oneWING: The First Stablecoin Designed for a DeFi Lending Platform

Earn yield on your WING by depositing to the oneWING-USDC pool at https://www.ichi.org/

By: Masanobu Fukuoka

oneWING stablecoin

oneWING Summary:

• oneWING is the fourth ICHI stablecoin (a coin whose value is $1)
• Mint with $1 of value in two parts: pWING + USDC
• Redeem for exactly $1 of USDC
• The protocol quickly becomes over-collateralized, building a pWING treasury
• This pWING scarcity increases the value of WING rewards on wing.finance
• Deposit oneWING-pWING LP tokens on ichi.org to earn ICHI + swap fees

You can now mint oneWING with USDC and pWING. oneWING will drive WING scarcity and improve the value of WING rewards on wing.finance by replacing the use stablecoins that aren’t minted with WING over time.

Earn ICHI Rewards

10k ICHI (worth $45k today) will be distributed over 500k blocks to those who provide oneWING-USDC liquidity. Take these steps to earn your share:

1. Decide how much you want to deposit. In our example, we will use 10k USDC. You will need half of this amount (5k) in USDC and half of this amount (5k) in oneWING to deposit to the liquidity pool and liquidity farm.
2. Go to https://www.ichi.farm/#/mint?pwing to estimate how much pWING you will need to mint. Fore example, 5k oneWING can be minted with 4980 USDC and 0.9565 pWING at a minting ratio of 99.6% and a pWING price of $20.911 (see Image 1). Over time, this minting ratio will decline as oneWING becomes over-collateralized with pWING.

Image 1: Estimate the amount of necessary pWING

3. Go to Sushiswap pool to swap USDC/ETH for pWING (0.957 in our example).

https://exchange.sushiswap.fi/#/swap?inputCurrency=0x8F041A3940a5e6FB580075C3774E15FcFA0E1618&outputCurrency=0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48

4. Go to the ICHI minter to mint oneWING (5k in our example).

https://www.ichi.farm/#/mint?pwing

5. Go to Sushiswap to deposit to the USDC-oneWING pool (5k each in our example). https://exchange.sushiswap.fi/#/add/0x8F041A3940a5e6FB580075C3774E15FcFA0E1618/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48

6. Deposit your Sushiswap USDC-oneWING liquidity pool (SLP) tokens into the ICHI farm.

https://www.ichi.farm/#/farm?onewing-usdc

Why does wing.finance need a stablecoin?

Wing.finance’s users will be able to borrow and lend in USD with an asset minted with WING. This will enable them to reinforce the value of the WING rewards powering the system.

How You Can Participate

Join ICHI on Telegram, Discord, and follow us on Twitter.