Introducing one1INCH: A stablecoin for better payments, incentives, and rewards in DeFi
- ICHI has deployed a DMA to govern one1INCH
- 1INCH and ICHI each contributed $100k to the one1INCH treasury
- Initial minting ratio will be set to 80% ($0.80 USDC + $0.20 1INCH to mint $1 one1INCH)
- ICHI will support rewards to one1INCH depositors
Today, the ICHI Community has launched one1INCH, a stablecoin for the 1INCH Community. The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space. one1INCH will provide a stablecoin for this community that can be used to create USD exposure during these operations, help diversify the 1INCH at 1inch Foundation treasury that is the part of 1inch Network DAO, more easily pay operating costs, provide liquidity, and earn rewards.
What is 1inch?
The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space.
The initial protocol of the 1inch Network is a DEX aggregator solution that searches deals across multiple liquidity sources, offering users better rates than any individual exchange. This protocol incorporates the Pathfinder algorithm which finds the best paths among different markets over 50+ liquidity sources on Ethereum, 20+ liquidity sources on Binance Smart Chain and 8+ liquidity sources on Polygon. In just two years the 1inch DEX aggregator surpassed $50B in overall volume on the Ethereum network alone.
Where can I get $1INCH?
You can swap for $1INCH on 1inch. LINK
How do I mint one1NCH?
You can mint $one1INCH from the ICHI application by providing part $1INCH and part $USDC to mint $one1INCH. You will pay exactly $1 of value for each $one1INCH.
The initial Minting Ratio is 80% USDC, 20% one1INCH.
How do I redeem one1INCH?
You can redeem $one1INCH from the ICHI application for $USDC. You will receive exactly $1 of value (less a 0.45% redemption fee) for each $one1INCH.
How do I earn ICHI rewards with one1INCH?
Deposit $oneINCH in the ICHI rewards contract to start earning $ICHI rewards.
Where can I learn more about ICHI V2?
Here is the ICHI V2 announcement: https://medium.com/ichifarm/announcing-ichi-v2-d69cebc47d25