MITH Cash is the new algorithmic stablecoin forged from Mithril and a fork of the Basis Cash protocol.The MITH Cash protocol controls the quantity of money supply in an economy by buying or selling bonds to achieve a target value $1 and rules are set and executed programmatically via smart contracts so that behavior of the system can be predictable.
If you want to learn more about the project you should start by reading our Introducing MITH Cash article on our blog.
Follow us on Twitter, Medium, and Discord to always get the latest updates.
2. What is the purpose of the project?
Though transactions among three tokens in the protocol, MITH Cash (MIC), MITH Share (MIS), and MITH Bond (MIB), the goal is to keep MIC priced between $0.99-$1.01 in the long-run so that it can be a viable algo stablecoin.
3. When launch?
The genesis distribution of MIC will be available to users who deposit any of the below tokens and MIS token distribution will begin shortly after the initial MICs are distributed. This project will launch on December 30, 0200 UTC. Learn More.
4. Is there a Telegram group?
We do have a Telegram group but we’re currently building community on Discord.
MITH Cash token
5. What types of tokens in the MITH Cash protocol?
There are three types of tokens in the MITH Cash protocol— MITH Cash (MIC), MITH Share (MIS), and MITH Bond (MIB).
MITH Cash (MIC)
6.What is MIC?
MITH Cash (MIC) is a stablecoin token in the system with a target value of $1.
7.Where to swap for MIC?
You can buy, sell and provide liquidity for MIC and MIS on SushiSwap.
8. What is the MIC token contract address?
9. What's the supply of MICtokens?
The initial total amount of MIC tokens is and will be 160,001.
10.What is the MIC genesis distribution?
160,001 MIC tokens will be distributed evenly across all 16 tokens listed in question 11 during the genesis distribution phase at the rate of 2,000 MIC tokens per day per pool, over 5 days.
11.Who can receive the MIC token distribution?
The genesis distribution of MIC will be available to users who deposit any of the tokens below:
Communities: MITH, YFI, SUSHI, CREAM, COMP, AAVE, CRV, LINK
MITH Share (MIS)
12.What is MIS?
MITH Share (MIS) token holders will be the backbone of the system, providing resources and guidance to the protocol. In return, MIS token holders will receive any new MIC supply that enters the system assuming treasury doesn’t require the MIC.
13. What is the MIS token contract address?
14. What's the supply of MIStokens?
Total all time 1m. Pool 1 will distribute the total of 750,000 MIS tokens for liquidity providers of the MIC-USDT Sushiswap pair and a total of 250,000 MIS for liquidity providers of the MIS-USDT Sushiswap pair.
15.What is the MIS distribution?
1. For liquidity providers of the MIC-USDT Sushiswap pair:
The pool 1 will distribute with 6250 MIS in the beginning and decreases 25% after every 30 days.
2. For liquidity providers of the MIS-USDT Sushiswap pair:
the pool 1 will distribute a total of 250,000 MIS for 365 days, with an equal amount of tokens distributed per day.
16.Who can receive the MIS token?
MIS token distribution will begin shortly after the initial MICs are distributed, to users that provide liquidity to the MIC-USDT Sushiswap pair and to liquidity providers of the MIS-USDT Sushiswap pair.
17.What is MIB token?
Along with MIC, MITH Bond(MIB) tokens are designed to move in price and guide MIC towards $1.
18. What is the MIB token contract address?
The Token Business Cycle
19. What is the business cycle in the MITH Cash protocol?
This are Expansionary Phase and Contractionary Phase in the MITH Cash protocol.
20. What is the Expansionary Phase ?
When MIC trades above $1, simple supply and demand theory suggests that increasing the supply of MIC tokens in circulation would guide the price back toward $1.
21.What can do during the Expansionary Phase?
In this phase, users will be able to redeem MIBs for MIC at 1:1.
22. What is the Contractionary Phase ?
When MIC trades below $1, simple supply and demand theory suggests that reducing the supply of MIC tokens in circulation would guide the price back toward $1.
23.What can do during the Contractionary Phase?
In this phase, users can purchase MIBs with MIC at a discount, removing MIC from circulation, with the opportunity to redeem each MIB for one MIC in the future when MIC trades above $1.
LP Incentivization Programs
24. How can I earn with LP Incentivization?
1. Go to the Sushiswap MIC/USDT pool and start providing liquidity.
2. Get MIC tokens.
3. Stake MIC tokens on MITH Cash platform.
LP Incentivization Programs
We are forked from Basis, but please perform another audit if you can, and share with the community. More eyes, always better. We've gone further by burning admin keys and verifying contracts. We are also discussing engaging official auditors to audit our fork #📖audit