Ichi Partnership

I have been encouraged to propose partnering with the ICHI DAO to create $oneIOTX: A stablecoin to accelerate the growth of the $IOTX economy.

Why?

$oneIOTX will increase the value of the $IOTX token and provide greater economic freedom to all the contributors to the IoTex. It will leverage the value of the $IOTX token without selling it. It is self-defeating to sell $IOTX tokens for other stablecoins/fiat. $oneIOTX solves this problem by keeping stored value within the IoTeX economy when paying dollar-denominated expenses.

$oneIOTX will enable predictable budgeting and funding. There is no reason to be worried about market cycles.

More value will be retained within the IoTeX economy. Instead of selling $IOTX tokens for assets issued by other communities, entities, or governments, IoTeX can use its own asset to conduct business or create dollar-denominated exposure/loans in decentralized finance.

What?

Filecoin, 1INCH, Gitcoin, and other top projects are relying on ICHI to build their own stablecoin. The IoTeX DAO should partner with ICHI to make $oneIOTX, a stablecoin minted with a mix of $USDC and $IOTX.

Capital Efficient: $oneIOTX will be minted and redeemed for exactly $1, unlike other decentralized stablecoins that rely on debt or algorithms.

Regulated off-ramp: $oneIOTX is 1-for-1 redeemable for USDC, which is redeemable for a USD.

ICHI Telegram: Telegram: Contact @ichifarm

1 Like

Exciting about $oneIOTX for sure! There should be one decentrealized stable coin circulating in the IoTeX ecosystem! Let’s talk about it!

3 Likes

if $oneIOTX is 1-for-1 redeemable for USDC, where is $IOTX in the mix ?

If the stable assest can able to move to othere blockchain like polygon and bsc and etc then it’s good have stable coin for iotex. And please review seriously about the coin provider.

its considered a sold token once you redeem it.

$oneIOTX for the IoTeX ecosystem makes a lot of sense! I would happily support this initiative.

An IOTX stable token would allow for more value to be retained within the IoTeX economy. Instead of selling $IOTX tokens for assets issued by other communities, IOTX can use its own asset to conduct business or create dollar-denominated exposure/loans in decentralized finance.

Docs and audits, including one from Quantstamp, are available on (https://docs.ichi.farm/) for those who want a deeper understanding.

Happy to see if there are more questions :slightly_smiling_face: