Tokens

There are three tokens in the Mithril Cash protocol - Mithril Cash (MIC), Mithril Share (MIS), and Mithril Bond (MIB). Mithril Cash is the stablecoin token in the system with a target value of $1. Mithril Share token holders will be the backbone of the system, providing resources and guidance to the protocol. In return, Mithril Share token holders will receive any new money supply that enters the system. Mithril Cash and Mithril Bond tokens are designed to move in price and guide MIC towards $1. The goal is to keep MIC priced between $0.99-$1.01 in the long-run so that it can be a viable stablecoin.

MIC - Mithril Cash

Mithril Cash tokens are designed to be used as a medium of exchange. The built-in stability mechanism expands and contracts their supply, maintaining their peg to the MakerDAO Multi-Collateral USDT token (which roughly trades near the United States Dollar).

MIB - Mithril Bonds

Mithril Bonds are minted and redeemed to incentivize changes in the Mithril Cash supply. Bonds are always on sale to Mithril Cash holders, although purchases are expected to be made at a price below 1 Mithril Cash. At any given time, holders are able to exchange their bonds to Mithril Cash tokens in the Mithril Cash Treasury. Upon redemption, they are able to convert 1 Mithril Bond to 1 Mithril Cash, earning them a premium on their previous bond purchases.

Bonds in Mithril Cash do not have expiration dates. All holders are able to convert their bonds to Mithril Cash tokens, as long as the Treasury has a positive MIC balance.

MIS - Mithril Shares

Mithril Shares loosely represent the value of the Mithril Cash network. Increased demand for Mithril Cash results in new Mithril Cash tokens to be minted and distributed to Mithril Share holders, provided that the Treasury is sufficiently full.

Holders of Mithril Share tokens can claim a pro-rata share of Mithril Cash tokens accumulated to the Boardroom contract.

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