End of the Week #1

A summary of all the highlighted events from Jan 18 to Jan 24.

Hello world, this is our first release for the “end of the week” edition which consists of a weekly summary of past events including new partnerships, changes in the protocol, government updates, and community highlights. — If you want to learn more about MITHCash and stay updated with the latest news, please subscribe to the newsletter at the end of this article.

Summary

  • MITHCash V2

  • Important changes in Seigniorage

  • New partnership: Typhoon Cash

  • New advisor: 0xMaki

  • Sushiswap Onsen Menu

  • MITHCash Development Bounty

MITHCash V2

After taking the community’s input under advisement, the MITHCash team proposes to incorporate the following changes as we work on the imminent release of V2.

  1. Migration of tokens (issue a new set of tokens, exchange with the current set) to enable updates in rewards: E.g. being able to shift / setup rewards for new pools like a Curve Meta pool which is more optimal, vs currently hard-coded pools

  2. Temporary Guardrails: A tax could be applied to selling that happens below target peg, with the tax used towards moving MIC to peg, and possibly rewarding good actors e.g. MIS

  3. Replacing the current bond system with a tax: Bonds are complicated. We will have a Dutch auction bond system, but this should be complementary to system design rather than it being part of system design due to bonds’ complexity and unknown variables.

  4. Reduction in MIS emissions: Current ecosystem can’t bear the rate of MIS emissions. Reducing total supply/emissions rate helps maintain balance (vs current sell>buy pressure)

  5. Time-weighted boardroom: Current boardroom stakers are treated the same, no matter how long they’re staked. Ensure that time staked corresponds (as far as possible) w/ rewards received

  6. Staggered rewards distribution: Rewards earned from farming LP, or staking in the Boardroom, should be dispensed over time to allow for the market to absorb the new supply. Early rewards exit can be allowed, again with a tax.

  7. Community vaults: Vaults to support positive ecosystem behavior will be commissioned + run by the community. These would function like 3rd party vaults, but at cheaper rates, and act in a symbiotic manner by channeling profits back into the ecosystem. One such vault is already under development and should be available within a week.

The community is currently discussing these changes, and we are looking to receive as much feedback as possible. — You can join the discussion here.

Important changes in Seigniorage

The community voted to pass MIP-6 and MIP-7 proposals, both have been implemented successfully and their changes should come into effect for the next seigniorage.

MIP-6 consists in distribute up to 80% of the minted MIC from Seigniorage to the treasury and the remainder 20% to the boardroom until the treasury is filled. Before it was a 100% distribution of the seigniorage to the treasury until all the bond’s debt was paid.

MIP-7 brings a change to the 24 hours time-weighted seigniorage, resulting in a reduction to 6 hours per seigniorage. — In the beginning, a 24 hours period was created with the idea of giving enough time to the markets to absorb the impact of new-minted tokens, but as time has passed, the community has grown and matured enough to be able to absorb and react at a much faster pace to the impact of the seigniorage.

You can review the transactions and details here.

New partnership: Typhoon Cash

Typhoon Cash is an improved version of tornado cash including changes to their tokenomics and design to improve the usability of the network.

Part of their tokenomics is a mechanism that burns $PHOON tokens periodically, making use of funds collected from a 0.5% fee that is charged in each transaction, so the contract utilizes these funds to purchase $PHOON directly from the market, and that means all the tokens burned are coming from the supply in circulation.

The first buyback and burn cycle will be activated within 24 hours.

Currently, MIC and MIS holders can deposit their tokens directly and farm $PHOON tokens since the last Thursday, and they can also earn tokens by providing liquidity to the pair $PHOON/$MIC in Sushiswap.

You can learn more about Typhoon Cash here.

New advisor: 0xMaki

Sushiswap co-founder 0xMaki is joining our board of advisors.

MITHCash launched on Sushiswap on day one, and since then we have received a lot of support from the Sushiswap Team.

We are more than happy to welcome him as our new advisor for the MITHCash protocol, and as a member of our growing community.

MITHCash joins the Sushiswap onsen menu

Starting today, providing liquidity to the pairs of MIS-USDT and MIS-USDT in Sushiswap will reward you with delicious $SUSHI on top of your existing $MIS rewards.

More details to be announced on Twitter.

MITHCash Development Bounty

Currently, all development work is made by our core developers, but given that MICV2 was conceived by the community, we believe that changes in MICV2 should be developed by the community. — The core designs and specifications for MICV2 are completed but for the actual development, we still have challenges to solve.

We're setting up a 200K $MIC bounty for community developers to join us in completing the development of the upcoming evolution of the MITHCash protocol.

Learn more about the development bounty here.

That’s all, see you next week :)

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