A historical day
Over the past 18 months, Tracer DAO has grown an ecosystem for likeminded individuals to access permissionless derivative infrastructure and collectively manage the DAO’s progress. Since launch, over $800M USD has been traded through our Perpetual Pools derivative contracts, the DAO has voted on over 150 proposals to influence the direction of the product, and our lively community channels are over 6,000 members strong.
Today, we announce another milestone in our history that we’ve decided upon, together. Our DAO has agreed upon a pivotal proposal to transition from TracerDAO into Mycelium, and we’re incredibly excited to share our first product launch coming this month: Mycelium Perpetual Swaps.
Introducing Mycelium
On 10 February 2021, Tracer DAO accepted a proposal from Mycelium to become the core service provider and contributor to the DAO. Mycelium has sourced product, development and community talent, as well as securing key product deliverables: skew farming vaults, audits, and the V2 launch of Perpetual Pools. Mycelium has been the engine room of Tracer’s development thus far.
On 10 August 2022, Tracer DAO accepted a proposal from Mycelium to embark on the evolution of TracerDAO and transition to Mycelium.
Mycelium’s core mission is to make financial markets more accessible, transparent, and efficient for everyday users via decentralised technology. Mycelium is a longstanding contributor to the DeFi ecosystem, beginning its story by establishing one of the first verified Chainlink Oracle Nodes in 2019. The Mycelium Node’s capabilities will be a key partner in delivering fast, reliable, and secure price-feed data to Mycelium’s traders. Additionally, the Mycelium Node will provide bespoke data-feeds to create new markets exclusive to the Mycelium platform.
The evolution represents the culmination of Mycelium’s expertise into a singular best-in-market product that allows traders to trade with liquidity, leverage, and low fees.
Transition period
All existing TCR holders are entitled to change their tokens on a 1:1 basis to a new MYC token. MYC is a governance and utility token that provides holders increased token functionality and access to additional benefits including trading discounts and rewards programs.
It will take the team approximately one week to undergo a full rebrand of product, communications and platform collateral.
Introducing Perpetual Swaps
The transition to Mycelium brings with it the launch of one of the most powerful derivative products: Perpetual Swaps.
Our traders can take a long or short position with zero price impact.
In addition, our Liquidity Providers will earn a targeted 25% yield on their invested capital, while also maintaining long exposure to their assets!
Mycelium Perpetual Swaps is inspired by GMX’s Perpetual Exchange, whilst iterating on their code-base with the introduction of more markets, and lower fees for our traders.
We’re proud to announce that Mycelium Perpetual Swaps will be the home of the largest range of markets to trade Swaps on Arbitrum.
Mycelium Perpetual Swaps will exist harmoniously alongside Perpetual Pools, where both products can be used interchangeably, individually, or in combination to optimise your trading experience.
Do you want to trade with:
Liquidity: There will be deep launch liquidity courtesy of our core partners
Leverage: Trade up to 30x leverage on BTC, ETH, LINK, UNI, BAL, CRV, & FXS!
Low fees: 0.03% entry and exit fees! [with zero price impact!]
Trade with Mycelium.
We can’t wait for you to Trade with Mycelium. Join the waitlist, be early.
To join the waitlist, visit the Mycelium website here.
NOTE: Since the launch of Mycelium Perpetual Swaps on Arbitrum, we have changed our fees to be cheaper and more transparent, a full overview is here.
