Read the original proposal on Discourse

# Proposal to Whitelist ICHI (ICHI)

This proposal is expected to appear on Snapshot for voting on Monday 26th April 2021 at 12:00 pm UTC.

# TL;DR - The ICHI token is secure and represents negligible insurance risk to Bancor:

• ICHI turns crypto’s $64B parasitic relationship with stablecoins into a mutually beneficial one.
• Now communities can have complete control of their money, including each of the important features: store of value, unit of account, AND Medium of Exchange.
• You can mint and redeem in-house, over-collateralized, non-custodial stable coins at https://www.ichi.org/
• Fair-launch - no presale, no team cut.
• 5,000,000 ICHI were minted - additional minting is impossible.
• 100% self-sustaining vote-weighted community governance.
• A robust and experienced team - average of 12 years of experience at companies such Amazon, Microsoft, RedHat, and IBM.
• Strong, vibrant, loyal community
• 5 active oneToken stablecoins (ETH, wBTC, LINK, vBTC, WING)
• Three completed audits
• Coinvestment being sought is 20k BNT

Token Address: https://etherscan.io/token/0x903bef1736cddf2a537176cf3c64579c3867a881

Project Website: https://www.ichi.org/

# Token Security

1. 5,000,000 ICHI were minted - additional minting is impossible

• ICHI token contract has no owner and no governance
• No way to generate new ICHI tokens
• No opportunity to add new minters

2. 5,000,000 ICHI were transferred to ICHI farming contract

• No initial team cut
• No pre-sale
• No way to transfer the ICHI from the contract other than through liquidity farming

Project

Not your stablecoin. Not your money. ICHI turns $64B parasitic relationship scarce crypto coins have with stablecoins into a mutually beneficial one. Every project can now have their own oneToken (ICHI stablecoin) that is minted with that community's scarce crypto + a fiat-backed stablecoin. For example, you must buy BNT to mint oneBNT (a hypothetical Bancor 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.

oneTokens provide the hard peg of centralized stablecoins without sacrificing decentralization nor giving up on the underlying asset.

oneTokens keep their value at $1, are purely on-chain, and accrue a community treasury in each oneToken's cryptocurrency.

Let’s simplify the story. Typically, when you want to make a trade and get out of your favorite asset to ‘get stable’, you need to trade out of your favorite asset into a stablecoin. Now you’re in an either/or scenario. Whether USDT, USDC, DAI, these other stablecoins capture value for themselves and not for your favorite crypto asset. Remember, you just sold it to get stable.

Enter ICHI. With ICHI, you can have your cake and eat it too.

By minting a oneToken - oneBNT for example - and not selling into another stablecoin, ICHI not only puts upward price pressure on BNT, but also grows a community treasury that YOU govern and control. You pay in member coins to mint a coin's stablecoin. These coins remain in a community treasury because you only get back USDC when you redeem the coin's stablecoins. The coin's community decides what to do with this treasury by voting with the stablecoin itself. A common action may include selling part of the community treasury to buy more USDC and deposit it back into the stablecoin's USDC collateral.

Tokenomics

• 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
• 56% 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 base rate of 0.5 ICHI per block to liquidity providers
• ICHI halvings distribute the dwindling supply of ICHI without ceasing liquidity rewards
• ICHI’s next halving: May 8th, 2021

Community and Communication

Learn more by visiting the ICHI website, Twitter, or Telegram. If you’re a developer visit ICHI docs or join Discord.

Available Audits

There are three completed audits of ICHI:

1. Bramah Systems: https://github.com/ichifarm/audit
2. defiyield.info: https://defiyield.info/assets/pdf/ICHI.pdf
3. Certik: https://www.certik.org/projects/ichi

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

• $30M Market Cap
• $29.2M TVL
• Market Cap / TVL Ratio: 1.02
• $11.6M Liquidity for the ICHI token
  • 43% Sushiswap
  • 26% 1INCH
  • 16% Balancer
  • 12% Loopring
  • 1% Bancor
  • <1% Uniswap
• Over 60% of circulating ICHI is locked in DeFi contracts
• Current Total Supply: 5,000,000 ICHI
• Circulating Supply: 2,802,709 ICHI

Table 1 - ICHI Weekly Metrics

More stats: https://www.ichi.farm/#/farm Coingecko: https://www.coingecko.com/en/coins/ichi

Farming rewards are financed by the gov treasury. No new minting.