The Seven Wonders of MITH Cash V2: Day 1 — A New MIS for a New Era…
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:
- Return MIC to peg
- Return MIB holders 1:1 value
- 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 26 days ago, it has always been the team’s intention to start with a simple design and innovate from there, in our quest to become the Lord of the Stables, One Stable to Rule them All.
Towards this, we have already done the following:
- Seigniorage Threshold has been reduced to 1.01
- Epochs have been reduced to 6 hours to ensure quicker response to market conditions
- 80/20 Seigniorage is now live
We have observed that the market is unable to absorb the current high level of MIS emissions, as the MITH Cash ecosystem is just beginning to form and time is needed to build out use-cases for MIC. In the current scenario, we are seeing consistent sell pressure on MIS as the token incentives are not in sync when we are in a contraction phase. We believe that decisive action is necessary and as a first step, intend to modify the MIS emission schedule as follows:
Migration to MIS V2
The current smart contracts’ admin keys have been burned, meaning no changes to the allocations or supply can be made. A new token, MIS V2 will be created, and all holders of MIS will be able to exchange their tokens for MIS V2 at a 1:1 ratio. Development is ongoing, and we anticipate the migration to take place in the first week of Month 3 (4–5 weeks from now).
MIS Future Supply Reduction by 77% to 500K Total
We anticipate that approximately 350K MIS V1 will have been minted until the migration time. These tokens will be exchangeable 1:1 for MIS V2 within a given window of time.
Our current MIS emissions are unsustainable at current demand levels.
MIS V2 will be capped at 500K tokens, and the remaining 150K will be allocated to MIC-USDT and MIS-USDT following the same 75/25 schedule as we do now.
- 112.5K to MIC-USDT reducing by 25% every 30 days
- 37.5K to MIS-USDT linearly over 10 months
We believe that this revised structure would reward community members who have believed and invested in the project thus far, and also give new participants a chance to accumulate generous MIS rewards for the next few weeks until the migration takes place.
MIS emissions will drop by 77% post-migration as future emissions are slashed to 150K MIS from 650K.
This is The First of Seven Planned Key Upgrades in MITH Cash V2. 6 more coming up over the Next 6 Days.
1. Why are you doing this?
As the current Sushiswap pools are hard-coded into the Smart Contracts and the admin keys have been burned, a token migration is the only way for us to incentivize new pools such as StableSwap and make other changes such as changing the total supply.
2. When can I exchange my MIS for MIS V2 tokens?
We expect the migration to happen in the last week of February 2021.
3. Where do I go to exchange my tokens?
We will be setting up a UI for the migration and will make an announcement when it is ready. You will have enough time to complete the migration.
4. What happens if I don’t migrate?
If you fail to exchange your tokens within the allotted time window, you will forfeit your chance. No future exchanges will be possible.
5. I am providing liquidity to MIS-USDT. How do I migrate?
You will need to remove your liquidity from Sushiswap and exchange your tokens. You can then add liquidity to the MISV2-USDT pool that will be set up.
6. If I am farming at Typhoon Cash or elsewhere with MIS, what do I do?
You will need to unstake your tokens in order to exchange them. We will liaise with our major partners to make the process as smooth as possible.