MIC Upgrades: Value Reallocation

Value Reallocation: Removal

MIC V2 sales under 1 USDT will be charged a fee according to the formula:

Fee = 1 — price²

Example: If the price of MIC V2 is 0.5 USDT and someone sells 100,000 MIC:
  • Fee rate = (1–0.5²) = 75%
  • He / she receives after fee = 100,000 * (1–0.75) * 0.5 = 12,500 USDT
  • Fee proceeds are 87,500 MIC, or 85% of the tokens traded.

Value Reallocation: Accretion

The MIC V2 collected as fees will be distributed as follows:
  • 25% to MIS V2 staked in the Boardroom
  • 75% to the MITH Cash Stabilization Fund (MSF). MSF will discuss, with the support of MITH Cash governance voting, how best to reallocate the value here, through various mechanisms to support peg, including but not limited to: Stabilization fund for buyback, sub-1 buy rewards, allocation to MIS holders, burn, etc.
To start, for the first 30 days after migration, 1/3 of the MSF allocation will be rewarded to MIS V2 staked in the Boardroom, so all fees (from sub-1 MIC V2 selling) collected are distributed according to the following breakdown:
  • 50% to MIS V2 staked in the Boardroom
  • 50% to the MSF for other stabilization purposes
MITH Cash governance may determine the best use of the fees collected in the MSF (buyback, burn, buy rewards, stabilization fund, single-asset lending etc.)
Note: Usage of MSF funds requires MITH Cash governance voting.