8IP#5 - $oneMPH stablecoin co-investment

Author: Kobayashi, ICHI core team. See Proposal discussion.

We would like to ask the community to vote for a liquidity rewards co-investment of $24K to bootstrap the minting and liquidity of $oneMPH

Details of the $oneMPH launch plan:

Phase 1 - 42 days initial liquidity farming program

ICHI to

• Create $oneMPH, a stablecoin minted with $MPH.
• 0.05 ICHI per Block for the first 42 days to $oneMPH deposits.

88MPH to

• Pay $24K to ICHI upon launch of $oneMPH, ICHI will mint $oneMPH and hold for at least 1 year.
• Publish the initiative on their website and app, direct to app.ICHI.org for actual minting and depositing of $oneMPH

Phase 2 - explore the implementation of use cases to drive $oneMPH demand:

1. Introduce a Fuse (Rari Capital) pool for $oneMPH lending / borrowing
2. Integrate $oneMPH as FIRB - Fixed Interest Rate bond
3. Charge lower platform fees for fixed APY products using $oneMPH.
4. Increase $MPH interest rewards on stablecoin fixed-rate bonds (or other products in the future) that will use $oneMPH vs. other stablecoins

MPH team and community will consider if they wish to allocate an initial treasury deposit in $MPH or any other tokens into the $oneMPH treasury to reduce the initial minting ratio, allow users to lock up more $MPH and less USDC when minting new $oneMPH.