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· PERPSPADPerPsCe2SJ7Q25CN4R5TTX4fmBdmknE2hQmqCt96fHL· ARQoEVufzrtcAvuefkbg2iQku9A6UbFh9f4V5kEiPARQEN - 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 DLMM9WAuHH…woLx(0.78%); PERPSPAD Meteora DAMM v2 authorityHLnpSz…TLcC(7.16%) and Orca Whirlpool5rZzBG…YyEu(1.81%); ARQ Meteora DAMM v2 authorityHLnpSz…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
Top comments (0)