Proposal to Whitelist ICHI

Note: This proposal is planned to be submitted to snapshot on Monday, March 29, 2021.

The ICHI token is secure and represents negligible insurance risk to Bancor:

KEY LINKS:
Token contract address: $14.78 | ichi.farm (ICHI) Token Tracker | Etherscan
Project website: https://www.ichi.org/
Bancor pool (ICHI-BNT) contract address: ICHI / BNT Liquidity Pool ichi.farm (ICHIBNT) Token Tracker | Etherscan
CoinGecko: https://www.coingecko.com/en/coins/ichi/usd#panel

Discussion:

ICHI is self-sustaining, community governed infrastructure that enables any other cryptocurrency community to create and govern their own in-house, non-custodial oneToken (a stablecoin valued at $1). You must buy that community’s cryptocurrency to mint their oneToken. For example, you must buy wBTC (wrapped Bitcoin) to mint oneBTC (Bitcoin’s oneToken). You can use these oneTokens to buy or sell goods and services, pay expenses and taxes, or to create USD exposure in DeFi (decentralized finance) applications.

Every ICHI is distributed through liquidity mining and every ICHI partner will need to have or start a liquidity mining program. This makes the ICHI community very friendly to AMMs.

Tokenomics:

ICHI has been community owned and governed from the first block.

A complete timeline of major ICHI community decisions, including links to on-chain transactions, is provided here: The ICHI Fair Launch + Ichinomics - ichi.farm docs

Community and Communication:

ICHI does not advertise or promote its system to the general public because ICHI exists to help other cryptocurrency projects. Those other projects speak on behalf of ICHI and drive the adoption of their oneTokens (ICHI stablecoins). Read what a oneWING stablecoin means to wing.finance: Medium

Available Audits:

There are two completed audits of ICHI:

  1. Bramah Systems: https://github.com/ichifarm/audit
  2. defiyield.info: https://defiyield.info/assets/pdf/ICHI.pdf

Remember, no audit can catch all problems. Please review the risks section of ICHI docs to better understand all the risks.

Market and Trading Data:

  • $48M Market Cap
  • $21M TVL as March 23rd, 2021
  • $8M Liquidity on ICHI token
  • Over 60% of circulating ICHI is locked in DeFi contracts

Do we really need another stablecoin project?

All the other stablecoins are ‘takers’: stealing locked value for themselves. ICHI is the only one that allows communities to opt into the security and usability of a stablecoin, without stripping away the scarcity of the community’s native token. ICHI is a ‘maker’ for other projects.

6 Likes

Perfect! Thanks Masa! <3

1 Like

Voted for whitelisting since this was a clean proposal without LM rewards. For anyone else that’s seeing this:

That’s good commitment from this community and we should support them.