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!

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.

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

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

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!