MCashDice.com launch was a great success! Within just 24 hours, 800K $MCash has been placed in 6500 bets. Many players have since asked us about Midas Cash Supply, Distribution and Liquidity. Now we would like to take this opportunity to highlight some of the matters that are in the interest of the public and Midasians.
Midas Cash ($MCash) Supply
Right now, the single source of $MCash supply is from the monthly $MCash distribution during the last week of every month, after the snapshot of $MAS holding position on 24th night. Total of 500M of $MCash will be distributed over a period of 50 months (the 3rd distribution is coming soon after 24th Feb 2019). Each month only 2% = 10M of MCash shall be distributed out.
Where to get $MCash if you don’t have $MAS
We will list MCash on Vinex Network with one single pair against $MAS, and then leave it to market invisible hand. From 27th February 2019, MCash/MAS trading pair on Vinex Network will be activated and free market comes into play. After Vinex Network, MCash will be listed on other exchanges as well and will be available to be monitored on both Coinmarketcap and Coingecko like any other cryptocurrency.
As MCash is the mirror image of MAS from Ethereum to Tomochain, we also need a mechanism to regulate the relation between MCash/MAS. Hence, The First Cross Chain Atomic Swap Smart Contract will be implemented, where users can convert $MCash (TRC20) to and from $MAS (ERC20) on chain through smart contract with monthly reserve limit up to 3 million $MCash.
The reserve operates similar to Kyber Network, which means the rate will change according to the volume of buy and sell (the sooner you buy/sell the better rate you will have).
Every month, the initial exchange rate MAS/MCASH will be adjusted to keep the reserve active and have enough fund for both sides. The program will be running until March 2023. Full details will be announced later before 15th March 2019.
From 22nd March 2019, this instant liquidity Swap Functionality will be available on Midas Wallet App (available on both iOS & Android: http://onelink.to/xyqb5u). In the future, this function will be chargeable as it is highly complex and unique. For the time being, we leave it free of charge so that Midasians & larger public can try it.
Disclaimer: Midas Protocol reserves the rights to alter or terminate this program anytime without prior notice or explanation to the public.