MYC is a utility and governance token. $MYC holders can participate in MYC Staking to earn rewards paid in ETH.
MYC Staking gives MYC holders the opportunity to earn rewards on their idle MYC. By depositing MYC into the vault, MYC holders will start earning ETH rewards continuously.
As part of the Mycelium transition, existing TCR holders will have the option to change their TCR to MYC. Existing TCR holders will be able to change TCR for MYC tokens at a ratio of 1 TCR equals 1 MYC.
The token supply will be the same, so token-holders positions will not be diluted by this transition. The weighting of the Treasury will be consolidated towards the Mycelium allocation in order to deliver on the expansion of Tracer’s existing product suite under the Mycelium brand.
If this proposal is accepted, the assets currently held by Tracer DAO will be consolidated in the Growth Fund and referred to as the Treasury. The Treasury will represent a consolidated fund used for development and incentives that is currently split between the Growth Fund, Treasury Management Fund and liquidity mining incentives pool. The consolidation of the Treasury will enable faster, more efficient decision making and capital allocation to deliver meaningful product changes for our traders and LPs.
The current allocation of TCR tokens to community will not be changed by this transition.
The below is the breakdown of allocation of TCR prior to the proposal:
- 1.Mycelium: 15%
- 2.Treasury (Growth Fund, Treasury Management Fund, liquidity mining incentives pool, Tracer Treasury): 48.67%
- 3.Contributors and Community (Service Providers, Team, Testers, Strategic Partners, DAO Contributors): 36.33%
The below is the breakdown of allocation of MYC after the proposal. You will note that Mycelium will receive 13.5% of the total supply from the Treasury.
- 1.Mycelium: 28.5% (+13.5%)
- 2.Treasury: 35.17% (-13.5%)
- 3.Contributors and Community: 36.33% (no change)
To support liquidity of the MYC token, we will create an 80/20 MYC/wETH Liquidity Pool on Balancer on Ethereum Mainnet on or before the conversion date, tentatively scheduled for 10 August 2022. The 80/20 TCR/DAI and Uniswap v3 TCR/wETH Liquidity Pool will remain available until the conversion date. TCR in these Liquidity Pools will be converted into MYC and pair assets will be used to supplement the 80/20 MYC/wETH Liquidity Pool on Balancer Mainnet. Additionally, we will engage with cross-chain bridge protocols (e.g. Across Protocol) to allow for MYC holders to execute transaction cross-chain more efficiently. We will work with Tokemak to co-ordinate a transition of liquidity from TCR to MYC.