Background
In August 2024, the MUX community approved the POL to allocate up to $1.55M to fund MUX development and marketing activities from September 2024 to August 2025. Based on the previous annual budget proposal, budget withdrawals from POL would occur incrementally, rather than all at once. As of August 2025, MUX contributors have withdrawn from the POL twice, with a total value of $775,000, over the past 12 months.
Between September 2024 and August 2025, MUX had a total trading volume of $4.692B and distributed $2.12M in protocol income to veMUX holders, MUXLP stakers, and MUX V3 liquidity providers. On the development side, MUX contributors released the V3 Trading Protocol, V3 Liquidity Pools & Portfolio Pools, V3 Neutral Mining Vault & Leveraged Mining, 1-Click Trading, Cross-Margin Mode and dozens of features and integration updates. Additionally, the Hyperliquid integration is currently under development. In terms of marketing, MUX maintained continuous CT operations, collaborated with KOLs, hosted co-marketing events, and launched the veteran user airdrop campaign.
Between September 2024 and August 2025, the total development & marketing spending was $1.48M. The total spending utilized the $775,000 withdrawn from the POL, as well as the leftover funds from the 2023-2024 budget. Both the total POL withdrawal value and the total spending were below the $1.55M cap. The detailed expenditure is listed below:
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Development Budget
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Research and Development: $826,031
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MUX V3 Audit: $70,500
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Immunefi Bug Bounty: $90,308
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User Refund: $39,457
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Marketing Budget
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Campaigns and Collaboration Incentives: $168,274
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Social Media Operations: $157,072
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General Marketing Operations: $134,504
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The release of MUX V3 introduces the new P2Multi-Pool design, which allows LPs to supply liquidity with highly customizable risk-exposure options, as well as new trading features to enhance user experience. Additionally, the in-progress Hyperliquid integration will further expand market diversity and total available liquidity for trading on the MUX aggregator. The primary goal for September 2025 to August 2026 will be to expand the adoption of V3 and onboard more traders and LPs to the MUX aggregator.
As we have reached September 2025, MUX contributors would like to submit the following proposal for the annual budget from September 2025 to August 2026 to fund MUX development and marketing.
Proposal
MUX contributors propose to reserve a $890K development budget and a $360K marketing budget from POL to fund development and marketing activities between September 2025 and August 2026. The budget is proposed based on the previous year’s annual spending, with reasonable adjustments, and the planned scope of work for the coming year.
Since $775,000 from the 2024-2025 budget is yet to be withdrawn from the POL, new withdrawals for the 2025-2026 budget will only occur once the 2024-2025 budget is fully withdrawn and utilized. In addition, the annual budget withdrawal will occur incrementally, rather than all at once; the “$890K” and “$360K” will serve as budget caps.
Scope of the $890K Development Budget:
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Contract Development
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Frontend Development
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Backend Development
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Quality Assurance
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Operational Cost
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Product, UI, UX Design
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Project Management
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Maintenance
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Protocol Service, Infrastructure, Software and Hardware Spending
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Audits for New Contracts
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Bug Bounties
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Product-Issue-Related User Refund
Scope of the $360K Marketing Budget:
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Monthly KOL & Partner Incentives
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Social Media Operations
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General Marketing Operations
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User Acquisition Campaigns
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Marketing Content Creation Spending
Development budget disclaimer: When major audits or other R&D-related spending is required for new protocol updates and the estimated cost exceeds the annual budget scope, MUX contributors may seek to apply for additional special development budgets if necessary.
Marketing budget disclaimer: If crucial opportunities for marketing exposure and user acquisition appear along the way, MUX contributors may seek to apply for additional special marketing budgets if needed.
Next Steps
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Community discussion surrounding this proposal
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Community members vote to approve/disapprove of this proposal