Mycelium

MYC

MYC is the governance and revenue-share token for the Mycelium protocol.

Risk Rating
Best
$0.00
Summary
What we like
MYC has solid value accrual mechanisms that benefit from zero slippage spot and decentralized leverage trading.
What we like less
The tokenomics have little innovation beyond that of GMX, which MYC is forked from.
What it means for you
Staking MYC enables you to earn 30% of all fees generated by the platform.
Information
Blockchain
  • Arbitrum
Key Metrics
  • Market Cap: $170.5K
  • Fully Diluted Valluation: $191.1K
  • FDV / MC: 1.1
  • Ranking inside Exponential (excluding stables): #109
  • Circulating Supply: 568,503,411
  • Total Supply: 637,277,370
  • Total Supply: 1,000,000,000
  • Volume (24H): $3
  • ATH: $0.20 (08/17/2022)
Risk Assessment
Best
Asset Strength

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.

Asset Tokenomics

MYC has a fixed supply. MYC stakers receives 30% of platform fees paid in ETH.

Asset Volatility

MYC is moderately correlated to the overall market.

Dependencies

Mycelium Perpetual Swaps

Things to know about MYC

What is MYC used for?

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.

MYC tokenomics

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).

How does MYC accrue value?

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.