Introducing the MYC Lending program.
Mycelium is excited to launch this initiative, which delivers robust utility to the MYC token, giving owners of MYC an opportunity to earn rewards on their MYC by loaning their MYC to Mycelium.
MYC holders can lend MYC to earn rewards paid in ETH. Each individual lender can select how they wish their rewards to be paid, and either withdraw or rollover their loan at the end of each cycle.
How the Program works
Mycelium will launch MYC Lending, a program where MYC holders can loan their MYC to Mycelium in return for a high APR reward in ETH. The testing simulations we did in test net returned an over 269% APR.
The Loan cycles are fourteen (14) days each. MYC holders can deposit (or withdraw) into the smart contracts at the beginning (or end) of each epoch. Lenders can request a withdrawal, roll-over, or top up their loan at each loan interval, delivering flexibility and freedom to lenders to manage their MYC. In time, our team will also build an auto-roll-over feature for lenders.
The short-term loan cycles create a dynamic lending environment for lenders to earn rewards.
The treasury will give the contracts a certain amount of ETH at the start of each cycle to facilitate ETH rewards for MYC lenders.
How to participate
Participating in MYC lending is simple. Any MYC holder can participate in MYC lending, subject to the terms and conditions that will go live with the MYC Lending program launch. The team has built a custom front-end Lend page that MYC holders can access to manage their loans.
Turn notifications on
MYC Lending will launch very soon. Make sure you have post notifications turned on so you can start earning rewards from Day 1 as an MYC lender.
As many MYC holders may be aware, our community recently voted on a proposal to transition from Tracer DAO (and $TCR). As part of this transition, we agreed to deliver greater utility and simplify the governance process.
With the introduction of MYC Lending program we are excited to deliver greater utility to our token-holders, and incentivise long-term alignment with our stakeholders.
To maximise our teams focus on delivering utility to tokenholders, our platform for governance will transition from Discourse to Discord. We have established a governance forum within our community discord to ensure tokenholders retain voting rights on important updates and protocol deployments. Any MYC holder can verify they are a tokenholder via the collab-land bot in our discord server to start participating. The team will work closely with community members to onboard the discord-governance protocol over the next few weeks.