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. [Migrate link here]
How to migrate my MICV1 to MICV2?
- Go to the migration page and you’ll see MITH Cash (MIC) V1 to V2 window.
- Approve first to allow the contract swap token for you.
- Click the SWAP button to exchange your MICV1 to MICV2.
Amount (MICV2) = Amount (MICV1) x Price (MICV1)
How to migrate my MIC-USDT LP?
- Go to the migration page then you can see MIC-USDT LP V1 to V2 window.
- Approve first to allow the contract swap token for you.
- You can choose to click the SWAP Locked button to exchange your LP token from V1 to V2, through locked mechanism (LP locked for minimum of 4 weeks), and you will receive significant MICV2 rewards based on the the rewards formula. This will make up for any MIC rebase reduction
- Or you can click SWAP Unlocked to migrate your LP without lock, without rewards
How to migrate my MISV1 to MISV2?
- Go to the migration page and you’ll see MITH Shares (MIS) V1 to V2 window.
- Approve first to allow the contract swap token for you.
- Click the SWAP button to exchange your MISV1 to MISV2.
How to migrate my MIS-USDT LP?
- Go to the migration page then you can see MIS-USDT LP V1 to V2 window.
- Approve first to allow the contract swap token for you.
- Click the SWAP button to exchange your LP token from V1 to V2.
Brand new V2 Boardroom
Now you can see Circulating MIC, MIC price, MIC Sell Value Reallocation fee, Scaling Factor, 24H TWAP on one page. MITH Cash V2 Boardroom has time weighted feature right now. The longer you stake, the more effective balance you get. A more effective MIS balance will bring you more MICV2 rewards just like Barnbridge model. Users can see there’s an extra MIC reward below with honey buckets.
Where to trade MICV2?
As promised, MICV2 will trade on Curve Stableswap.
Note: When you sell MICV2 below $1 peg, you will be charged a fee. Fee calculation is available for view on mith.cash
How to start earning from MICV2 value reallocation? Stake your MIS in boardroom
When MICV2 is sold below peg on Curve Stableswap, there will be fee collected from seller. This fee is distributed to all boardroom MIS stakers, at the very point of fee collection, and distribution is pro-rata based on effective balance of staked MISV2.
Effective balance of staked MISV2 is calculated based on amount of time you’re staked in the boardroom within that particular seigniorage period (6 hours)
How to start earning MICV2 from seigniorages? Stake your MIS in boardroom
Seigniorages happen every 6 hours as in V1 (GMT 0200, 0800, 1400, 2000). The only thing that’s changed is the amount that you receive in any given seigniorage, is based on pro-rata effective balance share of MIS staked in the boardroom.
When is V2's first seigniorage?
If MICV2 6H TWAP is >$1, first seigniorage will be 2/27 0200 GMT
Why are there honeybuckets below the boardroom rewards collection?
All boardroom rewards are subject to 5 day lock up. Early withdrawal penalties of between 10–50% apply.
Brand new V2 Bank page
V2 Bank page: https://mith.cash/bank
We have moved the MICV2-USDT pool to Curve StableSwap but MIS-USDT pool remains on SushiSwap, but as there is a new token, the Sushiswap MISV2-USDT pool is new as well.
How do I add MICV2 liquidity?
Go to Add Liquidity on Curve Stableswap, look for MICV2 pool, and add MICV2 / other stables into the pool. Note: Curve pools are different from Sushiswap pools; you can directly add single asset, pool will do the rest for you.
How do I add MISV2 liquidity?
Same as MISV1, go to Sushiswap, search for MISV2 pool, add liquidity as before.
How do I earn MISV2 rewards?
Provide LP to MICV2-USDT or MISV2-USDT pools.
The total supply of MISV2 is only 500K tokens!
The revised schedule of MISV2 rewards distribution is reduced and can be found here.
How do I migrate MIB to MICV2?
MIB migration is not available at this time. Once V2 achieves stability, we will announce MIB migration plans.
Community Vault Users
Users will need to withdraw their LP tokens and follow the migration process. We will be deploying V2 Vaults shortly that will accept the new LP tokens.
Once the deployment is complete, users will be able to continue earning the highest rewards while paying the lowest fees. Vault profits will support the ecosystem.
I have unanswered questions regarding V2. Where do I get them answered?
Refer to our V2 docs: https://sauron.gitbook.io/mith-cash/mith-cash-v2/v2-upgrades-at-a-glance
Join our Discord: https://discord.gg/EacqCKujT7
