Increase ICHI trading liquidity to 1M BNT from 750k BNT

This proposal is expected to appear on Snapshot for voting on January 30, 2022 (Lisbon) . Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.

To pass, this proposal needs a quorum of 40% and 66.7% FOR votes.

TL;DR

Increase ICHI Trading Liquidity to 1M BNT from 700k BNT

Background

ICHI was whitelisted on April 26th, 2021 1 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 1 on August 18, 2021 with 41.48% quorum and 91.2% for votes.

Since the most recent trading liquidity limit increase, ICHI launched Decentralized Monetary Authorities (DMAs) for ShapeShift, DODO, and BOOT. Additionally ICHI released the newest innovation in DeFi 2.0 - Angel Vaults! Since their release, ICHI has already launched its first cohort of Vaults, locking in an additional $10M in TVL in the first month. After the ICHI Angel Vault was released, ICHI’s price increased from ~$5.51 to ~$13.15 through the bear market (Nov. 29th, 2021 - Jan 24th, 2022).

ICHI plans to work with the Bancor core-team to partner and build both a DMA and Angel Vault for the Bancor community to help support BNT price and create a stable currency for Bancor operational use.

Trading Liquidity Limit Increase Justification

ICHI liquidity on Bancor is now the largest liquidity pool for the ICHI token but there is only space available for 1,270 more ICHI. With the recent release of ICHI’s Angel Vaults and its price increase, Bancor has been able to continue to grow its TVL through the market downturn. ICHI currently provides a 41.42% APY to this pool via xICHI rewards. An increase in trading liquidity limit to 1M BNT will enable Bancor to strengthen the partnership with ICHI and continue to grow TVL.

ICHI News Highlights Since Last Proposal

Are Branded Dollars The New StableCoins? | DeFi 2.0 with ICHI
ICHI Releases Angel Vaults: Get Comfy this Crypto Winter
ICHI’s Roadmap to 1B in Community Governed Value
ICHI enters the lending game with Rari Capital
ShapeShift Launches DMA with ICHI

FOR

Increase ICHI Trading Liquidity to 1M BNT from 700k BNT

AGAINST

Keep ICHI Trading Liquidity at 700k BNT