Mycelium starts perpetual swaps to Tracer-Dao-Merge

Mycelium starts perpetual swaps to Tracer-Dao-Merge

User of the decentralized derivative platform Tracer Dao based on Ethereum voted on Tuesday to migrate their token and their brand under the roof of the blockchain provider Mycelium.

A proposal that was presented to the members of the decentralized autonomous organization of the platform on Sunday achieved an almost unanimous decision with more than 99 % approval for the move Voter Nitle recording . Future product launches will also fall under the Mycelium Banner.

Integration with its core provider will enable mycelium to further expand the stock market platform from Tracer and to develop future trading products, including perpetual swaps, such as "Nofollow noopener" Target = "_ Blank" href = "https://tracerdao.medium.com/introducing-mycelium-perpetual-swaps-launching-august-2022-85a460f0afb6"> Blog entry .

The company based in Australia plans to offer an unlimited product at some point this month, in which dealers can use the markets for the native tokens (CRV) from Curve, the governance token (FRX) from Frax and the governance token (BAL) of balancers, according to the explanation.

As a central service provider of the DAO since February 2021, mycelium developed the smart contracts for the derivative product "Perpetual Pools" by Tracer, which was introduced at the arbitrum scaling solution at the end of last year.

markets for Bitcoin, Ether, Chainlink and Uniswap are also created within the framework of the permanent mycelium offer, which would make the broadest market for the contracts on Arbitrum, said Tracer.

A perpetual swap is similar to a futures contract, except that there is no expiry date for the contract. According to Bitcoin Trader, they have developed in crypto technology for the dominant choice among dealers for the purpose of pricing Glassnode .

perpetual swaps are very similar to the spot index price design, which makes dealers easier and more intuitive to manage their positions and their leverage, said the provider in April.

The derivate exchange Bitmex was already a pioneer of the financial product in 2016. In most cases, retailers do not have to deposit 100 % of the collateral as margin, which enables leverage in many multiple in certain contracts. The margin is usually given in crypto.

Several exchanges within the industry now support perpetuals as part of their range of offers, including Binance, Dydx, FTX, Bybit and Bitget.

Owner of the native tokens (TRC) from Tracer can now also exchange 1: 1 for the native token (MyC) from Mycelium before the transition, which is expected to be completed in the second half of August.

"This transition will enable mycelium to offer all existing tracer and TCR stakeholders a greater value and also to provide a more dynamic ecosystem of defi products and services to which users can access," said Tracer in a explanation shared with block works.

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The article Mycelium to launch Perpetual Swaps Following Tracer Dao Merge is not a financial advice.