Proposal #12: Update to Mycelium's Offer

The following proposal has been created as per the initial support for the EOI expressing an update to Mycelium’s offer to Tracer DAO.

If DAO members are in favour of the proposal, it may be pushed through to Snapshot to commence the voting process. If any member is not in favour of the proposal or wishes to provide feedback/suggestions, feel free to leave a comment in the reply threads.


On 27 January 2021, Mycelium (formerly Lion’s Mane ) posted an offer on GitHub to perform certain services for Tracer DAO. On 10 February 2021, that offer was accepted, via Proposal and vote, by Tracer DAO.

Since that time, the Tracer DAO has grown significantly, including the following key developments:

  1. Completed first audit of Perpetual Swaps codebase with Sigma Prime;
  2. Commenced a research collaboration with RMIT BIH (including bi-weekly community calls - Tracer Drop);
  3. Engaged 52 committed and experienced Governors from the community;
  4. Onboarded 102 Alpha Testers to test the Perpetual Swaps contracts;
  5. Engaged Flex Dapps to build Tracer’s Keeper Liquidations Bot and governance frontend;
  6. Engaged 8 Funds, 2 Market Makers, 2 DAOs and 20 Angels as Strategic Partners to support Tracer’s ongoing development;
  7. Completed Alpha Testing for Perpetual Swaps on Kovan Testnet; and
  8. Almost completed second audit of Perpetual Swaps codebase with Code 423n4.

As reported in Mycelium’s first Quarterly Report, Mycelium incurred U$420,994.97 in connection with its delivery of services from 10 February 2021 to 10 May 2021. Our costs have increased by approximately 15% since that time (so, approximately U$485,000 per quarter) and, in the coming weeks, we are looking to further expand the team (particularly Senior Developers and Product Heads) to support the following strategic goals:

  1. Finalising the Perpetual Swaps contracts, and supporting versioning updates;
  2. Fast-tracking the development of Tracer’s dnAMM contracts; and
  3. Fast-tracking the development of Tracer’s Pool Swaps contracts.


In accordance with the Proposal engaging Mycelium, and to assist Mycelium to execute upon these strategic goals, Mycelium requests:

  1. Back payment of approximately U$375,000 (or equivalent), being equivalent to U$75,000 (or equivalent) per month (or part thereof) earned from 10 February 2021 to the day that a Proposal implementing this EOI is executed, pursuant to the Proposal appointing Mycelium, to be paid on the day that a Proposal implementing this EOI is executed;
  2. A reimbursement of U$96,000 (or equivalent) for the Code 423n4 Audit, as discussed here, to be paid on the day that a Proposal implementing this EOI is executed; and
  3. The current remuneration of U$75,000 (or equivalent) per month (or part thereof) is increased to U$250,000 (or equivalent) per month (or part thereof) starting on the day that a Proposal implementing this EOI is executed and ending when Mycelium is no longer engaged by the DAO, to be paid on the last day of each calendar month. If a payment does not occur because the DAO has insufficient funds, the amount of that payment will accrue and be paid to Mycelium when the DAO has sufficient funds to pay for that calendar month.

It is expected that all other aspects of Mycelium’s engagement, detailed in the Proposal passed on 12 February 2021, will remain the same.

Next Steps

In order for this EOI to take effect, a Proposal must be commenced by a current DAO member and that Proposal must succeed.

We encourage the discussion of this EOI in the comments below.

Deliverables and Commitments

If this EOI succeeds, Mycelium’s Deliverables and Commitments, as outlined in the Proposal passed on 10 February 2021, will remain the same.

Variation and Termination

  1. Mycelium acknowledges that, if engaged, its engagement can be varied by future Proposals.
  2. Mycelium expects that any engagement will be terminated if they fail to deliver in accordance with the deliverables specified above.

Conflicts of Interest

In the context of the Tracer Project, conflicts of interest include:

  1. Existing Service Providers who are Related Parties; and
  2. Existing (vested and unvested) holdings of TCR tokens.

Mycelium wishes to declare the following conflicts of interest:

  1. It is an existing Service Provider to Tracer DAO.


Unless otherwise defined in this offer, all terms beginning with a capital letter which are defined in the Participation Agreement have the same meaning unless the context otherwise requires.

If this offer is accepted as a Proposal under the Participation Agreement, Mycelium may more formally document aspects of that Proposal.

Copyright Waiver

Copyright and related rights are waived pursuant to CC0.


Pushed to snapshot: Snapshot


Technical Implementation: Add myc proposal by raymogg · Pull Request #2 · tracer-protocol/proposals · GitHub