Proposal: $GTC-Backed Economy

As a first foray into treasury management in collaboration with the #workstream-discussion:public-goods-funding we stewards, @Yalor, @androolloyd @Pop , @HelloShreyas & @AcceleratedCapital propose partnering with the ICHI community to create $oneGTC:

A stablecoin to accelerate the funding of Gitcoin DAO.


$oneGTC will provide the GitcoinDAO with a toolset for generating greater resources that can go towards digital public goods. It will enable a significantly increased value for $GTC token and greater economic freedom for the contributors of the DAO. By using the ICHI system we are able to unlock the value of the token treasury, allowing us to retain more value within our ecosystem and decrease the sell pressure for our workstream contributors.

  • Having a stable token for the GitcoinDAO allows us to fund work streams with certainty, instead of being victims to market fluctuation.

  • Using $oneGTC as our preferred token instead of market selling $GTC will lead to retaining more value within the Gitcoin ecosystem (see chart)

  • A success of this experiment will lead the way to other open-source projects unlocking the value of their scarce assets, Gitcoin should lead the way in empowering communities and helping them unlock their treasury.


Following other top projects like Filecoin and 1INCH, we propose partnering with ICHI to build $oneGTC, a stablecoin minted with a mix of $USDC and $GTC.

  • $oneGTC is a native stablecoin for funding the ongoing operation of the Gitcoin DAO, as well as rewarding contributors new to the Gitcoin ecosystem.
  • ICHI has built the only stablecoin design to be governed by a specific crypto community.
  • GitcoinDAO will govern the $oneGTC treasury, and can apply any strategies it likes to grow it’s collateral, or decide to incentivise activities using it’s earnings.
  • Allocate the next 45,000 GTC outlined here to bootstrap the $oneGTC treasury, with an additional $100k worth of tokens to provide liquidity for the pools, matched by $100k worth of ICHI rewards for LP’s from the ICHI community.

To learn more read here:

Proposal Stage: :white_check_mark:

Initial Target::dart: - The first step to delivering this is to get consensus on the value of this proposal, we require a clear signal via snapshot from the token holders to show their support for this treasury scheme. Once approved the ICHI team can deliver the token treasury in 7 business days.

Budget::bank:There is no additional budget required to deliver this proposal, we propose using 45,000 GTC allocated to workstreams to bootstrap the oneGTC treasury, with $100k in $ICHI provided by the ICHI community to reward liquidity providers who add USDC to the pools.

Plan and Timeline::factory: See plan above, timeline is 10-14 days from treasury deposit.

Individual/s Responsible::jeans: We are partnering with the ICHI community a few of whom include:

  • @Lior
  • @37 Aces, Chief Technical Officer
  • @masanobufukuoka, Farmer
  • Samuel Mendenhall, core dev
  • Vladimir Stemkovski, core dev
  • Kobayashi, ecosystem
  • Ethan Lehman, community

All ICHI team can be found here.

Ultimately they will be responsible for delivering the working treasury scheme and token, and @Yalor & @androolloyd will be responsible for overseeing the work being done and ensuring that it is delivered on-time and within the existing scope outlined above.

This proposal will be open for discussion for 2 weeks leading up to the next Gitcoin Stewards Call August 2nd, a corresponding snapshot can be found below:

oneGTC - snapshot vote Open Monday July 26th - August 3rd.

Thank you for engaging with this proposal, even if you just give us your stamp of approval it means a lot. We are here to serve the DAO and hope through the creation of oneGTC to ensure a longer lasting and more sustainable treasury for years to come :clinking_glasses:

Original $oneGTC proposal [Proposal] $oneGTC - a stablecoin for the Gitcoin community


Setting up ways to have sustainable funding is a great idea, especially leveraging the learnings of stable coins.

Is there any concern of launching this so soon after GTC token itself was launched?

Good question, the concern that was actually surfaced during our discussion calls was quite the opposite.

The sooner we launch oneGTC the more $GTC that is locked up into the treasury, the less GTC that hits the market, the less sell pressure that’s created.

See this comment from @griff

Honestly, I think every token that has a marketplace should make a stablecoin

Volatile tokens can be a speculative store of value (GTC has no economic value) and CAN be used as a medium of exchange but as a unit of account they cause more problems than they solve… in fact, because of the unit of account issues, the medium of exchange use case is hampered.

A few people have suggested the same idea, that perhaps this would be a better fit in a few months. But IMO as long as we’re making payments to workstreams, which is definitely happening now, we should be exploring the most sustainable and longevity producing schemes to sustain the value of the treasury and ensure that these funds continue to multiply instead of sitting locked idly in the DAO vault.

So we don’t expect any downside risks of being “too soon” at this time.


Yeah, that makes sense and I’d agree with Griff. I think the sooner we can create sustainable funding models, the better.

My concern is more around finding hands to do the ops around this.

I think this proposal makes a lot of sense…

I have done no due diligence on ICHI but I will definitely look into their work next week and learn more… If anyone has any links for me to chew on I will take them. Thx for spoon feeding me in advance :smiley:

I would love to read a spec if there is something already put together.

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Thanks for the great suggestions.
I would like to confirm a few things.

  • Is this a fork of Frax or Titan?
  • How does the 1:1 redemption mechanism work for USDC when GTC is in the mix? (Is there any documentation?)
  • I really like the concept of using oneGTC for grants, but how do we get the USDC needed for reserves?

Thank you @griff . Here are some relevant links about ICHI for you and the community’s convenience:

Core Technical Concepts - ICHI Docs V2

ICHI Audits: Audits - ICHI Docs V2
ICHI website:
ICHI app:
Community Telegram chat: Telegram: Contact @ichifarm

Previous oneToken Launches coverage:


  • Fair - launched, all governance decision are documented on the snapshot page
  • Contracts have been audited by Quantstamp and Solidified.
  • A team of 10+ contributors with years of experience in crypto and tech contributing to the project full time
  • ICHI received grants and is actively developing on Solana, Moonbeam, Flow. More in discussions.

I read the document. I agree with the conclusion.

Can we specify in the Terms of Reference that projects that receive subsidies will use oneGTC without redeem?
If they need more stable tokens (such as USDC), they should be reccomend to use Swap in the market.

If USDC is acquired through Redeem, collateral is reduced and GTC may be sold.
one token is pegged overall, but if redeem becomes a common route, it will be unstable.
We need to eliminate the temptation to get USDC by the redeem, and expand the utility.

Hi @mame , that’s a great point - this is why ICHI had just launched the first protocol provided liquidity function - The treasury is deploying ~10% of $USDC collateral to a trading pool on uniswap. As the liquidity provider, it earns a 0.05% trading fee and further grow collateral.

Q1: Is this a fork of Frax or Titan?
A1: It is not a fork of FRAX or Titan. Quite the opposite: Those projects promote fractionally reserve stablecoins at huge risk to depositors while ICHI’s model is the most over-collateralized model in the market. It focuses on creating a horde of hodled crypto (ie, $GTC). Every line of ICHI’s Decentralized Monetary Authority (DMA) code base is original and fully audited by Quantstamp + Solidified. The DMA architecture is fully described at

Q2: How does the 1:1 redemption mechanism work for USDC when GTC is in the mix? (Is there any documentation)
A2: You redeem 1 $oneGTC for 1 $USDC (less redemption fee). You can also swap at close to 1-for-1 on Uniswap V3. It is that simple! Nothing else like it. That allows $USDC to function as a regulated off-ramp for $oneGTC. If $oneGTC runs low on supplies of $USDC, it must rebalance on Uniswap V3 (or similar) to get more $USDC. But this is always less than the amount of $GTC that would have otherwise been spent if using any other stablecoin or fiat asset. Try it here with $one1INCH and $oneFIL: Read more here:

Q3: I really like the concept of using oneGTC for grants, but how do we get the USDC needed for reserves?
A3: It is up to the Gitcoin DAO but here are three ideas to mint $oneGTC while needing to sell very few $GTC:
a) Reduce the amount of USDC needed to mint $oneGTC with loans to $oneGTC treasury. There are two extremes: 1) no loan - this means 98+% USDC is needed at first and the minting ratio may only slowly decline as the treasury earns yields, 2) lend enough to maintain 600+% treasury reserve - this means minting ratio can be very close to 0% (ie, 5%)… you only keep enough USDC around for short-term redemptions. Anything in between enables minting ratios from 5% to 98%. We set the initial proposal to allow an 80% minting ratio.
b) Borrow. You can set up $GTC and $oneGTC lending markets on platforms like (an ICHI partner), Aave, and Compound. Supply the $GTC and borrow $oneGTC or $USDC.
c) Options. There are option financing scenarios that involve no liquidation risk (unlike option b).
IMO, the best thing to do is to start simply and get more fancy/complex with scale.


Interesting Dashboard there…

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I’ve been following this since the original post! I like this idea and I’d love to see a GTC backed stablecoin powering some of the Gitcoin activities!


This idea is sexy . I have been involved in several algo stablecoin like $OHM , $Float and $Rai . In my opinion , in addition to the mechanism, the usage scenario is also very important . I think we should discuss how to use $OneGTC . Of course , i think we can refer $Luna and $UST . In Luna’s economic system , people can mint $UST by mortgage $LUNA and can use $UST buy mirror’s synthetic assets.

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As of now there are over 700+ people voting YES for launching $oneGTC , with 99%+ support !
It is super exciting to get such a huge support from the Gitcoin community and we at ICHI are grateful to partner with this amazing & engaged community!

We will put all of our efforts now to get ready for launch, with the following next steps:

  • ICHI community vote to launch $oneGTC goes live - Aug 2nd
  • Gitcoin voting ends - Aug 4th.
  • ICHI voting ends- Aug 5th
  • $oneGTC launch - Aug 6th

We will keep this thread updated with news


Thanks for putting together the proposal. I really appreciate the sharing of ideas and ways to make Gitcoin better. I shared my thoughts on this in the prior proposal discussion but wanted to follow up here too.

I spent a lot more time thinking about this proposal given how many great people are involved and supporting this but I still don’t think it makes sense to create a separate stablecoin for Gitcoin at this stage. There are many other stablecoins that the community can use right now and it can become a potentially complicated, distracting process to make sure this is successful. If one of the objectives is to reduce market selling of GTC, then it might be worth also thinking through if there are other ways to achieve the same objective like staking. While I’m voting no on this proposal, I am fully supportive of experimentation if the community votes otherwise.


Thank you @linda for taking the time to review the proposal and participate in voting!

As you wrote - it’s an experimentation, and the ICHI community is committed to support Gitcoin community in making this work and add value. We appreciate your inputs and welcome more of your experience and insights going forward as we (hopefully) launch!


you are right. onegtc will make a lot of sense.

In my understanding it is just one of the ways to create collateral, I think it will be hard to maintain the stability, but we can do it as a pilot project, therefore as long as the total liquidity is carefully planned, we can start ‘test in prod’

GTC is officially a governance token with no economic value as declared by the DAO on issuance and I believe it’s important from a legal perspective that that continues to be the stance. Sure it does trade on Uniswap, but this community can’t control that. I worry that formally creating a stablecoin that relies on the premise of a valuable GTC token could create regulatory complexity. Has this been evaluated by anyone? I haven’t seen anything in the post or comments addressing regulatory concerns.

I also haven’t seen alternatives discussed (e.g., Uniswaps KPI token idea).

Taking a step back, it may be better next step to firm up how this DAO conducts analysis (e.g., with something like yTeams at Yearn) on operational, legal, tax, technical, and other considerations before fairly specific proposals go to vote.

Do you have some alternatives that you’d like to propose ? That’s what this thread is for by all means. The community can make the decision on the best path to choose, but at the end of the day ICHI has stepped up to deliver this proposal as a collaboration with GitcoinDAO & offering $100k of incentive rewards to build the stability of the treasury.

One thing I think that’s very important to differentiate is Gitcoin the company takes a certain stance on the value of the token, that’s all good an fine but that doesn’t necessarily mean the Gitcoin community has to take the same stance. The tokens an ERC-20 that is openly traded on Ethereum, we can do whatever we want with it and because the DAO is a non-legal entity.

I know the people who are relying on workstream payouts certainly won’t take the same stance around value.

In my opinion we need stable budgets for contributors to feel confident about their runway and how much time they can devote to working on fulfilling the DAO’s missions. This proposal moves us closer to that reality and so I stand by it.