The Seven Wonders of MITH Cash V2: Day 4 — Triple Threat: MIC V2 Migration, MIB Redemption at 1 MIB = 1 MIC, MIC Rebase to 1 USDT

  • Core MIC-USDT Pool Migration to Stableswap
  • MIC V1 Rebase to MIC V2, so 1 MIC V2 = 1 USDT
  • MIB Full Redemption to MIC V2 at 1 MIB = 1 MIC V2

Core MIC-USDT Pool Migration to Stableswap

MIC V1 Rebase to MIC V2 so 1 MIC V2 = 1 USDT

  • All MIC V1 will be exchanged for MIC V2 during a transition time window
  • We want to start V2 off right on peg, and so the initial starting ratio in the Stableswap liquidity pool will be 1 USDT : 1 MIC V-2
  • The ratio of the exchange between MIC V1 and MIC V2, will be dependent on the 6H TWAP of MIC V1 at 0200/0800/1400/2000 UTC, where the formula is:
  • The $ value of everyone’s MIC will remain the same after the rebase. Only the number of tokens held will change. This rebase will necessarily force everyone’s starting point to 1 MIC V2 : 1 USDT

MIB Full Redemption to MIC V2 at 1 MIB = 1 MIC V2

  • 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

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