TL;DR

• Proposal to whitelist ICHI’s new token contract to go up for vote Sunday June 12, 2022
• ICHI raised money, formed the ICHI Foundation, and passed a proposal in December (https://snapshot.org/#/ichi.eth/proposal/0x13bca87e14e1e7250f61840e8c937395bf2b06becfab3b686b742fa06aea4ef4) to phase in an updated token contract
• ICHI has to implement Bancor v3 liquidity as the first use-case for new ICHI token contract
• Trading liquidity limit of 800,000 BNT (less than half of legacy ICHI in order to ease into v3)
• ICHI will stake and provide 50,000 BNT worth of ICHI tokens for Dual Liquidity Rewards
• ICHI to provide 150,000 BNT worth of External IL Protection to Bancor
• Upon Bancor DAO approval, ICHI will be launched on Bancor v3 with other pools
• The ICHI pool will be set at a 0.3% fee tier

ICHI token address: 0x111111517e4929D3dcbdfa7CCe55d30d4B6BC4d6 (https://etherscan.io/token/0x111111517e4929D3dcbdfa7CCe55d30d4B6BC4d6)

Background & Rationale

• ICHI was whitelisted on April 26th, 2021 with an overwhelming response of 51% quorum and 97.41% for votes.
• ICHI trading liquidity limit was increased to 350k BNT on June 10, 2021 with 54% quorum and 99.85% for votes.
• ICHI trading liquidity limit was increased to 700k BNT on August 18, 2021 with 41.48% quorum and 91.2% for votes.
• ICHI trading liquidity limit was increased to 1M BNT on February 2, 2022 with 49.08% quorum and 100% for votes.
• ICHI trading liquidity limit was increased to 2M BNT on April 3, 2022 with 46.99% quorum and 89.53% for votes.

Since the most recent Bancor vote, ICHI launched its new token contract, had a renewed launch of its Angel and HODL Vaults with new partners locking in over $10M in TVL in the first week, and built new strategies for partner vaults. Some of the ICHI vault partners include Nexus Mutual, Qredo, and Celsius. Learn more on about the token upgrade and protocol revamp.

ICHI plans to work with the Bancor DAO to partner and build a Vault for the Bancor community for users to earn yield.

Token Liquidity

ICHI’s main liquidity markets are on Uniswap v3 at the moment and are looking to build a strong liquidity market as before on Bancor v3.

Benefits for Bancor

1. Bancor will be the first Liquidity program for ICHI getting rewards for deposits (and the main place ICHI will send users holding ICHI to provide liquidity).
2. ICHI to provide 100,000 BNT worth of External IL Protection to the Bancor community.
3. Bancor will have privileged access to HODL Vault creation on the new ICHI platform including access to IRR enhancements of up to 10k ICHI per week in the first 6 months.

External IL Protection

The ICHI DAO proposes a schedule where after 1 year, 75% of all ICHI not used for External IL protection is returned to the ICHI DAO multisig.