blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Bet Now
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Bet Now
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Tracer DAO Transitions to Mycelium, Plans Launch of Perpetual Swaps in August 2022

Eric Maina by Eric Maina
August 12, 2022 - 11:02 am
in blockchain news, altcoins news
0
Mycelium
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

On Tuesday, August 9, 2022, users of Tracer DAO, an Ethereum-based decentralized derivatives platform, voted to migrate to Mycelium, a blockchain provider.

A Brief History of the Merger

Mycelium proposed the merger on February 10, 2021, which Tracer DAO accepted. The proposal called for Mycelium to become a core service provider and contributor to the DAO. Since then, Mycelium has been pivotal to the development of Tracer. It has conducted security audits and participated in the launch of Tracer V2 and the launch of skew farming vaults. Its latest input was in the development of perpetual swaps.

Tracer DAO

Tracer DAO accepted the proposal for TracerDAO to merge with Mycelium, its main technology partner. Mycelium’s goal is to make the financial markets more open to the masses using decentralized technology. The vote was accepted nearly unanimously, with 99 percent voting to accept the transition.

To date, Mycelium has been an important contributor to the DeFi ecosystem. Its Nodes capabilities enable it to deliver fast, secure, and reliable price-feed data to Mycelium’s traders. One of its most notable achievements was the establishment of the first verified ChainLink Oracle Nodes in 2019.

Transition Process

All current TCR holders can change their tokens 1:1 to a new MYC token. MYC is the governance and utility tokens of Mycelium. They offer holders increased functionality and access to additional benefits such as access to a rewards program and trading discounts. The Tracer DAO and Mycelium teams expect rebranding to take about a week. The transition from Tracer to Mycelium is expected to proceed throughout the whole month of August. Tracer users can expect gradual changes to the branding, such as social media avatars.

Mycelium

What are Perpetual Swaps?

A perpetual swap is comparable to a futures contract. The only difference is that it does not have an expiration date. In crypto, perpetual swaps have become popular with traders for price discovery. Perpetual swaps work like spot index pricing, which makes it easier for traders to manage their positions.

With perpetual swaps, traders can take long or short positions with zero price impact. Additionally, liquidity providers on Mycelium will earn a targeted 25% yield on their invested capital, while maintaining long exposure to their assets.

The GMX Perpetual Exchange inspired the Mycelium Perpetual Swaps. However, Mycelium made an upgrade with more markets and lower fees. The Mycelium Perpetual Swaps will exist alongside Perpetual Pools, with the two products being used interchangeably, individually, or in combination.

BitMEX, the derivatives exchange, was the first to offer perpetual swaps in 2016. With perpetual swaps, traders do not need to post 100% of collateral as margin. It allows leverage in many multiples on some contracts, with margin denominated in crypto. Since then, many exchanges now offer perpetuals. They include Binance, FTX, Bitget, and dydX.

According to a statement from Tracer, “This transition will allow Mycelium to deliver greater value to all existing Tracer and TCR stakeholders, in addition to providing a more dynamic ecosystem of DeFi products and services for users to access.”

Tags: AltcoinsBlockchainCrypto
ShareTweet
Eric Maina

Eric Maina

Eric Maina has been working as a freelance content and copywriter for over three years. He is passionate about blockchain, crypto, and fintech. His articles on the crypto industry have been widely read. He takes his role of informing readers about events in the crypto industry very seriously. Eric aims to provide accurate and timely information in every article he creates on the crypto industry. He conducts in-depth research on the topics on which he writes to provide his readers with as much insight a possible into the nascent crypto industry.

Recommended For You

Blockchainreporter Weekly News Roundup

by Umair Younas
February 5, 2023 - 2:29 pm
0
crypto

Blockchainreporter has compiled a bunch of important news from this week covering all happenings related to FTX and other exchanges.

Read more

Moonpay Allocates $555k to Advance DAO Ecosystem and NFT Programs

by Umair Younas
February 5, 2023 - 7:43 am
0
MoonPay Celeb

The respective capital allocation by Moonpay is targeted at backing projects engaged in expanding innovation and development in DAO and NFTs.

Read more

My Blockchain Account is Locked – How to Recover Locked Wallet

by Mushu Butt
February 5, 2023 - 5:42 am
0
blockchain

My blockchain account is locked, how to recover it? If you are looking for answers to this, then you’re at the right place. Here is a complete guide!

Read more

Justin Sun Says TRON Will Offer an AI-Focused Decentralized Payment Agenda for AI Systems

by Umair Younas
February 4, 2023 - 1:02 pm
0
openai

Sun noted in the tweets that the Tron platform will offer an agenda for decentralized payments to facilitate the AI systems OpenAI and ChatGPT.

Read more

Crypto App Abra Raises $55M in Series C Led by Ignia and Blockchain Capital

by Mushu Butt
February 4, 2023 - 10:24 am
0
abra

Crypto wallet raised $55m in series C funding led by Ignia and Blockchain Capital. Abra aims to grow its net worth and institutional sales products.

Read more
Next Post
Huobi Global

Huobi Founder Intends to Sell the Platform’s Stake at $3B

PARTNERS LIST

PRESS RELEASE

Game Space Powers Web3 Gaming With the Launch of Player One Tournament, Aligns Partnership with Splinterlands, Gods Unchained and Big Time

by Max Clark
February 3, 2023 - 12:00 pm
0

For Player One Tournament, Game Space will continue to cooperate with more public chains, various gaming guilds, Web3 Infra, Web3...

Metacade presale investment rockets past $5 million as GameFi investors hurry to buy remaining MCADE tokens

by chainwire
February 2, 2023 - 3:38 pm
0

London, United Kingdom, 2nd February, 2023, ChainwireThe Metacade presale is selling out fast with stage 3 coming to a close...

Snowfall Protocol

Joe Biden Reveals Game-Changing Crypto “Roadmap” after $2 Trillion Bitcoin (BTC) and Ethereum (ETH) Crash! Snowfall Protocol (SNW) Still the Top Pick for 2023

by Josh Fernandez
February 2, 2023 - 9:23 am
0

A perennial problem that has dogged the crypto world – and one that Snowfall Protocol (SNW) aims to address –...

Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps

by chainwire
February 1, 2023 - 5:44 pm
0

Seattle, Washington, 1st February, 2023, ChainwirePeer today announced the hiring of a specialist team of engineers from Zenly to develop...

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.