Proposal: Launch one1INCH and provide $100k ICHI loan to its treasury

Summary Create a one1INCH stablecoin for the 1INCH community on Ethereum. The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space. one1INCH will provide a stablecoin for this community that can be used to create USD exposure during these operations, help diversify the 1INCH at 1inch Foundation treasury that is the part of 1inch Network DAO, more easily pay operating costs, provide liquidity, and earn rewards.

Specification

1. one1INCH will be a stablecoin guaranteed to be redeemed for $1 in USDC
2. 1INCH will be the community token used in minting one1INCH
3. $100k ICHI loaned to the one1INCH treasury by the ICHI DAO. This amount is contingent $100k 1INCH loaned to the one1INCH treasury by the 1inch Network DAO.
4. Initial minting ratio will be set to 80% ($0.80 USDC + $0.20 1INCH to mint $1 one1INCH).
5. ICHI will support rewards to one1INCH depositors.

Initial Bootstrapping Rewards ICHI will provide rewards for an initial 4 week bootstrapping period. Minimally, 0.1 ICHI per block will be distributed to one1INCH Deposits during this period.

Default Treasury Management Rules

1. Initial Minting Ratio: 80% USDC, 20% one1INCH
2. 150% treasury reserve percentage is required whenever treasury backed is $50k+
3. Supplied USDC may be used to provide USDC-one1INCH liquidity
4. Deposited ICHI + 1INCH may be used to provide ICHI-1INCH liquidity
5. Governance Rewards to xICHI: 20% performance, 2% management
6. 100 holders, none greater than 5% outstanding one1INCH, and 40+% quorum of deposited one1INCH is necessary to hold multisig elections

Loan Terms The loans to the one1INCH by the ICHI and 1inch Network DAOs make it possible to lower the initial minting ratio from 95% to 80% without increasing risk by providing capital that backs these initial stablecoins.

1. $100k ICHI to be loaned by ICHI DAO, $100k 1INCH to be loaned by 1inch Network DAO
2. Actual loan amounts, denominated in ICHI and 1INCH, are determined by spot price at the time of deposit
3. The tokens will be used to provide protocol locked liquidity for 1INCH <> ICHI.
4. These funds may only be withdrawn from liquidity to take one of two actions: a) repay the loans, or b) recapitalize the stablecoin contract with USDC to maintain a 150% treasury reserve percentage.
5. Loan amounts are not included in the calculation of 2% management fee to xICHI
6. There is no interest.