Tokemak x Mycelium AMA

The Tokemak team chats with Mycelium about the migration from Tracer (TCR) to MYC.

Tokemak x Mycelium AMA
graphic art by Liquiterium

Key Takeaways

  • Mycelium was one of the largest and well-known Chainlink node operators. Using this expertise, they built out Tracer, with the primary product being Perpetual Pools.
  • These pools are being used by projects such as Umami for vaults.
  • Tracer recently transitioned into Mycelium, to bring the brand under one roof. The TCR token will be rolled into MYC, bringing additional utility to the token due to its broader use-cases.
  • Mycelium will be rolling out ETH and LINK staking products.
  • The TCR:MYC supply is 1:1.
  • The Tokemak Reactor will be updated to support MYC.
  • Trading fees will be distributed in the form of WETH to stakers based upon a target yield. Yield below the target 25% will be subsidized via escrowed MYC.
  • Since launch (48 hours ago) the yield has exceeded this target threshold.
  • The MLP pool accepts deposits of approved blue-chip and stablecoin assets.
  • TCR can be converted to MYC via https://migrate.mycelium.xyz on Ethereum mainnet and Arbitrum.
  • The official Arbitrum bridge is the ideal location for bridging MYC to the Arbitrum L2 network, but a solution that bypasses the 7-day withdrawal limitation inherent to optimistic rollups is in the works.
  • Beginning tomorrow, the existing TCR Reactor will be marked “inactive.” Users should withdraw, migrate, and deposit their MYC tokens into the new Mycelium Reactor.
  • TCR liquidity will be pulled from markets on the next rollover, and MYC liquidity will be deployed to the same venues.
  • MLP is effectively a liquidity pool on an AMM – the Mycelium team is interested in integration with Tokemak as a liquidity venue to enable increased yield.
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