MIS Upgrades: Reduction in MIS supply to 500K and Reduction of Emissions by 77%
MIS Total Supply to be capped at 500K (50% reduction from 1M)
MIS will be exchangeable for MIS V2 at 1:1
Migration is expected to take place in 4–5 weeks
Before migration, 350K V2 would have been released in 2 months, vs 150k V2 to be released after migration, across 10 months
This makes MIS V2 at least 3–4X value compared to MIS V1 (Not investment advice, do your own research)
Since the inception of MITH Cash 26 days ago, it has always been the team’s intention to start with a simple design and innovate from there, in our quest to become the Lord of the Stables, One Stable to Rule them All.
Towards this, we have already done the following:
Seigniorage Threshold has been reduced to 1.01
Epochs have been reduced to 6 hours to ensure quicker response to market conditions
80/20 Seigniorage is now live
We have observed that the market is unable to absorb the current high level of MIS emissions, as the MITH Cash ecosystem is just beginning to form and time is needed to build out use-cases for MIC. In the current scenario, we are seeing consistent sell pressure on MIS as the token incentives are not in sync when we are in a contraction phase. We believe that decisive action is necessary and as a first step, intend to modify the MIS emission schedule as follows:
The current smart contracts’ admin keys have been burned, meaning no changes to the allocations or supply can be made. A new token, MIS V2 will be created, and all holders of MIS will be able to exchange their tokens for MIS V2 at a 1:1 ratio. Development is ongoing, and we anticipate the migration to take place in the first week of Month 3 (4–5 weeks from now).
We anticipate that approximately 350K MIS V1 will have been minted until the migration time. These tokens will be exchangeable 1:1 for MIS V2 within a given window of time.
Our current MIS emissions are unsustainable at current demand levels.
MIS V2 will be capped at 500K tokens, and the remaining 150K will be allocated to MIC-USDT and MIS-USDT following the same 75/25 schedule as we do now.
112.5K to MIC-USDT reducing by 25% every 30 days
37.5K to MIS-USDT linearly over 10 months
We believe that this revised structure would reward community members who have believed and invested in the project thus far, and also give new participants a chance to accumulate generous MIS rewards for the next few weeks until the migration takes place.
MIS emissions will drop by 77% post-migration as future emissions are slashed to 150K MIS from 650K.
