AI-created for a @myceliumfinance bounty.
The Mycelium Strategy connects selected Solana projects through liquidity pools: more than 84% of the tradable $MYC supply already sits in pools, and the trading fees those pools earn fund new connections. This report screened the Solana small-cap universe for projects that could plausibly join it, using the task's ten filters exactly as written. I checked 28 named candidates in depth (DexScreener, Solana RPC, RugCheck, CoinGecko) and swept CoinGecko's Solana-ecosystem index across the relevant market-cap bands on 25 October 2026.
The result is a null finding, and it is worth stating plainly: no project currently passes every filter. The binding constraint is the market trio. Below a $1M market cap, almost every genuine-product Solana token now trades far less than the required $10,000 a day on decentralised exchanges — most manage only tens or hundreds of dollars. Three otherwise-plausible projects failed on that single market filter: Artrade ($ATR, $4,605 of DEX volume against the $10,000 bar), Nyan Heroes ($NYAN, $1,582) and Saber ($SBR, $76). One project passed every market filter and every verifiable product check, and failed a different one — so, per the task rules, it is presented here as a near-miss, not a qualifier: DarkSwap ($DARK), which has been trading for 23 days against the 60-day minimum, short by 37 days.
DarkSwap is a working privacy-swap terminal. From darkswap.app, users swap out of their own Solana wallets via manual deposit routing through NEAR Intents' 1Click Confidential Intents, plus a second route powered by Houdini; the service never custodies funds and never signs the user's deposit transaction. Its documentation is unusually candid about what is not live: the NEAR dark pool is scheduled (target late October 2026), and its own ZK pools are built but held back pending public testnets, a setup ceremony and an independent audit. The token (mint 7KEPApdbBMByrmqihz3bht2uMhFQcatjfSFQCKq66kH3; ~998.7M of a 1B supply on-chain; mint and freeze authorities revoked, verified by RPC) documents a concrete utility: holders receive bi-daily rewards in wrapped NEAR generated from measured fees on DARK-related trades, and a ZEC–DARK pool trades on Meteora. RugCheck counted ~23,300 holders on 25 October.
On the numbers, DARK shows the strongest small-cap DEX tape this screen found: a $681K market cap, $238K of liquidity across 16 pools, and $177K of DEX volume in 24 hours. The main Raydium CPMM pool's LP is 99.9% burned (Raydium data; RugCheck agrees), while the Meteora position liquidity is removable by design. After excluding the verified Raydium pool vault, the ten largest holder accounts hold 16.6% of supply, and RugCheck flags no insiders among the top holders.
The risks are exactly why the seasoning rule exists. DARK is three weeks old. It printed its all-time high on 8 October 2026 at a reported $6–8M valuation and has since fallen roughly 90%. Its headline volume also deserves suspicion: $177K a day against $238K of liquidity, in a token that pays holders from "measured fees on DARK-related trades", is a pattern that can reward churn, and I could not verify how much of that tape is organic. Finally, the flagship dark pool is not yet live, so part of the product story remains scheduled rather than shipped.
For Mycelium, the natural role would be a liquidity pair — a MYC/DARK pool plugging a high-turnover token into the Strategy's fee engine — with a collaboration (surfacing DarkSwap's private routes to Mycelium's community) as a secondary option. My recommendation, however, is to do neither today. The token fails the Strategy's own 60-day rule, its price discovery is three weeks old and violent, and its volume is unproven. The reasoned action is a watchlist entry: re-screen DARK on or after 1 December 2026, when it can pass the age filter, and promote it to a genuine candidate only if the volume and liquidity are still there.
Discuss these findings and the Mycelium Strategy: https://discord.gg/5M7FsQcGq
Selection filters (Step 1) applied to the near-miss, $DARK
- On Solana — ✅ mint
7KEPApdbBMByrmqihz3bht2uMhFQcatjfSFQCKq66kH3 - Circulating market cap below $1M — ✅ ≈$681K (DexScreener, 25 Oct 2026; FDV = market cap, supply ~fully circulating)
- Working product usable today — ✅ live privacy-swap terminal at darkswap.app (two live routes; docs distinguish live vs scheduled features)
- Not a meme token — ✅ DEX/privacy infrastructure with documented fee-reward utility
- Trading for at least 60 days — ❌ FAILS: 23 days (oldest pool created ~2 Oct 2026) — short by 37 days
- ≥ $10,000 trading volume in preceding 24h — ✅ ≈$177K across its DEX pools (DexScreener)
- ≥ $50,000 DEX liquidity across verified pools, no double-counting — ✅ ≈$238K summed over 16 unique pair addresses (DexScreener)
- Product update / development / substantive team communication within preceding 30 days — ✅ current docs roadmap page; launch coverage ~7–9 Oct 2026 (Binance Square, TronWeekly); new pools created within the last day of the snapshot
- Not already in the Mycelium Strategy (not $KNOTS/$PRCL/$GABLE/$KINS/$DREAMS/$GUAC/$STREAM/$ESF) — ✅ not listed
- Not $SOL/$USDC/$USDT/$MYC/$ESF — ✅
Holder concentration & safety (Step 3) — $DARK, 25 Oct 2026
- Top-10 concentration: raw top-10 accounts = 22.8% of supply. The largest account (HM6ZFUjF…, 7.33%) is excluded as a verified liquidity-pool account: its token-account authority is the Raydium CPMM pool (GpMZbSM2…, labelled "Raydium CPMM Pool" in RugCheck's known accounts), and its balance (73.0M DARK) matches the DARK side of the main pool. After exclusion, the ten largest remaining accounts hold 16.6% of supply (RugCheck top-holder table; no burn account appears in the top 20, and no top holder carries an insider flag). No identifiable treasury/team/vesting account could be labelled among them from public data — stated as unverified rather than guessed.
- RugCheck: report — https://rugcheck.xyz/tokens/7KEPApdbBMByrmqihz3bht2uMhFQcatjfSFQCKq66kH3 · score_normalised 1 (lowest-risk band), rugged = false, no risks listed, ~23,306 holders (25 Oct 2026).
- Liquidity lock status: main Raydium CPMM pool LP is 99.9% burned/locked (Raydium pool record: burnPercent 99.9; RugCheck lpLockedPct 99.9 for that market). Meteora DLMM/DAMM position liquidity shows 0% "locked" — normal for position-based AMMs; that liquidity is removable by its owners. Mixed picture, stated as found.
- Mint & freeze authorities: both revoked (null on the mint account, Solana RPC, 25 Oct 2026).
Screening table (supporting evidence — all figures DexScreener, 25 Oct 2026)
| Project | MCap | DEX liquidity | DEX vol 24h | Oldest pool | Fails |
|---|---|---|---|---|---|
| $DARK (near-miss) | $681K | $238K | $177K | 23d | Age only (23/60d) |
| $ATR Artrade | $404K | $81K | $4,605 | 997d | Volume (46% of bar) |
| $NYAN Nyan Heroes | $406K | $82K | $1,582 | 692d | Volume (16%) |
| $SAROS Saros | $524K | $25K | $6,247 | 417d | Liquidity + volume |
| $SBR Saber | $66K | $54K | $76 | 717d | Volume (0.8%) |
| $CROWN Photo Finish | $728K | $15K | $1,304 | 985d | Liquidity + volume |
| $SLIM Solanium | $413K | $350K | $82 | 1,427d | Volume |
| $STEP Step Finance | $41K | $25K | $46 | 1,427d | Liquidity + volume |
| $GENE Genopets | $230K | $7K | $114 | 1,427d | Liquidity + volume |
| $DFL DeFi Land | $95K | $13K | $6 | 1,427d | Liquidity + volume |
| $MEDIA Media Network | $23K | $25K | $28 | 1,427d | Liquidity + volume |
| $GRAPE / $COPE / $HBB / $CRT / $MEAN / $SAVE / $GOFX / $PZP / $HVLO | $7K–$137K | $1K–$25K | $1–$173 | 250–1,427d | Liquidity + volume |
| $SHDW / $ATLAS / $AURY / $MNDE / $LFNTY / $ACS | $2.1M–$23M | — | — | — | Market cap > $1M |
| $COLLAT Collaterize | — | — | — | — | No verifiable Solana DEX pair found |
Method note: figures are the token's best-pool or all-pool totals as marked in the research log; CoinGecko's Solana-ecosystem pages 3–4 (≈500 listings, $503K–$3.2M band) were also swept — the $500K–$1M band there is dominated by tokenized-stock wrappers, pre-IPO tokens, fan tokens and memes, none of which is an independent Solana product project. Full sweep detail in the working notes.
Identity block (Step 2) for the near-miss
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Project: DarkSwap · $DARK · Mint:
7KEPApdbBMByrmqihz3bht2uMhFQcatjfSFQCKq66kH3 - Website: https://darkswap.app · Docs: https://darkswap.app/docs · X: @darkswapapp (per DexScreener token info)
- Product evidence (live today): private swaps from Solana wallets via NEAR Intents 1Click Confidential Intents + Houdini route (docs "How DarkSwap works", darkswap.app/docs); ZEC–DARK Meteora pool live. Scheduled/not live: NEAR dark pool (target late Oct 2026), own ZK pools (built, held back for testnets/ceremony/audit) — per the same docs page.
- Recent activity (≤30 days): launch coverage 7–9 Oct 2026 (Binance Square; TronWeekly on the NEAR Confidential Intents launch); new DEX pools created 24 Oct 2026 (Orca, per DexScreener pair ages).
- Tokenomics: 1B max supply, ~998.7M on-chain (RPC); utility = bi-daily wNEAR rewards to holders from measured fees on DARK-related trades + ZEC award (Bitrue's project summary of official materials; docs roadmap page); no documented unlock schedule found (supply ~fully circulating at launch per Coinbase/OpenSea token pages).
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