What is Mithril Cash (MIC) | What is MITH Cash (MIC) | What is MIC token
Introducing Mithril Cash — A New Algorithmic Stablecoin
Mithril Cash is the new algorithmic stablecoin forged from Mithril, a valuable silver-like metal that is not only stronger but also lighter than steel, just as the community that we are building.
As the growth of cryptocurrencies adoption continues, so must the growth of a strong set of stablecoin options. Mithril Cash will launch with no team nor investor allocations. Only those who contribute into the project will be rewarded. This project will launch on December 30, 0200 UTC.
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How Does Mithril Cash Work
While several different designs of algorithmic stablecoins have launched, we believe that the Basis Cash design is the best out there. It’s proven to be resilient while also having the widest distribution of users. Mithril Cash is a fork of the Basis Cash protocol.
The Mithril Cash protocol controls money supply similarly to how central banks of the world may guide the value of fiat money through monetary policy. By controlling the quantity of money supply in an economy by buying or selling bonds, a target value can be achieved (In this case $1). Instead of a central bank or a currency board, rules are set and executed programmatically via smart contracts so that behavior of the system can be predictable.
There are three tokens in the Mithril Cash protocol — Mithril Cash (MIC), Mithril Share (MIS), and Mithril Bond (MIB). Mithril Cash is the stablecoin token in the system with a target value of $1. Mithril Share token holders will be the backbone of the system, providing resources and guidance to the protocol. In return, Mithril Share token holders will receive any new money supply that enters the system. Mithril Cash and Mithril Bond tokens are designed to move in price and guide MIC towards $1. The goal is to keep MIC priced between $0.99-$1.01 in the long-run so that it can be a viable stablecoin.
Expansionary Phase — When MIC exceeds $1
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. In this phase, users will be able to redeem MIBs for MIC at 1:1. If MIC trades at $1.01 during the set seigniorage time (every 24 hours currently), more MIC will be minted and distributed to MIS token holders that stake their MIS in the Boardroom.
Contractionary Phase — When MIC is below $1, MIBs can be bought
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. 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.
Whenever a user purchases MIB with MIC, the MIC is burned, causing a decrease in the circulating MIC supply. Bonds do not have interest payouts, nor do they have maturity or expiration dates.
Purchased MIBs can be redeemed on a 1:1 ratio into MIC only when the oracle price of MIC is above $1. This prevents expansion in supply during the contraction phase.
Genesis Tokens Distribution ONLY Through Deposits
In celebration of the Mithril community, MITH is included as a key community coin alongside many DeFi blue chips. The genesis distribution of MIC will be available to users who deposit any of the below tokens. This project will launch on December 30, 0200 UTC.
Stablecoins: DAI, USDT, USDC, BUSD, sUSD, ESD, BAC, FRAX
Communities: MITH, YFI, SUSHI, CREAM, COMP, AAVE, CRV, LINK
160,000 MIC tokens will be distributed evenly across all 16 tokens listed above in the genesis distribution at the rate of 2,000 MIC tokens per day over 5 days.
MIS token distribution will begin shortly after the initial MICs are distributed, to users that provide liquidity to the MIC-USDT Sushiswap pair. This pool 1 will distribute 750,000 MIS tokens, starting with 6250 MIS and decreases 25% after every 30 days.
MIS tokens are also distributed to liquidity providers of the MIS-USDT Sushiswap pair, distributing a total of 250,000 MIS for 365 days, with an equal amount of tokens distributed per day.
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