Lior of ICHI protocol has been in touch recently (discord) asking about launching a new OneToken we would call $onePOOL for our token treasury. As i understand, ICHI protocol can be used to create a stablecoin asset based on any token.
Governance has been working towards stabilizing the treasury portfolio recently and one of the results of that was the sale of $POOL to venture capital firms for USDC directly.
The benefits as advertised by ICHI is that a oneToken can be minted and managed directly by governance through a Decentralized Montery Authority (DMA) - each community can issue their stablecoin to serve their community and token project, so when people use a stablecoin on your protocol, they still drive demand for the project scarce asset ($POOL)
I am personally neither for or against this idea currently, i just wondered what thoughts were on such a token. This could be useful as yet another means to get more stabilized assets into the treasury and wouldn’t necessarily require directly selling any POOL.
ICHI has been recently audited by Quantstamp and Solidified and many other protocols have partnerships to leverage their token.
Any thoughts on all this? Do you guys think a $onePOOL token would be useful for our treasury?
$onePool could be a used for any case where a stable medium of exchange is needed or in use .
It really depends on the protocol. some examples:
- AMM can use it to offer IL protection for it’s LP’s
- Any protocol can use it to pay protocol services in a fixed medium of exchange that drive demand for native asset
- Grants can be paid to contributors who can hold this grant vaule in a stable currency it can be used for treasury diversification, Insurance pool denominated in a stable currency (so even if the native token drops in value, the value in the pool can cover a $USD denominated value)
- Investors / Token holder who want to hedge their position and exit at a specific token price can do that without dumping the token on the market at once and more
Another way to look at it is like the parallel of what brands are doing today with loyalty programs or frequent flyer points - they are looking to retain users within their ecosystem by offering benefits and discounts to their users, in turn, users are willing to hold those points / cashback rewards in the “closed economy” since they get better terms + they can spend them on other products/ services of the compay/brand /protocol/
It’s up to the community to come up with ideas and use cases , but eventually it drives a thorough thinking process of how to foster internal value creation for a protocol rather than just relying on external value
Happy to answer more questions or read ideas from the Pooltogether community on potential use cases.
Hi Pool Together Community !
A lot has happened with ICHI since I first posted this proposal here. I wanted to share some updates, and hopefully to join one of the upcoming community calls to share more about the vision of ICHI and how a $onePool can benefit Pool together
ICHI launched v2, with a new UI, new contracts audited by Quantstamp and Solidified
- First oneTokens to launch - oneFIL & one1INCH- stablecoins for the Filecoin & 1INCH communities
- ICHI collaborate with top defi dex - Bancor (ICHI whitelisted + IL protection program), 1INCH (dual liquidity mining rewards), balancer LBP
- Many ongoing conversations with multiple other projects - sharing here for reference Gitcoin IDLE.finance , 88MPH and others
- ICHI received grants and is building on Solana & Polkadot Moonbeam. Polygon on the roadmap.
Happy to take questions here in the forum, or meet a team / community member to further explain the benefits.