Hi all, Don from the ICHI community here to share a bit about the stablecoin we just launched for the Filecoin Community, oneFIL.
ICHI deploys a Decentralized Monetary Authority (DMA) for any crypto community to get their own stablecoin collateralized with their token. We use a set of smart contracts deployed to Ethereum and audited by Quantstamp and Solidified to create each DMA. Once deployed anyone with renFIL and USDC can mint oneFIL, deposit to earn yield, and use oneFIL across the Filecoin ecosystem.
This was our first stablecoin launched leveraging a Ren token but we are hoping to launch many more soon.
You can get started using oneFIL here: app.ichi.org
Could you give a short description on the utility of taking renFIL and USDC together to mint oneFIL, and why a user wouldn’t just use renFIL and USDC separately within DeFi?
We believe that DeFi is too reliant on stablecoins maintained by financial institutions. A user has to sell all renFIL in order to get USDC, extracting value from the community. The goal of oneFIL is to deliver the value of a stablecoin in DeFi and payments by keeping value within the renFIL community.
Right now, the ratio is 95:5 USDC:renFIL. As renFIL appreciates and the community treasury generates yield the stablecoin will become more and more over collateralized meaning that ratio can decrease. More renFIL can be used to mint each oneFIL.
Unlike every other stablecoin, that community treasury is governed by oneFIL holders. It can be used to provide yield when oneFIL is used in DeFi, discounts when used to pay for storage, and more. This is how it creates added value for the community vs. extracting like other stablecoins.
Are hope is to integrate oneFIL as a preferred stablecoin across the Filecoin community and in DeFi.
