Numoen Review 2026: Squared Leverage Without Liquidations

Numoen is an application for the Power Market Maker Protocol (PMMP), an on-chain system that provides liquidity for Power Tokens. These are fungible leveraged tokens that give traders squared leverage on a market without liquidations. It is tracked as a derivatives protocol and runs on Arbitrum, Polygon and Celo.

A December 2022 announcement described it as a decentralized options protocol launching on Arbitrum, and it has been tracked since March 2023. Its total value locked is about $28,510, which is very small, and no token is listed.

The design is notable for being fully autonomous: the project says the core contracts are non-upgradable, with no admin functions and no external dependencies. The homepage could not be checked, so users should confirm the official app address independently.

Numoen is the front end for the Power Market Maker Protocol. PMMP is a set of smart contracts that acts as an automated liquidity provider. Instead of matching buyers and sellers, it prices Power Tokens by formula and lets traders swap in and out of them.

Power Tokens are fungible leveraged tokens. Their value follows a power of the underlying asset's price, which the project describes as squared leverage. Because the leverage is built into the token's payoff curve rather than a borrowed position, the protocol says there are no liquidations.

The contracts are described as fully autonomous: no admin functions, no external dependencies and no upgrades. That reduces trust in a team, but it also means errors in the code are permanent.

Numoen's fee schedule is not published in the sources reviewed. Users would see trading costs and any protocol fees in the app's swap or trade interface before confirming a transaction.

As with any on-chain product, network gas fees apply on top. Gas costs on Arbitrum, Polygon and Celo are generally lower than on Ethereum mainnet, but they vary with network conditions.

No audits are listed for Numoen in the tracking data, and none are described in the other sources. The contracts are described as non-upgradable with no admin keys, which removes admin-key risk but also means any vulnerability cannot be fixed after deployment.

The main risks are smart-contract bugs, shallow liquidity and the amplified losses of squared-leverage tokens. Users keep custody of their funds in their own wallet. Only use money you can afford to lose, and verify the official site before connecting a wallet.

Numoen is for experienced DeFi users who already understand leveraged and options-like payoffs and want to explore an experimental, admin-free design. It is a poor fit for beginners, anyone seeking deep liquidity, or users who need audited, long-established protocols.