At Mycelium, we’re committed to providing maximum utility to our $MYC token holders. Enter: $MYC Staking.
We launched MYC Lending on 05 September, and since then have seen over 25,000,000 MYC tokens being lent to the Mycelium Treasury, with rewards as high as 269% paid in ETH.
After talking with our community and the team internally, we realised it’d make more sense to call it MYC Staking.
The team have worked behind the scenes to update the front-end, and docs so that all user-interactions are seamless.
What is MYC Staking?
MYC Staking gives MYC holders the opportunity to earn rewards on their idle MYC. By depositing MYC into the vault at the beginning of each 14 day cycle, MYC holders will start earning rewards over the course of the fortnight. Key details on MYC Staking are as follows;
- MYC Staking is hosted on Arbitrum, so to participate MYC holders will need to bridge their assets, here is a how to guide.
- There are no minimum deposits of MYC. The MYC Staking program is available to all holders big or small.
- MYC Staking operates in 14 day vault cycles. Stakers can only deposit or withdraw MYC at the beginning or end of each epoch. You are able to request withdrawals at any time, which will be processed by the contracts at the end of the cycle.
- The staked MYC will automatically roll-over each cycle unless the holder requests withdrawal.
- Rewards are paid in ETH via the Claim button.
- Currently the program doesn’t have an auto-compounding feature, but is something the team will work towards implementing.
How to start staking?
Participating in MYC staking is simple.
Our team has built a new page on our site stake.mycelium.xyz.
Any MYC holder can participate in MYC Staking, subject to the terms and conditions which are outlined on the interface when you deposit in the vault.
From this page, MYC holders can stake their MYC, withdraw their MYC, or claim their ETH rewards.
Our team will be sure to remind community members of the beginning and end of each cycle but we recommend setting a calendar alert so you can actively manage your staked MYC.
Where does the APR come from?
Staked MYC in the vault will earn an interest rate. This interest rate is sourced from 10% of Perpetual Swap fees generated in the previous fortnight of trading volume that goes to the Mycelium Treasury.
I already lent MYC when it was called MYC Lending, what happens to my MYC?
There have been no changes to the contracts, if you lent MYC, it is in the same vault earning rewards as for anyone else staking MYC from today.
Why does my interest rate rewards show $0?
The rewards will show and be claimable at the end of the 14 day cycle. Given that interest rewards are sourced from protocol fees, the rewards are calculated at the end of each cycle and distributed based on Swaps fees.
Stake your $MYC today: https://stake.mycelium.xyz/
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