Mycelium Perpetual Swaps

Derivatives

Mycelium (previously Tracer) is a decentralized perpetuals protocol that specializes in blockchain data and derivatives. Mycelium Perpetual Swaps is a decentralized derivative exchange forked from GMX, which allows users to open leveraged long and/or short positions on crypto-assets. All traders trade against the Mycelium Liquidity Pool (MLP).

Risk Rating
Watch Out
Protocol Code Quality
Protocol Maturity
Protocol Design
Summary
Information
Exploit/Hacks
None
Info
  • Website
  • Token: MYC
  • Tags: Derivatives
Key Metrics
  • TVL: $106.7K (Rank #213)
  • TVL Ranking by Derivatives: #12
  • Blockchain: Arbitrum
  • Chain TVL
    • Arbitrum: $106.65K
Risk Assessment
Watch Out
Protocol Code Quality
  • Code not reviewed by any experienced auditors; code4rena audited in October 2021
  • Public team promotes accountability
  • No documented protocol hacks since launch
Protocol Maturity
  • Latest protocol version launched in 2022; maturity over one year minimizes technical risk as smart contracts are well battle-tested
  • Bottom 80% by total value locked increases risk
  • Multisig wallet controls protocol upgrades
  • Multisig consists of less than 4 signers, which makes the protocol more susceptible to centralization risks
  • No timelock exists or no information documented, which mean a malicious actor could approve upgrades without any delay
  • At least one critical governance issue documented
  • Low voting power concentration reduces risk
Protocol Design
  • No death spiral concerns
  • Robust controls to mitigate oracle price manipulation
  • This protocol is susceptible to risks related to decentralized derivatives, such as LPs serving as the counterparty for all platform traders
  • Mycelium`s Perpetual Swaps is a decentralized derivatives exchange that is forked from GMX as users trade against a liquidity pool.
Things to know about Mycelium Perpetual Swaps
Mycelium Perpetual Swaps Pools
Mycelium Crypto Market Making
51.3%
Yield
$101K
TVL
Risk
F
Chain
Arbitrum