing platform built on Ethereum, with plans to expand to Layer-2 networks for lower fees. The idea is straightforward: you can earn on idle crypto or borrow against what you already own, while keeping control of your wallet and without using a middleman.
You can use Mutuum in two ways. Lend your assets to earn interest (shown as APY, the annual rate), or borrow by locking your assets as collateral so you don’t have to sell them. Borrowing limits use a simple rule called LTV (loan-to-value), a percentage of your collateral’s value, to keep borrowing power and protection in balance.
When you deposit, the protocol issues mtTokens, on-chain receipts that represent your deposit and grow as interest accrues. Example: deposit 7,500 USDT and you receive 7,500 mtUSDT 1:1. If the average APY were 10% for a year, that position could earn about $750.
On the borrowing side, collateral lets you unlock cash without giving up upside. Suppose you hold 5 ETH worth $4,500 each ($22,500 total). With a 75% LTV, you could borrow up to $16,875 in USDT and still keep your ETH. If ETH rises, you still benefit. When you repay the loan plus interest, your collateral is released back to you in full.
The platform’s native token is MUTM, an ERC-20 on Ethereum with a fixed supply of 4 billion. Of that total, 1.8 billion (45%) are available for purchase. The sale is currently in Phase 6 at $0.035 per token and more than 55% sold. Each phase lifts the price by 20%, so buyers from Phase 1 at $0.01 are already up roughly 250%. The phase structure is designed to reward early supporters while keeping pricing transparent as the project moves toward launch.
The initial listing reference is $0.06. The team plans listings on both DEXs and CEXs, including a mix of tier-1 and tier-2 venues, which should broaden access, deepen order books, and improve price discovery. According to several crypto analysts, initial trading could open above the $0.06 reference as new market participants enter the books.
As of today, Mutuum Finance reports more than $16.9 million raised and over 16,700 MUTM holders, indications of growing community participation and sustained interest in the roadmap.
Development update
The team confirmed on their socials that Mutuum’s lending and borrowing protocol is progressing well, with V1 slated for Sepolia testnet in Q4 2025. This phase will validate the full architecture, give the community hands-on access, and run audits ahead of mainnet. The initial mainnet rollout targets Ethereum, starting with ETH and USDT for lending, borrowing, and collateral.
Core V1 components:
Liquidity pool contract — Manages deposits, loans, repayments, withdrawals, and liquidations.
mtToken wrapper — 1:1 receipt tokens for deposits; balances auto-accrue interest and redeem on withdrawal.
Debt token — Tracks per-borrower variable debt for precise interest accounting.
Interest-rate model — Converts pool utilisation into a live borrow rate to balance supply and demand.
Price oracle aggregator — Primary + fallback feeds for accurate collateral ratios and liquidation triggers.
Role & upgrade control — 3-of-5 multisig with a 24-hour timelock for listings and parameter changes.
Liquidator Bot (off-chain) — Monitors positions and calls closures on under-collateralised loans to keep pools healthy.
Fee Collector Module — Allocates a portion of fees to buy and distribute MUTM to stakers.
These milestones set a confident tone for what’s next. Expect regular build updates, visible deliverables on testnet, and selective open-sourcing of non-sensitive modules so the community can track progress in real time.
What to expect next
Mutuum Finance reads less like a pitch and more like a plan. V1 is slated for Sepolia in Q4 2025 with the core pieces of a serious credit protocol—pooled liquidity, mtTokens, a live interest model, oracle aggregation, and an automated liquidator—moving through testnet and audit before mainnet. Starting with ETH/USDT keeps the first release focused and usable from day one.
The market signals line up, too: Phase 6 pricing at $0.035 (over 55% sold), a $0.06 listing reference, $16.9M raised, and 16,700+ holders. Several analysts expect initial trading could open above the reference as access broadens across DEXs and CEXs. If you value delivery over noise, Mutuum stands out as a rare early-stage build where timing, traction, and utility meet.
Learn more about Mutuum Finance (MUTM) through the links below.
Website: https://mutuum.com
Linktree: https://linktr.ee/mutuumfinance