Introducing Stable Fox for the ShapeShift Economy
ShapeShift DAO and ICHI are excited to announce the launch of $oneFOX, a stable asset backed by $FOX, for the ShapeShift community. It never made sense for different communities to govern the different features of money. $oneFOX will allow for more value to be retained within the $FOX economy. Instead of selling $FOX tokens for assets issued by other communities, ShapeShift DAO can use its own asset to conduct business or create dollar-denominated exposure/loans in decentralized finance.
TL;DR
- ICHI has deployed a Decentralized Monetary Authority for the Shapeshift community including their own Branded Dollar: Stable Fox ($oneFOX)
- ShapeShift DAO will loan 1.5M $FOX tokens to the $oneFOX treasury
- Initial minting ratio will be set to 80% ($0.80 USDC + $0.20 FOX to mint 1 $oneFOX)
- ICHI will provide 67k ICHI in rewards to $oneFOX deposits over 3 months ($320k value)
- ShapeShift DAO to fund 50% of the cost of initial ICHI rewards ($160k). ICHI will use this entire amount to mint $oneFOX and hold it for a minimum of 12 months, increasing safety and enabling initial DeFi insurance.
After multiple community calls, two passed proposals, and an exceptional amount of feedback from the ShapeShift community, the ICHI DAO has launched Stable Fox’s DMA which enables the Branded Dollar to be capital efficient, collateralized, community governed, and yield bearing.
About ShapeShift
Since 2014, ShapeShift has been pioneering self-custody for digital asset trading. The company’s web and mobile platforms allow users around the world to safely buy, hold, trade and interact with digital assets such as Bitcoin and Ethereum. Learn more at ShapeShift.com.
Where can I get $FOX?
You can swap for $FOX with Uniswap. LINK
How do I mint $oneFOX?
You can mint oneFOX on ICHI by providing part $FOX and part $USDC. You pay exactly $1 of value for each $oneFOX.
The initial Minting Ratio is 80% $USDC, 20% $FOX.
How do I redeem $oneFOX?
You can redeem $oneFOX on the ICHI application for $USDC. You will receive exactly $1 of value (less a 0.45% redemption fee) for each $oneFOX.
How do I earn rewards with $oneFOX?
Deposit $oneFOX in the ICHI Deposits contract to start earning $ICHI rewards.
$ICHI rewards for $oneFOX will begin 48hrs after the $oneFOX launch on November 11th, 2021.
$oneFOX Governance
The ShapeShift DAO can perform any $oneFOX governance actions directly by passing a proposal, but a 4-of-6 multisignature scheme will be used for day-to-day operations. Two of the signers will be nominated from the ICHI DAO community, and four will be nominated from the ShapeShift DAO community. Here are the initial nominations:
- Joshf (ShapeShift DAO):
0x5b8de63AFdeEdc64eb752623b49fc3A8Bd221245 - Tyler (ShapeShift DAO):
0x71D1567aECb9aDB1BC41f1b91525344d0FAFdF93 - WillyFox (ShapeShift DAO):
0x1D01A2FefB8883A5cfB8c77B19d9b96794581288 - Mperklin (ShapeShift DAO):
0x72E7b10ed4E45b57E5b97445BC5BA25501E76154 - 37Aces (ICHI DAO): 0x0dd4C0c16Fff6693e169Ef89235Cb92F9D8943EE
- Dhtal (ICHI DAO): 0xaD187f2D2e7957411475f7a66F1Fff273b38cAd5
A ShapeShift DAO proposal and successful vote is required to replace a Shapeshift signer with a new one, to replace an ICHI signer with a Shapeshift signer, or to change the threshold and number of signers. An ICHI DAO vote is required to replace an ICHI signer with a new ICHI signer.
Signing Process
A full breakdown of the signing process, permitted transactions, and un-permitted transactions can be found here: https://docs.google.com/document/d/1w1-neGR-WZHhuB38okEMtR2m-kSbcr53tRNSbGyp2gI/edit?usp=sharing
