- ICHI builds and incentivizes stablecoins for other projects, like $oneGTC - always redeemable 1:1 to $USDC, and backed by $USDC + your project token ($GTC).
- We believe any community should have it’s own medium of exchange to unlock the economic power it has - there’s no better place to start this public good initiative than experimenting with the Gitcoin community.
- Countries have their currencies. Brands have their loyalty program point. Crypto communities need to have their own MoE that can be used to incentivize users to retain value within the ecosystem.
- Looking to get Gitcoin’s community feedback and ideas on $oneGTC use-cases and initiatives.
(throughout this post I will use the Gitcoin example, but the same applies for any crypto community with a native token)
Today - Gitcoin allows grants and bounties to be paid in various currencies & stablecoins. With the introduction of $GTC, Gitcoin is ready to foster it’s own economic power, and encourage people to use the protocol native asset as the protocol mean of exchange.
Problem - As with any utility / governance token - $GTC volatility prevent it from being used as a medium of exchange
Solution - ICHI will launch $oneGTC - a stablecoin redeemable 1:1 for $USDC, backed by $USDC + $GTC. $oneGTC can be used across Gitcoin as a stable medium of exchange governed by the stablecoin holders. Anyone can mint $oneGTC by supplying USDC and $GTC to the mint contract. This creates a reserve of $USDC to ensure redemption at $1 and a community treasury of $GTC
How - Gitcoin user contribute, pay grants, hold funding in $oneGTC - protocol native stable medium of exchange - users can benefit from discount on platform fees or other means of rewards for preferring to use the protocol native stablecoin - helping the protocol increase the utility of it’s token and create a token sink as collateral to $oneGCT
Gitcoin community can use $oneGTC to:
- Pay contributors in stablecoins - giving them a way to hedge token volatility + generate demand for $GTC token (unlike using other stablecoins that require to give up on your token to acquire it)
- Encourage users to donate in $oneGTC
- Pay bounties with the protocol native stablecoin
- Treasury diversification - Gitcoin can hold part of it’s treasury in a stable medium of exchange, while using $GTC token as collateral
- Create work bonds backed by income service agreements (ongoing discussion with @androolloyd)
ICHI v2 launch
ICHI deployed a Decentralized Monetary Authority (DMA) which will deploy and manage the $oneGTC stablecoin. The DMA has been audited by Quanstamp and Solidified. It provides decentralized minting and redemption of oneGTC at $1. The DMA will manage collateral and yield strategies at the direction of the oneGTC community.
If the community is supportive of running this experiment, there are usually two phases to the launch of a new $oneToken, and a core principle of value exchange between the communities
Phase 1 - Bootstrapping
- ICHI will do all the heavy lifting of launching a $oneGTC, PR and marketing and providing liquidity rewards for $oneGTC minters and stakers.
- Gitcoin will support with it’s own rewards and/or endorsement of this experiment by proposing use cases where users can use $oneGTC in the protocol.
Phase 2 - adoption
- Introducing new use cases for $oneGTC to drive adoption and growth.
ICHI is a family of stablecoins (coins valued at 1 USD) designed to drive scarcity of member coins (ie, $oneGTC = $1). ICHI exists to provide price stability and community treasury to projects like Gitcoin, only the Gitcoin community governs its stablecoin treasury.
How is the ICHI design better than other stablecoin designs?
The peg is guaranteed; redeeming $oneGTC will always get the equivalent in USDC. However, unlike USDC, ICHI is 100% on-chain and non-custodial.
When minting a oneGTC - you deposit exactly $1 - no need for over-collateralization, or getting into a debt position as the case is with other stablecoin projects.
Who is behind ICHI?
ICHI was created with a top team of devs from Microsoft, Amazon, RedHat, and IBM. ICHI had a 100% fair launch and has been community-owned from the first block. There was no pre-sale, no initial team cut, etc.
ICHI already collaborates with top DeFi dex like Bancor (ICHI token whitelisted and co-invested for IL protection) Sushiswap, 1inch (rewards program in place), Balancer and loopring
Towards v2, ICHI is in the process of launching new oneTokens for top crypto projects (list can be found in the ICHI telegram channel)
Website - https://www.ichi.org/
dApp - ichi.farm
Updated proposal here Proposal: $GTC-Backed Economy