Mithril Cash is the new algorithmic stablecoin forged from Mithril, a valuable silver-like metal that is not only stronger but also lighter than steel, just as the community that we are building.
As the growth of cryptocurrencies adoption continues, so must the growth of a strong set of stablecoin options. Mithril Cash will launch with no team nor investor allocations. Only those who contribute into the project will be rewarded. This project will launch on December 30, 0200 UTC.
Proof of Admin key burn: https://sauron.gitbook.io/mith-cash/misc./proof-of-admin-key-burn
Timelock contract to protect from migrating contract…
The MITH CASH team has worked around the clock to deliver V2 ahead of schedule! Migration to V2 will begin at 2000 GMT 2/26/2021
All the goodies, and more, right here!
We conclude the Seven Wonders of MITH Cash V2 with the final change to the MITH Cash protocol : Value Reallocation from Sub-$1 sales of MIC V2.
As we have seen, bonds are insufficient to maintain the peg, and we believe that active measures are necessary to incentivize market participants to bring MIC towards its peg. One of our Bounty Hunters, Eep, wrote about this recently:
Prolonged sub-$1 trading will increase the risks to the project, and as such we intend to make it unattractive for speculators to sell MIC V2 below peg, and to reward long term project supporters…
Currently, MIB is available at a steep discount, offering a 250% return upon redemption for MIC V2. As a precursor to the migration, and to avoid issuing excessive amount of bonds, MIB issuance will end at 0200 UTC on Jan 31. No new bonds will be issued after that time, as V2 will use a different set of mechanisms and incentives to discourage selling below peg.
The relevant transactions have been queued and will be implemented after the 48 hour timelock has completed.
Day 4 showcases the biggest changes to the MITH Cash protocol. As we have observed over the past month, drastic changes are necessary if we are to return to peg and achieve our goal of becoming Lord of the Stables : One Stable to Rule Them All.
It is clear from the market action over the last month, that XKY pools are not suitable market makers for stablecoins.
As part of MITH Cash V2, we want to encourage the community to come up with strategies that help the general ecosystem and other community members. The difference between community vaults and external vaults, is community vaults needs to benefit the general community, be symbiotic, and not parasitic. Project team will heavily promote all community vaults.
MIC-USDT LPs can now have their auto-compounding done in-house, pay profit fees of only 15%, and contribute to the MITH Cash ecosystem!
MITH Cash Community Vault Link: https://mith.cash/vault
Developed by community member @arthlino, the vault is a fork of Pickle Finance’s pjar 0.99:
In the 27 days since MITH cash started, we have all noticed an increase in MIS volatility around Seigniorage time. This can only be because the original design allows people to stake in the Boardroom just for the brief time when MIC rewards are released. There is a huge drop in MIS liquidity at this time, as LPs leave the pool just to claim expansion rewards. Time spent staked in the Boardroom is ignored, and long term stakers are treated equally to those who have newly entered. …
Prepared by MITH Cash Community Member Aramis
Since the inception of MITH Cash…
We’d like to welcome the leader of all things Sushi, 0xMaki, into our fellowship as our Advisor! MITH Cash started on SushiSwap from Day 1 and we couldn’t be more excited to power into the future with his guidance, as we become