Within the 1000 Fungal Genomes project, the genome of Panellus stipticus is a widely distributed, hardwood inhabiting species. According to the taxonomy database in NCBI, it belongs to Tricholomataceae, but previous phylogenetic analyses place this species in Mycenaceae with Resinomycena and Dictyopanus species. It has a pileate basidiocarp and lamellate hymenophore.
The below description is quoted from 'wikipedia'.
As a white-rot fungus, Panellus stipticus contains enzymes that are able to break down lignin, a complex aromatic polymer in wood that is highly resistant to degradation by conventional enzyme systems. The major enzyme that initiates the cleavage of hydrocarbon rings is laccase, which catalyzes the addition of a hydroxyl group to phenolic compounds (polyphenols). The ring can then be opened between the two adjacent carbon atoms that bear the hydroxyl groups. White-rot fungi are being investigated scientifically for their potential use in the bioremediation of land contaminated by organic pollutants, and to convert industrial wastes rich in toxic polyphenols. Panellus stipticus has been shown to reduce the phenolic concentration of waste water produced by olive-processing plants—an environmental concern in many Mediterranean countries. Aggelis et al. revealed that a liquid culture of P. stipticus mycelia reduced the initial concentration of phenolic compounds by 42% after a 31-day incubation period. In a separate study, a P. stipticus culture was able to effectively degrade the environmental pollutant 2,7-dichlorodibenzo-p-dioxin, a polychlorinated dioxin (Sato et al. 2006).