Launch a oneVBTC?

Voting ended almost 5 years agoSucceeded

Co-written by Ataxia of Strudel.

Summary Create a oneVBTC stablecoin for https://strudel.finance/ and incentivize a liquidity pool on Sushiswap with 0.012 ICHI per block for 500k blocks (a value of $40k on 3/1/21). After the initial 500k blocks, ICHI rewards will continue to be allocated based on the proportional number of oneVBTC provided to eligible liquidity pools (uncapped value).

Conditional: If approved, the proposal will only go into effect if the Strudel community approves 1 vBTC + $20k USDC grant to ICHI. This vBTC-USDC grant (a value of $40k on 3/1/21) will remain deposited in the oneVBTC-vBTC Sushiswap pool for a minimum of 12 months.

Abstract The Strudel Protocol has created a trustless bridge for BTC into the Ethereum ecosystem. In order to maintain the price of vBTC equal to BTC the protocol must be integrated across the DeFi ecosystem to provide holders avenues to unlock the value proposition of a tokenized Bitcoin. One such use case is the creation of a stablecoin, for which the Strudel team has approached ICHI with their interest to create a One token based on vBTC.

Motivation ICHI is also community governed and exists to create stablecoins for other crypto projects. Strudel is an ideal next candidate for an ICHI stablecoin.

Specification oneVBTC will be:

mintable on Ethereum with vBTC and USDC.
available to trade on SushiSwap/Uniswap through incentivized trading pools.
available to lend/borrow on Sushiswap’s Bento Box.
ICHI’s 5th stablecoin after oneBTC, oneETH, oneLINK, and oneWING.
just as stable as USDC and USDT.
100% on-chain and transparent.
governed by oneVBTC holders.

oneVBTC oracle and treasury:

oneVBTC treasury will be recapitalized with USDC to a minimum 350% treasury reserve ratio anytime the treasury reserve ratio dips below 250%
ICHI earned by oneVBTC treasury may only be sold if other treasury assets are already liquidated
oneVBTC treasury pays 2% governance reward and 20% strategy performance reward to xICHI (the same as other oneTokens)
vBTC price used when minting is the minimum of the following prices: 1. Chainlink BTC/USD spot price, 2. 24 hour TWAP from vBTC-ETH Sushiswap/Uniswap pool, and 3. 1 hour TWAP from vBTC-ETH Sushiswap/Uniswap pool