There is $193M of DAI, USDT, USDC, and sUSD deposited to Sushiswap and not a single one of these coins was minted with Sushi. But there is more to this one-sided deal:
- SUSHI rewards drive the usage of these stablecoins, but these stablecoin’s websites don’t even mention Sushiswap.
- There is downward pressure on the price of SUSHI every time SUSHI is swapped for one of these stablecoins.
- 64% of these stablecoins are created in collaboration with centralized competitors to Sushiswap.
The creators of these stablecoins earn on the basis of this locked value. This locked value doesn’t include SUSHI and none of these earnings are shared with SUSHI holders. In contrast, Sushiswap is a community driven project with community values.
We will solve these issues by creating oneSUSHI. oneSUSHI will be…
- ICHI’s 4th stablecoin in the last month
- Minted with SUSHI + an ever-diminishing amount of USDC
- Just as stable as USDC and USDT
- Initially traded on Sushiswap
- 100% on-chain and transparent
- Governed by Sushipowah
You need to purchase SUSHI to mint oneSUSHI. This purchase pressure partially offsets any swaps of SUSHI for oneSUSHI. There is nothing to offset the selling pressure when SUSHI is swapped for USDC/DAI/USDT/sUSD/etc.
ICHI was inspired by Sushiswap in many ways: there was a 100% fair launch, no pre-sale, no initial dev fund, and is 100% community driven. The ICHI community has dropped their plans for their own exchange and is in the process of migrating their liquidity to Sushiswap to participate in Sushiswap’s Onsen program. It would be an honor to also create oneSUSHI for the Sushiswap community.
oneSUSHI, like the other ichi.farm stablecoins, is more decentralized than any other stablecoin while also being just as stable as centralized stablecoins. It accomplishes the former through creating a community governed treasury of a specific cryptocurrency. This cryptocurrency is SUSHI in the case of oneSUSHI. It accomplishes the latter by also holding a large reserve of existing stablecoins (ie, USDC) to guarantee that you can redeem a oneSUSHI for $1 of value. Over time, the minting ratio (the percentage of collateral represented by USDC) will decline as oneSUSHI becomes over-collateralized by SUSHI.
Who are we?
ICHI is a community and protocol focused on enabling each member cryptocurrency community to mint and govern a fully-autonomous stablecoin designed to help them accomplish their goals. Since its launch a few weeks ago, ICHI has attracted almost $20m in funds for stablecoins designed for Bitcoin and Ethereum.
We will deliver oneSUSHI within 2 weeks after a positive vote by BOTH the ICHI and Sushiswap communities. We propose the following equal exchange of value between the two communities:
- 25k SUSHI to the ICHI deployer address upon the launch of oneSUSHI: 0x11111D16485aa71D2f2BfFBD294DCACbaE79c1d4
- 50k ICHI to SUSHI-oneSUSHI liquidity rewards on Sushiswap, distributed over 500k Ethereum blocks
Poll: Should we create oneSUSHI?
- Yes (Create oneSUSHI, a stablecoin governed by Sushipowah)
- No (Tether and Centre to continue providing 64% of Sushiswap stablecoins)