Announcing ICHI V2
A Decentralized Monetary Authority (DMA) for every crypto community. Not your stablecoin. Not your money.
ICHI V2 Overview
ICHI V1 proved stable currency can be fueled by any cryptocurrency. It launched successful stablecoins for projects of all sizes — from Bitcoin and Ethereum to Wing.finance and Strudel.finance.
Today, we are excited to provide a high-level overview of ICHI V2. We are targeting an early June launch.
ICHI V2 introduces:
- Decentralized Monetary Authority (DMA), giving each community a set of audited contracts to manage their oneToken (ICHI stablecoin), invest their treasury, and incentivize adoption.
- Simple Deposit, earning interest immediately after a single oneToken deposit. Users do not deal with the stress or complexities associated with providing stablecoin liquidity.
- Protocol Provided Liquidity, bootstrapping oneToken liquidity and price stability on Uniswap V3.
Decentralized Monetary Authority
Any community can manage a oneToken with their own Decentralized Monetary Authority (DMA). The DMA includes a set of base smart contracts to handle core logic as well as helper contracts which can be customized for each project’s ecosystem to incentivize activity, ensure stability, and maximize returns.
Each DMA enables its community to:
- Deploy a stablecoin backed by a project’s cryptocurrency
- Spend and deposit the stablecoin across their ecosystem
- Manage and invest a shared community treasury
Deploy a stablecoin backed by a project’s cryptocurrency
It only takes a few minutes to deploy a new oneToken contract with the V2 oneToken Factory. Then anyone can mint the new oneToken by supplying $1 of value in two parts: part fiat-backed stablecoin and part project cryptocurrency. These oneTokens may be spent as $1, deposited in DeFi to create a USD-denominated position, or redeemed 1-for-1 for fiat-backed stablecoins.
A minting ratio defines the percentage of stablecoins required for minting. For example, a oneETH minting ratio of 90% requires $0.90 in USDC and $0.10 in ETH in order to mint $1.00 in oneETH. And a single oneETH may be redeemed for 1 USDC. The ETH stays in the treasury unless it is needed to purchase more USDC or otherwise directed by community governance.
Spend and deposit the stablecoin across their ecosystem
oneTokens function just like USDC or USDT. There are no complex algorithms and/or possibility of liquidation. As a result, a project’s oneToken is easily adopted across their entire ecosystem and any DeFi product. oneToken users can benefit from USD exposure in DeFi as well as additional discounts and incentives when spending while protecting the value of their favorite token.
Manage and invest a shared community treasury
Fund management strategies are automated by the project’s DMA to invest in specific DeFi products, guarantee minimum reserve ratios, or automate incentive distribution for users. oneToken holders have voting rights on how to select from these whitelisting strategies and programs.
Users are able to deposit oneTokens to the ICHI rewards contract and begin earning ICHI in a single step. No stress. Low cost. No need to become a liquidity provider.
Protocol Provided Liquidity
ICHI oneTokens will dedicate a portion of their treasuries to provide liquidity on Uniswap V3 instead of just relying on individual liquidity providers (LPs). This Uniswap V3 position will be maintained via DMA helper contracts. This will enable larger trades and a tighter peg to $1 than current approaches because Uniswap V3 stablecoin pairs are efficient at facilitating a large volume of transactions with a low amount of total value locked (TVL).
Audits and Bug Bounty
Security is paramount for ICHI. The security process included months of testing and the following full audits:
The ICHI V2 contracts are deployed to the Kovan testnet and to the Ethereum mainnet, giving developers and future users the ability to investigate the code before launch. Here are the contract descriptions and addresses:
- OneTokenFactory: 0x6a47Dd32FC2737De5881d63FeC9f27670297fbE5
- OneTokenV1: 0x7cb704F7CC1A5A526d90Aef263ECd96C35F00332
- Incremental (Example MintMaster): 0x17262ba85266FEdbDF3D22Eee5414ef77045Ff0a
- NullController (Example): 0xE5e6Ba3629DC563942578623992aC08A64142aCF
- OneTokenFactory: 0xd0092632b9ac5a7856664eec1abb6e3403a6a36a
- oneTokenV1: 0x14356bf935d6a62f3b87ab89f729217599bc108d
- NullController: 0x81c9932bd9a87e454710ef83551ac32dd808630e
- Incremental Mint Master: 0x58254B405E85359Fc7Eb3b8856bA82A4dD7C82E2
The new interface, analytics, documentation, and guides are in progress.
A oneToken for Your Community
If you are interested in adding your community to ICHI’s oneToken waitlist, please contact us on Telegram or email firstname.lastname@example.org and we will set up a time to talk.