We have heard the feedback from the community and worked with community members to develop an updated proposal with answers to the questions we received from many of you.
Proposal Tenets:
- Benefit suppliers of non-ICHI assets to the Rari pool.
- Provide a path to increase collateralization for oneDODO/oneUNI/oneBTC.
- No required token lock — people should make their own decisions.
- Long-term ICHI allies and backers should benefit the most.
We propose creating an Ally Token ($Ally) that will be distributed to users impacted by Rari Pool #136. Ally Token holders can redeem their tokens at any time for $ICHI, but they will receive more $ICHI the longer they wait to redeem it. They may also swap their Ally tokens. This ensures that incentives are aligned appropriately between the project and users. Users who leave early, forfeit the remaining tokens to those who stick around.
1. What is an Ally Token?
A fungible ERC-20 token. 10M fixed total supply of Ally Token will be minted and fully distributed at one time.
2. Who will get Ally tokens?
Two groups of users will receive Ally tokens:
- Suppliers to the Rari pool (supplied wETH, wBTC, USDC, oneUNI and oneBTC)
- Vault Providers (users who held oneBTC LPs and/or oneUNI LPs and supplied them into the Rari pool)
Data from a snapshot taken on (Apr-11–2022 01:14:36 PM +UTC) was used to identify users eligible for Ally tokens. An amount which determines how many tokens each user will receive is calculated based on the total amount of tokens (listed above) supplied and borrowed by the user. This amount was reduced by any redeem or borrow transactions that occurred after the snapshot.
3. How many Ally tokens will be distributed to each wallet?
The proposed allocations for each wallet are displayed in this worksheet: (https://docs.google.com/spreadsheets/d/1wkcjR_3Ni5o2hmkz-tHFWIpoQ6s4GMkzV8miMwk4Ie0/edit#gid=1413362248)
Specific numbers may change as edge cases or additional wallets are added to the list. Submit a ticket on Discord if you think your wallet should qualify but is not on the list.
4. How was the allocation for each wallet determined?
Allocation was based on each user’s lending position in Rari Pool 136 at a specific snapshot (after the initial big sell off, but before the liquidations became possible): (Apr-11–2022 01:14:36 PM +UTC) as shown here: https://etherscan.io/block/14564596
*The numbers in the snapshot were then adjusted based on redeem or borrow transactions that occurred after the snapshot
5. What were the actual numbers used to derive these Ally tokens?
User’s amount of $Ally = (Supplied — Borrowed) / 6.69
Where:
Supplied = USD amount of wETH, wBTC, oneUNI, oneBTC, USDC, oneUNI Vault LP and oneBTC Vault LP supplied by the user
Borrowed = USD amount of wETH, wBTC, oneUNI, oneBTC and USDC borrowed by the user
Notes:
- To calculate USD price of wETH, wBTC and vault LPs, on-chain oracles were used at the time of the snapshot
- The “borrowed” and “supplied” amounts were adjusted for each user based on transactions they executed in the pool after the snapshot.
6. How long does it take for the Ally token redemption value to reach its maximum?
3 years from the start of the program.
7. How much $ICHI will Ally holders receive when they redeem their tokens?
When fully matured, each Ally token is eligible to be redeemed for a proportion of $ICHI. For example, if a user holds 1,000 $Ally tokens (680,325 $ICHI are allocated to the program) users will be eligible for (680,325K / 10M) * 1000 = 68 $ICHI. However, if the user redeems before the Ally token fully matures, he/she will get less $ICHI in return. If other users redeem their tokens earlier, then the amount of $ICHI returned will be greater.
8. How much $ICHI will Ally token holders receive if they redeem their tokens before 3 years are up?
They will receive a proportionally lesser number of $ICHI. For example, if they redeem on day 1 they will receive 1/1095 (days in 3 years) of $ICHI they would have gotten if they waited a full 3 years. Redeeming on day 20 would produce 20/1095 of $ICHI and so forth. However, if other users redeem their tokens earlier, then the amount of $ICHI returned will be greater, as each remaining token will represent a bigger share of the unclaimed $ICHIs.
9. What happens if someone redeems his $Ally after a year. Will the remainder of ally holders hold a larger portion of the pool now?
Yes.
10. How will Ally token be distributed?
Eligible wallets will be able to claim ALLY tokens on ally.ichi.org. The proposed list of eligible wallets can be found here: (https://docs.google.com/spreadsheets/d/1wkcjR_3Ni5o2hmkz-tHFWIpoQ6s4GMkzV8miMwk4Ie0/edit#gid=1413362248)
Specific numbers may change as edge cases or additional wallets are added to the list. Submit a ticket on Discord if you think your wallet should qualify but is not on the list.
11. How will it help to collateralize oneDODO, oneBTC and oneUNI treasuries?
These treasuries are among suppliers eligible to receive the Ally Token. This will allow holders of oneDODO, oneBTC, and oneUNI to swap for the Ally token. Over time, each oneToken treasury will accumulate enough oneTokens through Ally swaps that a combination of these oneTokens, remaining Ally tokens and additional treasury assets will be enough to restore the peg.
12. Will this proposal dilute the ICHI supply?
No, the ICHI supply will continue to be set at 10M for this year as explained in this Medium article:
and voted into governance with this snapshot vote:
13. How much $ICHI will be allocated to this program?
The total amount of ICHI tokens available for this program will be 680,325 determined by the weighted average of the community vote:
14. Where do I get my Ally tokens if my account is eligible for the Ally program?
Navigate to ally.ichi.org. Once you connect your wallet, you will be able to see how many tokens you are able to claim. If your wallet is eligible, you will then be able to swap oneTokens for $Ally tokens and/or redeem $ICHI.
15. What can I do with Ally tokens?
Currently, users can hold their Ally Tokens or redeem them for ICHI. Stay tuned for future use cases and ways to earn.
16. How much time do I have to claim my Ally tokens?
You can claim them at any time throughout the vesting period which starts on <Friday, May 13, 2022> and ends <Tuesday, May 13, 2025>.
17. Why is the swap ratio between oneBTC/oneUNI/oneDODO and Ally tokens set to ~7.225?
oneToken treasuries are using this ratio to ensure that there is a way for them to return their respective oneTokens back to 1:1 peg over time.
18. If others redeem $ALLY before maturity will I be eligible to earn more ICHI?
Yes, as other users redeem, ICHI tokens allocated to their wallets that stay in the contract will be reallocated to Ally tokens not yet redeemed.
19. Where will I be able to see the amount of $ICHI my $ALLY are worth?
You will be able to view this directly on ally.ichi.org in the Redeem section.
20. What can I do if I own oneDODO on BSC?
oneDODO holders are able to swap their oneDODO for $ALLY on ally.ichi.org. $ALLY is on Ethereum mainnet, which means that users holding oneDODO on Binance Smart Chain (BSC) need to bridge their oneDODO from BSC to Ethereum mainnet before swapping for $ALLY. This can be done on any bridge that allows you to move assets from BSC to Ethereum Mainnet such as cBridge. Please do your own research on safe bridges to move oneDODO over to Ethereum mainnet.
