Arthur Hayes from Bitmex advises on the introduction of Mycelium Perpetuals
Arthur Hayes from Bitmex advises on the introduction of Mycelium Perpetuals
- The Brisbane-based company Mycelium launched its perpetual product after a successful DAO vote at the beginning of last week
- Bitmex co-founder Arthur Hayes helped in a support function, where he gave "immeasurable" advice before delivery of the product, Mycelium said
BITMEX co-founder Arthur Hayes, according to an explanation, advised the blockchain infrastructure provider Mycelium based in Australia before the introduction of its perpetual swap product on Tuesday.
Mycelium perpetual swaps that live on Ethereum Layer-2 Arbitrum offer access to "Blue-Chip" cryptos with 30-fold leverage, so you can act against the liquidity pool of the platform.
The mycelium based in Brisbane Fusioned at the end of last week with the decentralized derivative platform Tracer Dao after members of the decentralized autonomous organization of Tracer had successfully voted on a proposal. The step was described as a harbinger of future product launches by derivatives of Mycelium.
dealers of the unlimited product have access to markets with governance tokens from Curve Finance (CRV), Frax (FXS) and balancer (BAL). Other markets for Bitcoin (BTC), Ether (Eth), Chainlink (Link) and Uniswap (university) are expected this year, which would make Mycelium the largest provider of Perpetuals on Arbitrum, according to the platform.
perpetual swaps enable retailers in contrast to conventional futures, without speculating at the future price of a financial value.
retailers do not have to deposit 100 % of the collateral as a margin, which enables leverage in many multiple in certain contracts. The margin is usually given in crypto. Since Bitmex did pioneering work in the crypto derivatives in 2016, perpetual swap products in the crypto world have been enjoying greater popularity.
The first derived product of the platform with the name "Perpetual Pools" in 2021 follows, which was also introduced to Arbitrum under the brand name Tracer.
The pools work by recalculating long and short positions and at the same time try to protect traders from liquidations. In the past 12 months, the product has recorded a trade volume of more than $ 800 million, said Mycelium.
participation of Arthur Hayes
Hayes, who, according to his confession of guilt, resigned from the U.S. Ministry of Justice for violating the Banking Secretary Act, mycelium continues to offer "Council and Support," a spokesman told Blockworks.
Hayes and the other co-founder of Bitmex, Ben Delo, were accused of violating US money laundering regulations from 2015 to 2020.
Arthur has been working with the Tracer team (now Mycelium) for over a year, a spokesman told Blockworks, where he gave feedback on ideas for financial engineering.
Further details about his participation were not communicated and an inquiry for additional information was rejected.
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The contribution Arthur Hayes Advises Mycelium’s Perpetual Launch by Bitmex is not a financial advice.