Launch Stable FOX ($oneFOX)

Summary Originally starting as the first non-custodial crypto exchange, ShapeShift has grown to become a DAO managing multiple different types of products from hardware to software wallets.

After passing the proposal, (https://snapshot.org/#/shapeshiftdao.eth/proposal/QmPkxENCGuEyPEURQqi3NZfTyaUyCi3qmBYZZUdK6y8G3s) the ShapeShift community in conjunction with the ICHI DAO has agreed to create Stable FOX, a stable branded dollar backed by $FOX. $oneFOX will be the 7th ICHI V2 stable asset, following stable assets created for Filecoin, 1INCH, Uniswap, and more.

Specification ICHI to:

• Launch $oneFOX (0x03352D267951E96c6F7235037C5DFD2AB1466232)
• Provide 67k ICHI in rewards to $oneFOX deposits over 3 months ($320k value)

ShapeShift DAO to:

• Fund 50% of the cost of initial ICHI rewards ($160k). ICHI will use this entire amount to mint $oneFOX and hold it for a minimum of 12 months, increasing safety and enabling initial DeFi insurance.
• Loan 1.5M $FOX tokens to the $oneFOX treasury to lower initial minting ratio from 98% to 80%. Users will deposit an estimated additional 1.5M $FOX tokens in the initial minting period as a result of this loan.

Important Notes If the $oneFOX treasury’s reserve ratio drops beneath 200%, ICHI’s recommended minimum, the ShapeShift DAO may need to contribute more $FOX, or $oneFOX Governance may need to rebalance $FOX into $USDC.

$oneFOX Governance The ShapeShift DAO can perform any $oneFOX governance actions directly by passing a proposal, but a 4-of-6 multisignature scheme will be used for day-to-day operations. Two of the signers will be nominated from the ICHI DAO community, and four will be nominated from the ShapeShift DAO community. Here are the initial nominations:

1. Joshf (ShapeShift DAO): 0x5b8de63AFdeEdc64eb752623b49fc3A8Bd221245
2. Tyler (ShapeShift DAO): 0x71D1567aECb9aDB1BC41f1b91525344d0FAFdF93
3. WillyFox (ShapeShift DAO): - 0x1D01A2FefB8883A5cfB8c77B19d9b96794581288
4. Mperklin (ShapeShift DAO): 0x72E7b10ed4E45b57E5b97445BC5BA25501E76154
5. 37Aces (ICHI DAO): 0x0dd4C0c16Fff6693e169Ef89235Cb92F9D8943EE
6. Dhtal (ICHI DAO): 0xaD187f2D2e7957411475f7a66F1Fff273b38cAd5

A ShapeShift DAO proposal and successful vote is required to replace a Shapeshift signer with a new one, to replace an ICHI signer with a Shapeshift signer, or to change the threshold and number of signers. An ICHI DAO vote is required to replace an ICHI signer with a new ICHI signer.

Signing Process A full breakdown of the signing process, permitted transactions, and un-permitted transactions can be found here: https://docs.google.com/document/d/1w1-neGR-WZHhuB38okEMtR2m-kSbcr53tRNSbGyp2gI/edit?usp=sharing