The Seven Wonders of MITH Cash V2: Day 3 — Community Vaults and Staggered Withdrawal of Boardroom Rewards
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. Project team will heavily promote all community vaults.
Introducing our First Community Vault
Our first auto-compounding Community Vault is Live!
MIC-USDT LPs can now have their auto-compounding done in-house, pay profit fees of only 15%, and contribute to the MITH Cash ecosystem!
MITH Cash Community Vault Link: https://mith.cash/vault
Developed by community member @arthlino, the vault is a fork of Pickle Finance’s pjar 0.99:
- Vault users deposit MIC-USDT Sushiswap LP tokens
- Vault farms MIS
- Vault sells 85% of farmed MIS for more MIC-USDT LP (Auto-Compounding)
- Vault profits (12% of farmed MIS) will go to the MDF to be used towards further development of ecosystem
- 3% dev fee
The Vault has been audited by Steaker and you can view the report here. We are in the process of getting a 2nd audit. The reference picklejar is forked from audited yVault code.
MITH Cash Community Vaults are designed to operate in a symbiotic manner, by channeling the majority of profits back into the ecosystem for the benefit of MITH Cash community. This is only the first of many Community Vaults in the pipeline, and we will be launching MIS-USDT next.
Disclaimer: These vaults have been developed by the MITH Cash Community, and are not part of the MITH Cash core protocol. Please use them at your own risk.
Details regarding Process of Setting up a Community Vault
You should join our Discord, raise an idea within the #comm-vault-general channel. If there’s sufficient discussion around a strategy
Conditions to be considered a community vault:
- Charge fixed 15% fee or less, depending on how you want to position your vault (for the masses, or…)
- The charged fee needs to be returned to the community in some shape / form
- As idea initiator + coder, you can take up to 20% of the fee (so 20% of 15%) if you come up with the idea that is picked + develop / code the vault yourself
- As idea initiator, you can take up to 5% of the fee, if the project team finds a coder / developer to code the vault for you
Steps /format to raise ideas
- Vault design, logic
- Fee structure
- Development (self develop or project team find developers to develop)
Staggered Boardroom Rewards
Currently, the instant release of seigniorage at epoch time results in heavy MIC sell pressure that the system is unable to absorb. The V2 Boardroom will be upgraded as follows.
Seigniorage rewards will still be released every 6 hours, but a record will be kept and withdrawals will be taxed if done within 5 days:
- 24 hours — 50% tax
- 48 hours — 40% tax
- 72 hours — 30% tax
- 96 hours — 20% tax
- 120 hours — 10% tax
- Above 120 hours — 0% tax
Taxes collected from early withdrawals will be immediately distributed:
- 50% distributed back to MIS Boardroom stakers
- 50% burnt
We believe that this combination will result in smoother seigniorage events and also provide an added incentive for MIS Boardroom stakers.
We will be releasing details of a radically redesigned MIC V2 tomorrow. Stay tuned!