Relaunch oneWING on ICHI v2

ICHI launched oneWING for the WING community in February 2021. Both the ICHI and WING communities propose an upgrade/relaunch of oneWING to ICHI v2. In this proposal we will refer to the current oneWING version as oneWING (Legacy) and the proposed v2 version as oneWING (New).

Reasoning

oneWING (Legacy) is not currently supported on ICHI V2 and does not benefit from the new Decentralized Monetary Authority (DMA) model:

• A new user interface at ichi.org,
• 80+% lower gas expenses when minting and redeeming
• Single-step deposit for ICHI rewards (no required LP provision)
• A pluggable infrastructure that enables it to earn yield across DeFi
• Protocol-provided Uniswap V3 liquidity for oneWING (New) and pWING
• Higher levels of ICHI rewards
• Audits by Quantstamp and Solidified

History

oneWING (Legacy) was the first ICHI-supported stablecoin launched on ICHI V1 in February, 2021. As of 11/13/2021, oneWING (Legacy) represents over 74% of stablecoin borrowing and lending in the Ethereum Flash Pool at wing.finance. This is nearly 5X more than the other 4 stablecoins (USDT, USDC, DAI, and UST) combined.

However, there is room to improve in terms of the oneWING (Legacy) treasury as it is 97% backed by USDC because of 3 factors: pWING was not lent to the oneWING (Legacy) treasury, 2) most oneWING (Legacy) was minted when the WING price was $40-$60, and 3) Ethereum pWING liquidity has been inconsistent since the launch of oneWING (Legacy). The launch of oneWING (New) will solve these problems.

Solution

Following the treasury and minting strategies for one1INCH, oneFUSE, onePERL, and oneMPH, we believe that we can launch oneWING (New) on ICHI V2 to achieve the following goals by 1/30/2022:

• $500k pWING captured during oneWING (New) minting
• 10M supplied and borrowed oneWING (New)
• 2MoneWING (New) deposited to ichi.org and earning ICHI rewards
• $500k protocol provided oneWING (New) -USDC liquidity on Uniswap V3
• $500k protocol provided pWING-USDC liquidity on Uniswap V3

Specification

ICHI to: Deploy a Decentralized Monetary Authority (DMA) for the Wing DAO community, building a Branded Dollar backed by both pWING and USDC; Provide 25,000 ICHI over 3 months to oneWING (New) deposits at ichi.org.

WING to: Provide 5,000 pWING to oneWING (New) supplying and borrowing over 3 months; Deposit 10,000 pWING to the oneWING (New) treasury to bootstrap a 75%-25% USDC-pWING minting ratio, ensuring strong pWING demand Enable 10x multiplier of pWING rewards for the first week of oneWING (New) supplying and borrowing in Wing Flash Pool (Ethereum).

To understand the details of oneWING (New) Governance please see the proposal on wing.finance: https://wing.finance/votedetails/50