ICHI Weekly Review — Week 18 (April 26 — May 2, 2021)
Recent News and Announcements
- Passed Whileisting: Bancor Whitelisting
Upcoming Activities
- MAJOR EVENT: ICHI Halving planned for May 8th, 2021
- Migration to new Gas Saver ICHI-ETH Sushi Pool
- Deprecation of oneLINK-LINK, oneWING-USDC, oneVBTC-vBTC Pools
Highlights: Metrics Table (Table 1)
- Rows 1–4: All oneToken metrics up over 34% week over week
- Row 5: ICHI Liquidity increase of over 30%
- Row 11: TVL increased by ~34% to $35.6M
Highlights: Pool Liquidity and Reward Allocation (Table 2)
- Row 1: $3.5M in liquidity in the new oneToken Balancer Pool
- Row 10: 26% increase in ICHI-1INCH pool liquidity
- Row 12: Over 26% increase in ICHI-ETH Balancer Smart Pool
- Row 16: Total ICHI Liquidity Locked increased over 30% week over week
- (Bonus Highlight): Three oneTokens have passed the 1M minted milestone (oneBTC, oneETH, oneWING)
Important: Please see May 5th, 2021 ICHI per block column in table 1 for this week’s changes to ICHI reward allocations. See May 8th, 2021 ICHI per block column for changes after the ICHI Halving.
*1inch contract details on ICHI guaranteed reward schedule
**Loopring contract details on ICHI guaranteed reward schedule
MAJOR EVENT: ICHI Halving, May 8th
New Reward Allocations have been added to Table 2 to show the upcoming changes for each pool due to the ICHI Halving scheduled for May 8th. At Ethereum Block 12394000, every liquidity pool’s reward allocation will be cut in half as a way to distribute the dwindling supply of 5M ICHI without ceasing liquidity rewards. To learn more about ICHI Halvings and the economic impact and reasoning behind them please see the following links:
Countdown | Proposal | What is an ICHI Halving
Migration to Gas Saver ICHI-ETH Sushi Pool
With the new gas saving contracts deployed, ICHI will plan to deprecate the old ICHI-ETH SushiSwap farm in favor of the new one. After the reimbursement proposal passed on April 21st, 2021 all farmers moving their LP tokens from the old farm to the new farm will have their gas fees for migrating reimbursed 2X.
Important dates for reimbursement eligibility
- May 12th, 2021: Final day to unstake from the old farm and stake in the new farm
- June 5th, 2021: Must remain fully staked in the new farm until this date
Migration instructions from old ICHI-ETH farm to the new farm:
- Go to https://www.ichi.farm/#/farm
- Select the green “Manage” button on the old ICHI-ETH farm you have provided liquidity to and click on “Continue to Old Farm”
- Select “Withdraw” to remove the LP you staked from the farm and claim your ICHI harvest and approve the transaction in your wallet
- Once the transaction has settled, navigate back to https://www.ichi.farm/#/farm
- Select the blue “Deposit” button on the new Gas Saver Pool
- Click “Deposit LP Tokens”
- Click the “MAX” button to deposit all of your LP
- Click Farm, and approve the transaction through your wallet
Deprecation of oneLINK-LINK, oneWING-USDC, oneVBTC-vBTC Pools
With the announcement of the new oneToken Balancer smart contract, the following pools (all on SushiSwap) will be deprecated in favor of the single multi-stablecoin pool:
- oneLINK-LINK
- oneWING-USDC
- oneVBTC-vBTC
This Balancer Pool will allow all oneToken holders to deposit a single asset into the pool and get LP to farm with. This will accelerate ICHI’s goal of making oneTokens more accessible and allowing more people to become farmers.
Migrating Instruction from deprecated oneToken pools to Balancer Pool:
- Go to https://www.ichi.farm/#/farm
- Select the green “Manage” button on the farm of the deprecated pool you have provided liquidity to
- Select “Withdraw” to remove the LP tokens you staked from the farm and claim your ICHI harvest, approve the transaction in your wallet
- Once the transaction has settled on the Ethereum mainnet, you can go remove your liquidity from the pool itself. To do this, go to https://app.sushi.com/pool and find the pool you want to remove liquidity from (if your pool does not appear you can use this link to import it https://app.sushi.com/find) and navigate to it
- Remove the liquidity, and approve the transaction in your wallet
- Once the transaction has settled on the Ethereum mainnet, you are ready to deposit to the new Balancer pool. To do so follow these Instructions.
Incentives for depositors*
- 10 xICHI will be rewarded to deposits totaling between $10k-$50k
- 100 xICHI will be rewarded to deposits of greater than $50k.
*All rewards are given based on total deposits from a single wallet, not per transaction.
Coming up this week (May 3— 9)
- May 5th, 2021— Reward adjustments go into effect
- May 8th, 2021 — ICHI Halving
- May 12th, 2021 — Final day to migrate ICHI pool liquidity over to the new Gas Saver pools