ICHI Weekly Review — Week 16 (April 12–18, 2021)

News, Activities, and Announcements

New Weekly Charts

As ICHI matures, the team has decided to include a new chart that will provide metrics on weekly changes to provide context into how the project continues to develop. These numbers will include 6 week time intervals (with week over week data) as well as monthly metrics (taken at the end of each month). This will provide a more holistic view of ICHI’s continued development for both newcomers and ICHI veterans. As usual, weekly alloc points will continue to be updated (Table 2) to provide information on the ICHI reward schedule and liquidity across pools.

Highlights: Weekly Metrics (Table 1)

  • Row 1 — Weekly increase of 985 Basis Points (bps) for minted oneTokens
  • Rows 2–4 — oneToken Collateral, Treasury, and overall Liquidity increase over 200 (bps)
  • Row 5 — Monthly ICHI Liquidity up 10% since end of March
  • Row 10 — TVL up 12% since end of March
Table 1: ICHI weekly metrics for March 8- April 18, 2021

Highlights: Pool Liquidity and Reward Allocation (Table 2)

  • Row 3–24% increase in oneETH minted
  • Rows 5 — oneWING-USDC pool more than doubles with an increase of 237% in liquidity locked
  • Row 7–10% increase in oneToken Liquidity Locked
  • Rows 1, 12 — New Balancer Smart pools
  • Rows 9, 14, 16 — New Gas Saver Farms

Important: Please see 4/21/21 ICHI per block column in table 1 for this week’s changes to ICHI reward allocations.

Table 2: Pool Liquidity and Reward Allocation for April 12–18, 2021

*1inch contract details on ICHI guaranteed reward schedule

**Loopring contract details on ICHI guaranteed reward schedule

Pre-Proposal: New ICHI and oneToken Pools

While ICHI has had a great deal of success in its liquidity strategy until today, there have been a number of problems such as high gas costs for farming, fragmented oneToken liquidity with impermanent loss, ICHI rewards being spent outside of the ICHI ecosystem (ICHI and oneTokens), and lack of suitable liquidity pools for oneToken Treasuries. With these in mind, ICHI has proposed a few updates:

  1. Proposal: Migrate liquidity from current ICHI farms to new gas saving farms — wallet addresses that move their LP to the new farms by 5/5/21 and hold their LP there through 6/5/21 will have the gas fees for the move reimbursed 2X.
  2. New: ICHI-ETH Balancer smart pool which has been released on 4/17/21 — more info provided in pre-proposal document.
  3. A single Balancer smart pool for all ICHI stablecoins (oneTokens) and USDC — ICHI rewards from current oneToken pools will follow a similar migration schedule to the ICHI-ETH farms with rewards fully migrated by 5/5/21.

To learn more about the details of the migration and reward schedule see the Documentation.

For community members and token holders, please provide feedback and ask questions on Telegram.

Proposal: Moonbeam Grant

We are proud to announce that after submitting a proposal to build ICHI on Moonbeam (an EVM-compatible parachain on Polkadot), the Moonbeam Foundation has offered ICHI a grant. The Moonbeam team has approved a grant of 5,000 RIVER tokens and 5,000 GLMR tokens to enable ICHI to get started in building a community within the Polkadot ecosystem.

As of Monday April 19th, the proposal has been posted on Snapshot for ICHI holders to decide whether or not ICHI should accept the grant and build on top of Polkadot and Moonbeam. The voting will begin Tuesday April 20th at 12:00pm EST and will last 48hrs until Thursday 12:00pm EST. To learn more about the deployment milestones, grant information, and to vote, check out the Moonbeam Grant proposal.

Coming up this week (April 12–18)

  • New ICHI and oneToken pool proposals — opens 4/19/21
  • Moonbeam grant proposal — opens 4/20/21
  • Reward adjustments go into effect Wednesday 4/21/21

FAQ

  1. When is the ICHI Halving?

Date: May 8th, 2021

Countdown | Proposal | What is an ICHI Halving

2. How can I learn more and get involved with ICHI?

Website | Medium | Twitter | Telegram | Discord | FAQ

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