The team intends to honor all debts as obligated to MIB holders from the start of the MITH Cash protocol. MIB holders will be able to exchange all their MIB for MIC V2 at a 1:1 ratio.
In order to ensure staggered repayment just like the Boardroom, the redeemed MIC V2 will be available subject to tax for early withdrawals. The tax structure will be as follows:
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
After migration to V2, we will phase our MIB and do not intend to automatically issue, like V1’s contraction bond purchase, any new Mithril Bonds (MIB) as other mechanisms will be used to maintain the peg.
Note: Ecosystem viability and stability is prioritized over all, including redemption of MIB. While obligation of redemption of MIB will be met eventually, they may not be done altogether, and they may not be done at the beginning of V2 migration, to ensure system viability and stability. We will meet obligations as soon as possible, but always only in a viable manner.