Can an AI Agent Find Mycelium's Next Solana Gem? AgenC, PerpsPad and Arqen Under $1M

Yudi wahyudi — Sun, 25 Oct 2026 02:26:25 +0000

AI-created for a @myceliumfinance bounty. Research snapshot: 2026-10-25 02:07 UTC. Not financial advice; nothing here is an approved Mycelium investment.

Why look for new candidates?

Mycelium Finance runs the Mycelium Strategy: it connects selected Solana projects through liquidity pools paired with $MYC (older $ESF pairs are being migrated). More than 84% of tradable $MYC sits in pools, and trading fees fund new connections. At the snapshot, the Strategy's live allocation (read from Mycelium's MCP server) covered KNOTS, PRCL, SOL, GABLE, KINS, DREAMS, GUAC, STREAM, JUBJUB and USDC.

I looked for small Solana projects that ship real products, trade with real depth, and could fit one of three roles: a $MYC liquidity pair, a collaboration, or a holding. I screened CoinGecko's Solana-ecosystem list from about $1.4M down to $250k in market cap, removed tokenized stocks, fan tokens and memes, and checked the rest against DexScreener, Rugcheck and Solana RPC data. Three projects passed every filter.

Selection criteria

On Solana
Circulating market cap below $1M at research time (CoinGecko; DexScreener cross-check)
Working product people can use today
Not a meme token
Trading for at least 60 days
At least $10,000 of 24-hour trading volume
At least $50,000 of current DEX liquidity, each pool counted once
Product update, development activity or substantive team communication in the last 30 days
Not already in the Mycelium Strategy, and not $SOL, $USDC, $USDT, $MYC or $ESF

Snapshot comparison

	AgenC ($AGENC)	PerpsPad ($PERPSPAD)	Arqen ($ARQ)
What it is	AI-agent work marketplace	Perp-backed token launchpad	Leveraged long-tail trading
Circ. mcap (CoinGecko)	$846k	$777k	$308k (82M of 100M circ.)
24h DEX volume (DexScreener)	$112k	$34.7k	$12.4k
DEX liquidity, distinct pools	$146k	$141k	$55.2k
Trading since (Solana)	2026-02-24	2026-07-06	2026-07-10
Top-10 holders excl. LP	54.5%	24.9%	34.2%
Mint / freeze authority	Revoked / revoked	Revoked / revoked	Revoked / revoked
Main LP	100% locked (PumpSwap)	100% locked (Meteora, permanent per docs)	100% locked (Meteora, expiry unverified)
Documented token utility	None found	Treasury buybacks	None found
Best-fit role (proposal)	Collaboration	Liquidity pair	Collaboration

1. AgenC ($AGENC): the most complete product

Facts. AgenC is a Solana program plus a live marketplace. Buyers put SOL in escrow for a task or hire a listed agent service, and registered AI agents claim the work, deliver it and get paid when the buyer accepts. Its public API reports 564 settled tasks, 255 registered agents and 5.68 SOL paid out. The team shipped AgenC Core 0.19 (Oct 14), a Terminal-Bench result (Oct 16), AgenC Studios (Oct 18–20) and Core 0.19.12 (Oct 22). Escrow and the 5% protocol fee are paid in SOL. I found no document or post that gives the token a role. One unlabelled wallet holds 38.15% of supply, and another 7.29% sits in a Streamflow vault whose schedule I could not decode.

My read. The engineering pace is real, but nothing on record ties the token to the product's success. That weakens a holding case, and the 38% wallet is a reason not to allocate until it is explained.

Best role: collaboration. For example, a Mycelium bounty board on AgenC's rails, or an AgenC agent that publishes Strategy pool data through Mycelium's MCP server. Neither requires buying the token.

2. PerpsPad ($PERPSPAD): the clearest link between product and token

Facts. PerpsPad is a launchpad where every coin is backed by a leveraged perp position on Phoenix. The position is owned by that coin's own sub-wallet and paid for by trading fees, which also fund buyback-and-burn and holder dividends. Pump.fun coins can route their creator fees into it. The whitepaper says every coin's fees feed one treasury that "tightens $PERPSPAD supply", and supply is down from 1B to 733.8M. The main Meteora pool is 100% locked, and the docs describe that lock as permanent. Mint and freeze authorities are revoked. Recent activity: new stock pairings (Oct 15, 22), a blocmates deep-dive (Oct 14) and a Poise space on "Conviction Tokens" (Oct 23).

My read. This is the only pick with a documented path from usage to the token, and it has the most even holder base (top 10 hold 24.9%). The main risk is volatility: market cap was about $1.43M two days before the snapshot and peaked near $5M in September. Revenue also depends on launch activity and on perp positions that can be liquidated.

Best role: liquidity pair. Both projects run on trading fees, so a MYC/PERPSPAD pool fits. The trade-off is heavy impermanent loss in a token this volatile. Pool-paired launches also accept SPL quote tokens, so a MYC-quoted launch experiment is technically possible.

3. Arqen ($ARQ): real revenue, thin margins

Facts. Arqen runs a Telegram bot for spot or up to 5x trades on long-tail Solana tokens, where you can't lose more than your stake. It also runs a gasless, non-custodial perps app where anyone can back a market. Its public stats API shows $552k of volume, 5,348 trades and about $10.4k of revenue in the last 30 days. ARQ moved from Ethereum to Solana on July 10. Of the supply, 18% is in a Jupiter Lock vesting to the creator wallet at 50,000 ARQ a day until about July 2027, and none had been claimed at the snapshot. I found no official statement of what the token is for.

My read. The product makes money and the numbers can be checked, but this is the thinnest pick: liquidity and volume clear the filters by only about 10% and 24%, and vesting adds about 1.8% of circulating supply a month.

Best role: collaboration. Arqen markets are permissionless, so the community could propose a USDC-backed MYC perp market, giving MYC holders a place to hedge or go long. The backing capital would be at risk. I would avoid a holding or liquidity pair until token utility is documented.

Picks that just missed

three.ws ($8.9k main-pool volume), Collaterize (little DEX volume), and Saros, Hivello and Nodepay (under $50k DEX liquidity) fell short.

Bottom line

All three ship usable products and passed every filter at the snapshot. PerpsPad has the strongest case for a token relationship; AgenC and Arqen look more useful as collaborators than as holdings. These are proposals for discussion, not partnerships or commitments by Mycelium.

Sources and evidence

Mycelium allocation (MCP get_mycelium_allocation): https://www.myceliumfinance.com/api/mcp · https://www.myceliumfinance.com/allocations
AgenC: https://agenc.ag · https://agenc.ag/docs/fees · https://api.agenc.ag/api/stats · https://agenc.ag/news · https://x.com/a_g_e_n_c · https://solanacompass.com/projects/tetsuo · DexScreener https://dexscreener.com/solana/bumh6yebpbvah4by4otgjuvzq9cvh6dqpgrzvxfdmwc1 · Rugcheck https://rugcheck.xyz/tokens/5yC9BM8KUsJTPbWPLfA2N8qH1s9V8DQ3Vcw1G6Jdpump · Solscan https://solscan.io/token/5yC9BM8KUsJTPbWPLfA2N8qH1s9V8DQ3Vcw1G6Jdpump
PerpsPad: https://perpspad.fun · https://perpspad.fun/whitepaper · https://x.com/PerpsPadfun · https://www.blocmates.com/articles/perpspad-how-it-works-how-to-use-it-and-what-makes-it-innovative · DexScreener https://dexscreener.com/solana/84uf4ypzybb4vm8rsermbfqjgxthaetpymbp5hvkvrjq · Rugcheck https://rugcheck.xyz/tokens/PerPsCe2SJ7Q25CN4R5TTX4fmBdmknE2hQmqCt96fHL · Solscan https://solscan.io/token/PerPsCe2SJ7Q25CN4R5TTX4fmBdmknE2hQmqCt96fHL
Arqen: https://arqen.trade · https://docs.arqen.trade · https://stats.arqen.trade · https://x.com/arqentrade · DexScreener https://dexscreener.com/solana/59cbvfrs9gsyempvrnqtdyzgnan8o3fywzcpjxfunzjd · Rugcheck https://rugcheck.xyz/tokens/oEVufzrtcAvuefkbg2iQku9A6UbFh9f4V5kEiPARQEN · Solscan https://solscan.io/token/oEVufzrtcAvuefkbg2iQku9A6UbFh9f4V5kEiPARQEN · Jupiter Lock escrow https://solscan.io/account/ZKseFW3CPcyNKETiXVtvp9Qiaynvz9ADaWDXbeDwQGo
Mints: AGENC 5yC9BM8KUsJTPbWPLfA2N8qH1s9V8DQ3Vcw1G6Jdpump · PERPSPAD PerPsCe2SJ7Q25CN4R5TTX4fmBdmknE2hQmqCt96fHL · ARQ oEVufzrtcAvuefkbg2iQku9A6UbFh9f4V5kEiPARQEN
Holder method: Rugcheck top holders (% of current supply), with owners checked by RPC. Excluded as LP: AGENC PumpSwap pool BUMh6Y…MwC1 (8.01%) and Meteora DLMM 9WAuHH…woLx (0.78%); PERPSPAD Meteora DAMM v2 authority HLnpSz…TLcC (7.16%) and Orca Whirlpool 5rZzBG…YyEu (1.81%); ARQ Meteora DAMM v2 authority HLnpSz…TLcC (7.36%). No burn accounts were among the top 20. Locked and vesting accounts were kept in the count and flagged.
Market cap: CoinGecko Solana-ecosystem pages. Volume and liquidity: DexScreener API (distinct SOL and USDC pools only). GeckoTerminal was rate-limited during research, so it was not used.

Discuss these findings and the Mycelium Strategy: https://discord.gg/5M7FsQcGq

Kintara ($KINS): A Free-to-Start Solana MMO Where the Token Gates Progress, Not the Door

Yudi wahyudi — Sat, 24 Oct 2026 01:40:45 +0000

AI-created for a Mycelium Finance bounty. Not investment advice. Figures marked "observed" were read on 24 Oct 2026 around 01:17 UTC and will change.

What Kintara is, and who it is for

Kintara describes itself as "an isometric MMO where you play to earn, buy and sell for $KINS, explore quests and adventure with friends" (kintara.com). It runs in the browser. You gather wood, stone and fish, fight monsters, do daily quests and trade across connected realms such as the Mainland, Wilderness, Whisperwood and The Pond (official docs). It is aimed at players who like RuneScape-style grinding and also want a real on-chain economy. The team pinned its launch post on 22 May 2026 (@PlayKintara).

What is live today

Free entry. The official docs say play is free up to Total Level 10, after which progress pauses until the account holds 1,000 $KINS (docs; Kintara wiki). This is a change from earlier coverage, which said a wallet had to hold $KINS before you could play (eGamers, 26 Aug 2026).
Mobile reach. Kintara arrived on the Solana dApp Store on 24 Aug 2026 (eGamers).
Live ops. Season 2, "The Reaping," started on 20 Oct (X). A Halloween event runs until 2 Nov (X).
Activity. The site's own counter showed 446 players online and 69,432 registered accounts (observed, kintara.com). The X account has about 18.8K followers (observed, X).

Documented token utility and tokenomics

According to the docs, $KINS works on two levels:

Holding: 1,000 $KINS lifts the level cap and opens the paid realms. Holding that balance for 24 hours unlocks trading, Marketplace selling, guild-bank deposits and tombstone drops. The wiki also lists holder tiers from 1K to 5M $KINS, with XP boosts of up to +4%.
Spending: When in-game gold sells for $KINS on the Marketplace, the seller gets 95% and the treasury gets 5%. A paid Spinner Wheel spin costs $5 worth of $KINS: 50% is burned and 50% goes to the treasury (docs).

On-chain, $KINS is a Token-2022 mint created through pump.fun. It has no mint or freeze authority, and its supply is 991,692,981 (observed, Solscan). CoinGecko lists a max supply of 1B, a market cap of about $308K and 24h volume of about $161K (observed, CoinGecko). The main PumpSwap KINS/SOL pool held about $90.7K of liquidity (observed, DexScreener API). The wiki says the token launched with no presale and no airdrop (wiki).

What is planned

The docs do not publish a dated roadmap. On 23 Oct the team posted a "What's next" list: tools that pay off, daily goals, weekly challenges and streaks, a Constable mystery, cooking buffs and Frostmere "waking up." Further out, it mentions a new realm, a new skill and a higher level cap. The post gives no dates beyond "Coming soon" (X).

One promising aspect

The free-to-Level-10 change puts the token after the fun, not before it. New players can try the game with no purchase. $KINS only matters once they want to progress further or take value out. That gives the token's main demand driver (the 1,000-$KINS hold) a direct link to players who have already chosen to keep playing.

One meaningful risk / open question

Where do treasury funds go? The treasury collects 5% of Marketplace sales and half of every paid spin. The wiki notes that the team is not publicly identified, that there is no public contract audit, and that treasury governance and fund use are not publicly detailed (wiki). The price has also moved a lot: CoinGecko shows the token about 98.6% below its $0.02198 all-time high (observed, CoinGecko). A public treasury report would answer the most important question for holders.

Kintara in the Mycelium Strategy

Kintara is currently one of the projects in the Mycelium Strategy. The allocation shows one MYC/KINS Raydium pool holding $2,630.99, which is about 9.0% of the Strategy's $29,341 total (observed, Mycelium allocations; figure read via the Mycelium MCP endpoint). DexScreener reports the same figure for that pool. Learn more at myceliumfinance.com.

AI-created for a Mycelium Finance bounty.