Introducing Mithril Cash — A New Algorithmic Stablecoin

As the growth of cryptocurrencies adoption continues, so must the growth of a strong set of stablecoin options…

MIC on Curve Stableswap is working as intended and MICv2 is trading at 0.97

  • 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:

  • Value reallocation to MISV2 holders when MICV2 is sold below peg
  • Move MICV2 to Curve Stableswap
  • Reward MIC-LP direct…

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…

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. …

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…

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. …

#2 of 7 Upgrades: Time-Weighted Boardroom Rewards

A total of 7 key upgrades will be announced over the next 7 days, each bigger than the one before.

Prepared by MITH Cash Community Member Aramis

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

  1. Return MIB holders 1:1 value
  2. 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 will be exchangeable for MIS V2 at 1:1
  • Migration is expected to take place…

0xMaki joins MITH Cash as Advisor —Grand Plans Underway!

the Lord of the Stables, One Stable to Rule Them All


Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store