End of the Week #3

A summary of all the highlighted events from Feb 01 to Feb 07.

A new release for the end of the week edition is here :)

The team is working hard to bring MICV2 as soon as possible, we are looking to launch V2 before Feb 24, and thanks to our community devs we are currently in the testing phase, and as soon as we finish all the testings, our code will be audited before the launch.

Summary

  • MIS-USDT Community Vault

  • New UI Design for bank and boardroom

  • MICV2 in Testing Phase

  • Community Vaults $1.8M TVL

MIS-USDT Community Vault

The second community vault MIS-USDT is live since last Tuesday and with a TVL close to $300K, this vault offers the same low fees and compounding strategy as the previous one. So this means, it takes a 15% fee from the rewards and send it to the MDF contract, so it can be reinvested back into the community and pay the developers from the community to maintain it.

What is the advantage of staking your LP tokens?

  • Pay fewer fees to stake in the community vault than in external vaults.

  • Support the community overall with the fees that you’re paying.

  • A symbiotic vault that generates more demand for $MIS helping the general ecosystem.

How are these fees spent?

  • 12% of $MIS rewards are sent to the MDF, but in MICV2 they will be sent to MIS stakers, including the $SUSHI rewards from the onsen and the current MIS accumulated in the fund.

  • 3% is used to pay the developers to maintain the vault.

You are also receiving most of the rewards, and because the community vaults follow a compounding strategy, that means you only have to pay txs for staking and unstaking your SLP tokens while the vault pays the fees to claim, sell and compound your balance with the rewards.

New UI Design for bank and boardroom

The community devs are on fire this week, not only they managed to kick-start the preparations for V2, but they also released the new UI for the bank and monetary pages.

You can try the new UI here.

MICV2 in Testing Phase

Most of the improvements for MICV2 has been implemented, and they are currently being tested by our devs.

This is a summary of the upgrades for V2 with descriptions included, so the community can compare what we promised and the current work that has been done to bring V2 to the light.

The community can also track the progress of the developers through the commits in GitHub or use a tool like this one to visualize the progress between all the branches and compare it with the table above.

Community Vaults $1.8M TVL

We have reached more than $1,800,000 as TVL for our community vaults, we didn’t expect to surpass $1M that quick, and we are even close to reaching $2M!

For this occasion, I would like to explain to the community the advantages of staking your SLP tokens with us, instead of external vaults.

As almost everyone knows, when you stake your tokens in external vaults you’re not only renouncing 30% of your rewards, but you’re also supporting predatory practices like harvesting (instead of compounding) that looks to profit from the community, instead of keeping the balance of compounding the rewards back into the liquidity pools.

This creates a scenario where you can choose to generate an income for external protocols without receiving any share of the profits or to support a strategy that looks to re-invest those fees back into the community.

The MDF was planned with the idea to compensate the community for their support and to finance future improvements for the protocol. Currently, 12% of the fees collected are planned to be distributed to $MIS stakers in MICV2, so naturally part of the profits from the community vaults are coming back to the hands of the investors and supporters.

The MITHCash Development Fund (MDF) was a proposal from the team to finance future improvements of the protocol, and the community voted in favor of the MDF back in January.

At the current MICV1, MDF is accumulating all the fees from the vaults and is also receiving $SUSHI from the onsen, with almost 1.2K $MIS and 1.6K $SUSHI collected from the previous claims.

We’re looking to give fair use to these funds and spend them back into the community that’s been loyal and supportive since day one. :)

Happy farming, and see you next week! 👨‍🌾

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