Proposal: Launch oneFIL, a Filecoin stablecoin

TL;DR

• Create a oneFIL stablecoin for the Filecoin community.
• oneFIL will be the first ICHI V2 stablecoin
• Filecoin is one of the leading tokens in the decentralized file storage space. oneFIL will provide a medium of exchange to this community, making it easier to pay operating costs, provide liquidity, and earn rewards.

Motivation Filecoin has expanded its footprint on Ethereum with the renFIL token. This is supported by organizations including ConsenSys, Protocol Labs, and Ren Protocol. They have indicated support for oneFIL as a stablecoin collateralized with renFIL for usage in the Filecoin and broader IPFS (https://ipfs.io/) ecosystem.

Specification

• oneFIL will be a stablecoin guaranteed to be redeemed for $1 in USDC
• renFIL will be the community token used in minting oneFIL
• Initial minting ratio will be set to 95% (.95 USDC + .05 renFIL to mint $1 oneFIL)
• oneFIL will use the Chainlink oracle for renFIL:USD price
• ICHI will support rewards to oneFIL depositors

Rewards ICHI will provide rewards for an initial 12 week bootstrapping period. The minimum rewards will be distributed according to the following schedule:

Weeks 1-4: 0.2 ICHI per Block Weeks 5-8: 0.1 ICHI per Block Weeks 9-12: 0.05 ICHI per Block

Default Treasury Management Rules:

• Initial Minting Ratio: 95% USDC, 5% renFIL
• 150% treasury reserve percentage is required to decrease minting ratio
• Treasury backed must be less than $50k at less than 150% treasury reserve ratio
• Supplied USDC may be used to provide USDC-oneFIL liquidity
• Governance Rewards to xICHI: 20% performance, 2% management
• 100 holders, none greater than 5% outstanding oneFIL, and 40+% quorum of deposited oneFIL is necessary to hold multisig elections