Ethereum News Today: Mutuum Hits $19.2M Presale as Testnet Looms in Q4 2025

Mutuum Finance (MUTM), a decentralized finance (DeFi) project, announced on December 9, 2025, that it has made significant progress on its Phase 2 development and is undergoing a security review by Halborn. The firm is preparing for the V1 testnet launch expected in Q4 2025. The project, based in the United Arab Emirates, continues to attract attention with its innovative lending and borrowing model and steady presale activity.

The project's dual lending system allows users to lend assets like ETH and USDT, receiving mtTokens that grow in value as interest is repaid. Borrowers interact with a variable rate structure, which adjusts with liquidity levels to maintain stable borrowing conditions. This approach aims to balance supply and demand while protecting both lenders and borrowers.

Presale activity remains strong, with MUTM tokens priced at $0.035 as of December 2025. The token sale has raised over $19.2 million with more than 18,300 holders, indicating growing investor confidence in the project's roadmap and potential.

Key Features of Mutuum's Lending Protocol

Mutuum Finance is developing a decentralized lending system with two connected markets. The first market allows users to supply assets such as ETH or USDT, receiving mtTokens in return. These mtTokens increase in value as borrowers repay interest, creating yield based on actual protocol usage rather than fixed rewards. The second market offers more flexible borrowing with variable rates that adjust according to liquidity levels.

When liquidity is high, borrowing costs remain low, but as the pool tightens, rates rise to maintain equilibrium. The system includes loan-to-value (LTV) rules that guide collateral requirements and prevent unsafe positions. If a borrower's collateral falls below safe levels, partial liquidation can occur, ensuring the protocol remains stable and predictable.

Security and Testing Milestones

The development team has confirmed that Phase 2 milestones are on track, including contract refinement, interface adjustments, and new analytics tools. These updates are designed to support the upcoming testnet and ensure the core lending operations function correctly under various conditions. The team is also working on monitoring systems that will allow users to track borrowing activity, liquidation events, and interest changes once V1 is live.

Halborn Security is currently reviewing the lending and borrowing contracts, with a focus on liquidation logic, interest calculations, and collateral management. The audit is a critical step in preparing the platform for public testing. Mutuum also completed a CertiK audit, earning a 90/100 Token Scan score, and has launched a $50,000 bug bounty program to further strengthen security as reported in the latest announcement.

Roadmap to V1 and Future Expansion

The V1 testnet is scheduled for Q4 2025 and will include the liquidity pool, mtToken system, debt-tracking module, and a liquidator bot. ETH and USDT will be the first supported assets for borrowing and lending. The testnet will allow the community to interact with the protocol and provide feedback before full deployment according to project updates.

Looking ahead, Mutuum plans to introduce a USD-pegged stablecoin backed by borrower interest. The stablecoin is expected to enhance liquidity and offer users a predictable asset for borrowing and lending. The project is also preparing to expand onto multiple layer-2 (L2) networks to reduce transaction costs and improve speed. This expansion will be critical for attracting more users and maintaining a competitive edge in the DeFi lending space.

Presale Progress and Investor Incentives

The MUTM token presale began in early 2025 at $0.01 and has since increased to $0.035, reflecting a 250% rise. The total supply is capped at 4 billion tokens, with 1.82 billion (45.5%) allocated for the presale. Phase 6 is currently 96% sold out, with only a small portion remaining at the current price point. The team reports that more than 810 million tokens have been acquired since the presale began, and the project has attracted over 18,300 holders.

To maintain consistent participation, the presale features a 24-hour leaderboard that rewards the top daily contributor with $500 in MUTM. This incentive structure supports steady user engagement and helps distribute token ownership across a broad base. Card payment options are also available, making it easier for new participants to join without needing to manage on-chain transfers as confirmed in the latest update.

Mutuum Finance continues to make progress toward its Q4 2025 launch with a robust security framework, steady presale growth, and a clear roadmap for expansion. As the project moves closer to its first public testnet, the focus remains on building a stable, user-friendly platform that supports both lending and borrowing with real-world utility.