• In the first 48 hours, 75% (260K) of MISv1 has migrated to MISv2
• MIC liquidity migration issue has been fixed, MIC-USDT Sushiswap LP tokens can be migrated to MICv2–3crv LP
• MICv2–3crv LP token staking in the new Bank is still not working. Devs are working to resolve this ASAP.
• Significant MICv1 has been rebased to MICv2 so far, resulting in fast growing liquidity in the Stableswap pool. We expect this to accelerate once the staking issue is resolved.
• MIB redemption plan will be shared once migration is complete.

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

Recap of Key Features in V2:

All the goodies, and more, right here!

• Value reallocation to MISV2 holders when MICV2 is sold below peg
• Move MICV2 to Curve Stableswap
• Reward MIC-LP direct migration
• Timeweighted boardroom
• Tax for early withdrawal of rewards
• Removal of MIB: Bonds are Phased Out
• Tax External Vaults: All External Vaults are Blocked Now

And more here: https://sauron.gitbook.io/mith-cash/mith-cash-v2/v2-upgrades-at-a-glance

V1 to V2 Migration

The migration period will run for 7 days, starting from 2021/02/26 at 20:00 GMT to 2021/03/05 at 19:59 pm GMT. …

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…

Termination of MIB issuance: 1/31 UTC 0200

As announced yesterday, Mithril Bonds (MIB) will be redeemable at a 1 MIB : 1 MIC V2 ratio during MIC V2, subject to taxation on withdrawals.

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.

https://etherscan.io/tx/0x7eb4addd1a3f2c7b6aeb6cfdcf5a3e2df2010f21cb4d4de2ecba058a16c5f3eb?fbclid=IwAR0fGfeJm8ana0ZRKyHXc80cMHJV7rY2vjWch3Gcoj7XRuKe1wwzQfvLM7Y

https://etherscan.io/tx/0x7beec24d2f93676cf1c73ceb215dfc0edbae315da981493c93508b9b5f5112de?fbclid=IwAR1RNRpC78ubRNcrkuvRxc6M_JvpzPvmC77E0Xzh8CPE1DD38FFILz3CD-U

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.

• Core MIC-USDT Pool Migration to Stableswap
• MIC V1 Rebase to MIC V2, so 1 MIC V2 = 1 USDT
• MIB Full Redemption to MIC V2 at 1 MIB = 1 MIC V2

Core MIC-USDT Pool Migration to Stableswap

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.

Introducing our First Community Vault

Our first auto-compounding Community Vault is Live!

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:

• Vault…

#2 of 7 Upgrades: Time-Weighted Boardroom Rewards

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

There are 3 Goals that seek to achieve with the Seven Wonders:

1. Return MIC to peg
2. Return MIB holders 1:1 value
3. Seek long term value for MIS shareholders

#1 of 7 Upgrades: A New MIS for a New Era. Reduce Future Emissions by 77%, Total Supply to 500K MIS

• MIS Total Supply to be capped at 500K (50% reduction from 1M)
• MIS will be exchangeable for MIS V2 at 1:1
• Migration is expected to take place in 4–5 weeks
• Before migration, 350K V2 would have been released in 2 months, vs 150k V2 to be released after migration, across 10 months
• This makes MIS V2 at least 3–4X value compared to MIS V1 (Not investment advice, do your own research)

Since the inception of MITH Cash…