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
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.
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.
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.
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
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!
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
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.
