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    Mycelium on Arbitrum

    an in-depth analysis of Mycelium Swapping activity on Arbitrum.

    Overview

    Mycelium's Perpetual Swaps is a decentralised derivatives exchange, that allows users to take leveraged long and short positions on crypto-assets. On Mycelium Perpetual Swaps, all liquidity providers' assets are pooled together into a collective liquidity pool, named the Mycelium Liquidity Pool, which then acts as a universal counterparty to traders, meaning that it agrees to be the counterparty to any long or short trade at the given price, for an asset it holds, until it runs out of said asset. Traders on the platform can enjoy trading leveraged positions with extremely low entry and exit fees (0.09% of notional value) with no price impact on a range of assets: BTC, ETH, LINK, BAL, FXS, & CRV!

    The MLP (Mycelium liquidity pool) is a basket of blue-chip assets and stablecoins pooled together, which acts as a global AMM for leveraged trading. Liquidity providers can deposit any whitelisted asset into the MLP pool in return for MLP tokens, which represent the LPs share in the diversified liquidity pool. Liquidity Providers (MLP holders) can earn income from trading fees in the form of ETH rewards, esMYC rewards, in addition to potential capital appreciation of the MLP token (from being long exposed to the base assets (e.g. ETH, BTC) in the pool).

    In addition to this, the Mycelium Liquidity Pool also doubles as an AMM, allowing traders to swap between any two assets in the pool (including stablecoins).

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    Methodology of Dashboard

    In this dashboard, I am going to analyze the swapping activity on Mycelium using Flipside’s arbitrum.core.fact_event_logs table.

    Based on the Mycelium docs :

    • The contract address for the swap router is 0xaBBc5F99639c9B6bCb58544ddf04EFA6802F4064

    Swap assets currently available on Mycelium:

    • 0xff970a61a04b1ca14834a43f5de4533ebddb5cc8 | USDC
    • 0xfd086bc7cd5c481dcc9c85ebe478a1c0b69fcbb9 | USDT
    • 0xda10009cbd5d07dd0cecc66161fc93d7c9000da1 | DAI
    • 0x82af49447d8a07e3bd95bd0d56f35241523fbab1 | WETH
    • 0x2f2a2543b76a4166549f7aab2e75bef0aefc5b0f | WBTC
    • 0xfea7a6a0b346362bf88a9e4a88416b77a57d6c2a | MIM
    • 0xf97f4df75117a78c1a5a0dbb814af92458539fb4 | LINK
    • 0xfa7f8980b0f1e64a2062791cc3b0871572f1f7f0 | UNI
    • 0x17fc002b466eec40dae837fc4be5c67993ddbd6f | FRAX
    • 0x040d1EdC9569d4Bab2D15287Dc5A4F10F56a56B8 | BAL
    • 0x9d2f299715d94d8a7e6f5eaa8e654e8c74a988a7 | FXS
    • 0x11cdb42b0eb46d95f990bedd4695a6e3fa034978 | CRV

    Considering the above facts and using arbitrum.core.fact_event_logs and fact_hourly_token_prices for USD prices, we are going to perform an in-depth analysis of Mycelium platform on Arbitrum.