By community member: Aramis
It’s been just 19 days since MITH Cash began its quest to become the Lord of the Stables : One Stable to Rule them All. In such a short time, we have accomplished much:
- $1.4B in the Seed Pools within 24 hours of launch
- Integrations with major DeFi projects including Curve (MIC/3crv pool is live) and CREAM (MIC will be added as a collateral asset)
- Our partnership with QCP Capital, Singapore, allows users all over the world to easily on- and off-ramp from fiat to MIC.
- Collaborations with Harvest Finance and Pickle Finance allow users to auto-compound their LP yields.
- On-boarded key advisors including the founders of Origin Protocol, founders of QCP Capital, and Dr. Christopher Thorpe as Chief Architect Advisor.
As a community, we have faced our share of ups and downs. The current contraction cycle has been challenging. Nevertheless, just as the Fellowship of the Ring faced many hurdles before ultimately prevailing, we believe that we have the team and the community to achieve our ultimate goal together.
Integration with Typhoon Cash: Fair Launch + Mine PHOON with MIC and MIS
We are excited to announce an exclusive partnership with Typhoon Cash, a yield-capable private transactions protocol based on Tornado Cash.
Starting on January 21, MIC and MIS holders will be able to make private transactions through this platform. In addition, they will be able to farm PHOON (Typhoon Cash governance tokens) by:
- Depositing MIC and MIS in the PHOON Seed Pools
- Supplying liquidity to PHOON/MIC on Sushiswap.
Full details about the PHOON Liquidity Mining program can be found in the article linked above.
V2 Roadmap (Draft)
The team has analysed all the ideas contributed by the community and distilled them into a feature set that we believe will ensure we lead at the forefront of the algo stables space:
- Migration of tokens (issue a new set of tokens and exchange with current ones) to enable reallocation of MIS rewards.
- Temporary Guardrails (while the ecosystem and marketcap are being built) like a tax could be applied to selling that happens below peg.
- Replacing the current bond system with a tax.
- Reducing total MIS supply / emissions rate in order to maintain balance (vs current sell>buy pressure).
- Time-Weighted Boardroom.
- Staggered rewards distribution so as to allow for the market to absorb the new supply.
- Community Vaults
The MITH Cash Governance Forum is live! Join the discussion:
We expect to release a formal V2 proposal in the coming days.
Our first Community Vault is under development. Once launched, benefits include:
- Lower fees for users compared to 3rd-party vaults
- Symbiotic design. Vault profits will be redistributed within the ecosystem, capturing additional value for MIS stakers
Big things are coming soon to MITH Cash!
Important Links
Website: https://mith.cash
Twitter: https://twitter.com/mithcash
Discord: https://discord.gg/EacqCKujT7
Medium: https://medium.com/mith-cash/introducing-mithril-cash-a-new-algorithmic-stablecoin-5bb8af01c49b
Docs: http://sauron.gitbook.io/mith-cash
