Proposal to Whitelist ICHI

Note: This proposal is planned to be submitted to snapshot on Monday, March 29, 2021. Original proposal on Discourse

The ICHI token is secure and represents negligible insurance risk to Bancor:

• 5,000,000 ICHI were minted - additional minting is impossible (11/13/2020)
  • ICHI token contract has no owner and no governance
  • No way to generate new ICHI tokens
• 5,000,000 ICHI were transferred to ICHI farming contract (11/15/2020)
• Ecosystem grants to Accomplice Blockchain and Collider Ventures
• All major economic decisions are done by token-weighted voting
• 53% of tokens in circulation
• ICHI pays its core team in ICHI-BNT LP tokens
• 100% fair launch, no pre-sale, no initial team cut
• ICHI is currently distributed at 0.5 ICHI per block to liquidity providers
• ICHI halvings distribute the dwindling supply of ICHI without ceasing liquidity rewards

KEY LINKS: Token contract address: https://etherscan.io/token/0x903bef1736cddf2a537176cf3c64579c3867a881 Project website: https://www.ichi.org/ Bancor pool (ICHI-BNT) contract address: https://etherscan.io/token/0x563f6e19197A8567778180F66474E30122FD702A CoinGecko: https://www.coingecko.com/en/coins/ichi/usd#panel

Discussion:

ICHI is self-sustaining, community governed infrastructure that enables any other cryptocurrency community to create and govern their own in-house, non-custodial oneToken (a stablecoin valued at $1). You must buy that community's cryptocurrency to mint their oneToken. For example, you must buy wBTC (wrapped Bitcoin) to mint oneBTC (Bitcoin's oneToken). You can use these oneTokens to buy or sell goods and services, pay expenses and taxes, or to create USD exposure in DeFi (decentralized finance) applications.

Every ICHI is distributed through liquidity mining and every ICHI partner will need to have or start a liquidity mining program. This makes the ICHI community very friendly to AMMs.

Tokenomics:

ICHI has been community owned and governed from the first block.

A complete timeline of major ICHI community decisions, including links to on-chain transactions, is provided here: https://docs.ichi.farm/introduction/ichi-tokenomics

Community and Communication:

ICHI does not advertise or promote its system to the general public because ICHI exists to help other cryptocurrency projects. Those other projects speak on behalf of ICHI and drive the adoption of their oneTokens (ICHI stablecoins). Read what a oneWING stablecoin means to wing.finance: https://medium.com/wingfinance/onewing-a-wing-backed-stablecoin-da106dadc4

Available Audits:

There are two completed audits of ICHI:

1. Bramah Systems: https://github.com/ichifarm/audit
2. defiyield.info: https://defiyield.info/assets/pdf/ICHI.pdf

Remember, no audit can catch all problems. Please review the risks section of ICHI docs to better understand all the risks.

Market and Trading Data:

• $48M Market Cap
• $21M TVL as March 23rd, 2021
• $8M Liquidity on ICHI token
• Over 60% of circulating ICHI is locked in DeFi contracts

Do we really need another stablecoin project?

All the other stablecoins are 'takers': stealing locked value for themselves. ICHI is the only one that allows communities to opt into the security and usability of a stablecoin, without stripping away the scarcity of the community's native token. ICHI is a 'maker' for other projects.