WIP-38 Add xICHI to the Wing Flash Pool (Ethereum) (For)

TL;DR - The xICHI token is secure and is offered by a project destined to become a DeFi Bluechip and category creator.

  • ICHI turns crypto’s $64B parasitic relationship with stablecoins into a mutually beneficial one.
  • Now communities can have complete control of their money, including each of the important features: store of value, unit of account, AND Medium of Exchange.
  • oneWING was the first partner oneToken - there will be dozens more this year!
  • Fair-launch - no presale, no initial team cut.
  • 5,000,000 ICHI were minted - additional minting is impossible.
  • 100% self-sustaining vote-weighted community governance.
  • A robust and experienced team - average of 12 years of experience at companies such Amazon, Microsoft, RedHat, and IBM.
  • 5 Completed audits

Demand to Lend

  • The ICHI community will go to wing.finance to stake $xICHI and borrow $oneWING which can be deposited to ICHI’s farm for additional $ICHI rewards
  • ~20% of ICHI circulating supply is staked in xICHI by the project’s biggest supporters - many of which are DeFi whales
  • Lending on wing.finance will be the first non-ICHI use case for xICHI - this means high demand!

Demand to Borrow

  • Exposure to ICHI
  • Earn ICHI Yield + WING Rewards
  • Unwrapping xICHI to deposit to ICHI liquidity pools

ICHI was whitelisted on Bancor 3 weeks ago after already being selected for a coveted spot in 1inch’s liquidity minting program. Click here to review the Bancor whitelisting proposal for more details on ICHI: https://vote.bancor.network/#/bancornetwork.eth/proposal/Qmc1xBSwD4h2wLEQ5RhKSBUNmXQehirYfA9Vvk4xR6kaNA

11 Likes

I support this proposal and I’d like to highlight:

We need more users who are comfortable with oneWING as their preferred stablecoin of choice…

ICHI holders are familiar enough with how ICHI works since they hold ICHI. So, it stands stands reason that there will be a lot more oneWING borrowed from collateralized xICHI, which increases the amount of total WING locked.

Also, by listing the interest-bearing xICHI instead of ICHI, you would be earning compounding rewards. First, the xICHI fees, the Wing lending interest, and the WING yield farming boost. This is a similar idea to how most exchanges list xSUSHI rather than SUSHI itself.

3 Likes

I agree with the proposal.

Now the total supply of oneWING is 1,137,810, which leads the price of oneWING easy to be attacked and cannot remain equivalent to USD 1:1. We need to expand the application of oneWING.

xICHI participating in the supplying and borrowing of Wing Flash Pool will attract ICHI holders to collateralize xICHI and borrow oneWING, and then stake oneWING to get ICHI, which need more oneWING and will lock more WING.

2 Likes

What a loop, mint oneWING → stake to earn ICHI → stake ICHI to earn xICHI → supply xICHI and borrow oneWING, loop again… The APY overall would be very high.

3 Likes

You forgot, borrow pWING to mint oneWING - lmao. We must do this!!!

2 Likes

Let’s make it happen! :clap:
Would love to see more implemented between both communities. Seems like a Win & Win.

1 Like

oneWING is redeemable 1-for-1 for USDC. Therefore, I’d argue it is better to assume a fixed price of $1 for oneWING. Note: Compound assumes a fixed price of $1 for USDC. Compound | Prices

1 Like

Seems like a no-brainer to me. Two great communities working together to enable high APY for their members using stablecoins. You definitely have an upvote from me!

1 Like

Would be great to borrow with such APY and use the funds without selling any coins great update for the community.

Sounds beneficial for both Wings and ICHI communities to drive more participation and usage of oneWING.

Glad to hear a lot of supportive voice for this proposal. For parameter, I would suggest 40% of collateral factor for xICHI.
One more question is where can we see xICHI token info and trade xICHI

When does this get scheduled for a vote?

The number of users exceeds 10 and the number of views exceeds 100.

Do you have the answer: where can we see xICHI token info and trade xICHI?

This is the xICHI token tracker + contract on Ethereum: IchiStake: xICHI Token | 0x70605a6457b0a8fbf1eee896911895296eab467e

You get xICHI by staking ICHI. You can get ICHI by unstaking xICHI. Both actions are done here: ichi.farm

As far as trading, xICHI does not have its own liquidity. We will calculate the xICHI price using an ICHI price oracle multiplied by the exchange rate for ICHI <> xICHI.

To calculate the exchange rate we will check the ICHI balance of the xICHI contract.

An example implementation can be found by reviewing the implementation of xSUSHI on Aave: https://aave.github.io/aip/AIP-10/

Ahh, I see. Thank you for your kind explanation

When will this happen im so excited to see this become real will use it a lot.

im waiting this feature i will use it a lot

Definitely a win-win proposal!

This would be very valuable for the ICHI community as well as WING