MIC Upgrades: Rebase

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:

Assume 6H TWAP of MIC at 0200 UTC is X

The ratio of conversion between MIC V1 vs V2 will be

1/X MIC V1 : 1 MIC V2

e.g. if the TWAP price of MIC V1 = $0.8 USDT, then the exchange ratio would be 1.25 MIC V1 = 1 MIC V2

  • 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