MYC Lending has launched. From today, any MYC holder can participate in the lending program.
MYC holders can lend MYC to earn rewards, with rewards paid in ETH. The first cycle APR was 269%! Each individual lender can select how they wish their rewards to be paid, and either withdraw or roll-over their loan at the end of each 14 day cycle.
Details
- MYC Lending 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 Lending program is available to all holders big or small.
- The MYC Lending program operates in 14 day loan cycles. Lenders can only deposit or withdraw MYC at the beginning or end of each epoch.
- Rewards are paid in ETH. Each Lender has the option to select how they want their rewards denominated.
- Currently, the program does not have auto-roll over functionality. MYC Lenders will have to withdraw or deposit their MYC each fortnight.
How the Program works
MYC Lending is a program where MYC holders can loan their MYC to Mycelium in return for strong APRs paid in ETH. The first loan cycle delivered 269% APR in ETH!
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 get started
Participating in MYC lending is simple.
Our team has built a new page on our site lend.mycelium.xyz.
Any MYC holder can participate in MYC lending, subject to the terms and conditions which are outlined when you place a loan in the interface.
From this page, MYC holders can interact with our lending contracts to deposit, withdraw, and claim their rewards.
Our team will be sure to remind community members of the beginning and ends of each loan cycles but we recommend setting a calendar alert so you can actively manage your loans.
