MYC is the governance and revenue-share token for the Mycelium protocol.
MYC is a low-cap asset that represents the blockchain`s native currency or monetary fee used to execute transactions on the network. This asset is exposed to the underlying risks of Mycelium Perpetual Swaps, a protocol rated as Watch out.
MYC has a fixed supply. MYC stakers receives 30% of platform fees paid in ETH.
MYC is moderately correlated to the overall market.
Mycelium Perpetual Swaps
MYC is the governance and revenue-sharing token for Mycelium. Stakers receive a portion of platform fees in ETH. Users can vote on protocol parameters around leverage settings, exchange listings, and liquidity mining rewards.
The max supply of MYC is 1B tokens. Minting beyond the max supply is controlled by a 28-day timelock; this option will only be used if more products are launched or liquidity mining is required. The proposed distribution of the total supply includes 6M tokens for prior token migrations, 2M GMX paired with ETH on Uniswap, 2M reserved for vesting from esGMX, 2M to be managed by the price floor fund, 1M for marketing, partnerships and community developers, and 250K tokens distributed to the team (vesting linearly over two years).
MYC collects 30% of all platform fees and distributes to stakers paid in ETH. Mycelium charges a 0.09% fee for opening and closing positions plus a dynamic borrowing fee based on utilization rates and the underlying asset you choose to profit in. Swap fees are also dynamic and based on whether a swap improves the weights of assets in the MLP (MYC liquidity provider token) pool towards or away from the target allocations. Minting and redeeming of MLP similarly incurs a dynamic fee based on whether the selected asset is currently over or under-weight.