MITH Cash is a fork of Basis Cash. There are three tokens in MITH Cash protocol — MITH Cash (MIC), MITH Share (MIS) and MITH Bond (MIB). MITH Cash (MIC) is a new algorithmic stablecoin seeking to achieve a target value at $1. MITH Share (MIS) is an ownership token which receives inflationary rewards since MIS token holders are those providing liquidity to MITH Cash.
This guide will give you a step-by-step overview of the distribution process’ mechanism.
How does MITH Cash mechanism work?
MIS and MIB mentioned above are designed to move MIC towards the value of $1. How they work will be elaborated in the following scenarios: MIC above $1 and below $1.
When MIC is above $1
When MIC is traded above $1, called the Expansionary Phase, users will be able to redeem MIBs for MIC at 1:1, causing an increase in the demand of MIC. Therefore, new MIC tokens are minted and distributed to MIS holders.
For instance, assuming MIC is traded at TWAP oof >$1.01 during the set seigniorage time (every 24 hours), the MITH Cash protocol mints new MIC. This seigniorage is given to the Boardroom, where users can stake MIS and earn daily seigniorage based on the price of MIC.
When MIC is below $1
When MIC is below $1, called the Contractionary Phase, users will be able to purchase MIB at a discount in order to stabilize the price of MIC, with the expectation of redeeming each MIB for MIC in the future when MIC exceeds $1.
For example, assuming MIC is traded at $0.9, users can purchase MIB with MIC and the MIC is burned resulting in a decrease in the circulation, which prevents creating unnecessary increases in supply. Also, MIB does not have interest payouts or expiration dates to prevent bondholders from cutting their losses on redemptions. Once the oracle price of MIC is above $1.01, users will be allowed to redeem MIB for MIC at the rate of 1:1.
How to earn a distribution reward (MIC mining until 1/4 0200 UTC)?
Step 1: Earn MIC
1.Go to MITH Cash
2.Choose a Stablecoin / Community token (DAI, USDT, USDC, BUSD, sUSD, ESD, BAC, FRAX,MITH, YFI, SUSHI, CREAM, COMP, AAVE, CRV, LINK) Pool
Select a pool and unlock wallet by providing a connection to your Metamask browser extension. A Metamask connection will aid your journey of farming and harvesting.
Choose a stablecoin / community token to deposit and approve your deposit. The maximum deposit for each account is 160,001 MIC tokens per pool. Each pool will distribute 2,000 MIC tokens per day over 5 days.
Step 2: To Earn MIS
The point of step 2 is ‘to provide price liquidity to Sushiswap and receive MIS as a reward.
MITH Share Pool 1
To earn MIS from scratch, users first need to provide liquidity to MIC-USDT pair on SushiSwap V2. Click the link, at the bottom of the page, that will redirect you to the liquidity providing page and start your journey.
After providing liquidity on SushiSwap, you can return to the pool page and approve MIC_USDT-SUSHI-LPV2 to deposit LP tokens. “ The Pool 1” will distribute a total of 750,000 MIS, starting with 6250 MIS a day, decreasing 25% every 30 days.
MITH Share Pool 2
Pool 2 distributes 250,000 MIS to those who provide MIS-USDT SushiSwap V2 pair. Similar to Pool 1, the link at the bottom of the page will redirect the user to the SushiSwap liquidity providing page.
After providing liquidity on SushiSwap, you can return to the pool page and approve MIS_USDT-SUSHI-LPv2 to deposit LP tokens. “ The Pool 2” will distribute a total of 250,000 MIS for 365 days, with an equal amount of tokens distributed per day.
What risks need to be considered?
Now that you know how MITH Cash works, before you start, you should understand the risks:
1. When is Expansionary Phase or Contractionary Phase
Make sure you understand both phases before trading the tokens. MIB can only be redeemed during the expansion phase, that is, when the MIC is higher than $1.01.
2. Transaction fee
Each staking action costs ETH transaction fee so you should assess the total amount of fees before entering into a position.
3.Latest news
Join Discord, Twitter and Telegram for the latest information on MITH Cash.
Website: http://mith.cash
Twitter: https://twitter.com/mithcash
Discord: https://discord.com/invite/WftfjSbNyc…
Medium: https://bit.ly/38aYaqn
Docs: http://sauron.gitbook.io/mith-cash
Farm APY information: https://mith-cash-tool.web.app/mithcash/
Charts: https://bit.ly/2KRlZuG
Metrics: https://mith.cash/info
MITH Cash 新手入門篇
MITH Cash 是Basis Cash的分支，協議中包含三種代幣，分別是MITH Cash (MIC)、 MITH Share(MIS) 和 MITH Bond (MIB)。MITH Cash (MIC) 是一種新型算法穩定幣，價值錨定1美元。 MITH Share(MIS) 則是一種所有權的代幣，由於MIS的持有者是提供MIC流動性的角色，因此可以通過MIC增發而獲取獎勵。
下文將一一說明MITH Cash的運行機制。
MITH Cash的運行機制為何？
前述所提及的MIS 和 MIB 是驅使MIC的價值錨定在1美元。下列將闡述MIC高於1美元以及MIC低於1美元時的情況：
MIC高於1美元
當MIC高於1美元時，稱作擴展階段，我們可以用MIC以1:1的比率贖回MIB，進而使MIC的需求增加。因此，我們需要鑄造出新的MIC代幣，而這些代幣接著會分配給MIS的持有者。
舉例來說，假設在一定的鑄造時間內（目前為每24小時），MIC的交易價格為1.01美元，那MITH Cash協議會鑄造新的MIC，同時，鑄幣稅會分配給董事會議室（ Boardroom），其中用戶可以質押MIS 並根據MIC的價格每日賺取鑄幣稅。
MIC低於1美元
當MIC低於1美元時，稱作收縮階段，用戶可以享有折扣買MIB，目的在於穩定MIC的價格，並期待未來能在MIC高於1美元時贖回MIC，獲得利潤。
舉例而言，假設MIC交易價格為0.9美元時，用戶可以用MIC兌換MIB，這些MIC在賣出時會燒毀因而減少其供應量，這麼一來能避免造成不必要的供應量增加。另外，MIB沒有利息和到期日，可以減少持有人的贖回損失。當MIC的價格高於1美元時，使用者才能以1:1的方式用MIB贖回MIC。
如何獲取分配獲利？
步驟一：獲得MIC
1.前往官網 MITH Cash
2.選擇一種穩定幣池 (DAI, USDT, USDC, BUSD, sUSD, ESD, BAC, FRAX,MITH, YFI, SUSHI, CREAM, COMP, AAVE, CRV, LINK)
選擇一種流動池，並與Metamask 瀏覽器擴展的連接以解鎖錢包。
選擇一種穩定幣，即可進行存入。每個賬戶在每個流動性池中的最大存款額度為160,001個MIC，每個流動性池會在5 天內，每日分配2,000 個MIC。
步驟二：獲得MIS
這一步驟中，關鍵就是向Sushiswap 提供價格流動性以獲得MIS的獎勵。
MITH Share流動池1
首先，用戶需要先向SushiSwap V2 的 MIC-USDT池中提供流動性。如上圖所示，頁面底部有一個顯示連結，點擊即可重定向到流動性提供頁面，進而提供流動性。
在SushiSwap 上提供流動性之後，即可返回「MIS流動池1」頁面，此時你將獲准在MIC_USDT-SUSHI-LPV2 中存入LP 代幣。 「MIS流動池1」將會分配總計750,000 個MIS，一開始會先存入6250 個MIS，之後每30 天按照25% 比例依次遞減存入。
MITH Share流動池2
流動池2會分配250,000 MIS 給向SushiSwap V2 的 MIS-USDT池中提供流動性的用戶。和流動池１相同的步驟，點擊頁面下方的連結，定向到流動性提供頁面以提供流動性。
在SushiSwap 上提供流動性之後，即可返回「MIS流動池2」頁面，此時你將獲准在MIS_USDT-SUSHI-LPV2 中存入LP 代幣。 「MIS 流動池2」將會分配共250,000 個MIS，365天內每日平均發行。
MITH Cash有什麼樣的風險？
了解MITH Cash的運作機制之後，在參與前要注意下列幾點，以降低投資風險：
1.擴展與收縮階段
了解什麼時候是擴展和收縮階段，因MIB僅在擴張階段，也就是MIC高於1美元時，才能贖回MIC。
2. 交易手續費
每一次質押需要ETH交易手續費，確保提供代幣兌換時的總量與手續費的多寡。
3. 隨時更新MITH Cash的資訊
加入Discord, Twitter 和Telegram隨時更新資訊，以了解MITH Cash的最新情況，降低未知的風險。
Website: http://mith.cash
Twitter: https://twitter.com/mithcash
Discord: https://discord.com/invite/WftfjSbNyc…
Medium: https://bit.ly/38aYaqn
Docs: http://sauron.gitbook.io/mith-cash
Farm APY information: https://mith-cash-tool.web.app/mithcash/
Charts: https://bit.ly/2KRlZuG
Metrics: https://mith.cash/info
