[How To] Join a Liquidity Mining Program with ICHI and 1inch
Stake 1INCH-ICHI LP and Earn $1INCH + $ICHI
ICHI, the first stablecoin (a coin worth $1) infrastructure built to power other communities, is partnering with 1inch, a leading decentralized exchange aggregator, to introduce a joint liquidity farming program.
It is an honor to be selected for joint liquidity farming with the 1inch community. We are thrilled with this opportunity to reward both communities and look forward to future collaborations with the 1inch team.
The Connecting Power of Joint Liquidity Mining
The 1INCH-ICHI farming program starts on March 23 at 00.01 UTC and will run for 20 weeks, split into five 4-week periods. During this 20-week period, 0.01% of the 1INCH token supply will be distributed to liquidity providers (150,000 1INCH tokens). In line with this, a minimum of 75,000 ICHI tokens (1.5% of the ICHI supply) will be distributed to liquidity providers. See Table 1 for the distribution details by month.
How to Participate in the Joint Liquidity Mining Program
You need to be a liquidity provider to the 1INCH-ICHI pool to participate in the program. To become a liquidity provider:
Please, note that assets for each pool pair are provided in equal USD values. Therefore, you need to make sure you have a sufficient balance of both assets.
- click on the ‘+’ icon or the ‘deposit’ button;
- select the amount of liquidity you want to provide by entering a value in the ‘enter LP token amount to mint’ or ‘value in USD’ field. You can also go for the maximum number of tokens by clicking ‘max’;
- click on ‘unlock’, select one of the unlock options in the token field, sign a transaction in your wallet application and wait until it is mined;
Note that you might need to unlock both assets in the pool.
- click on the ‘provide liquidity’ button. Sign it in your wallet and wait for the transaction to be mined;
Now you have LP tokens of that pool in your wallet, which represent your share of liquidity in the respective pool. You need to stake those LP tokens on the farming tab to participate in the farming:
- on the ‘farming’ tab, find the pool you have just provided liquidity to and click on ‘deposit’;
- enter the maximum number of LP tokens by clicking on the ‘balance’: in the upper right corner of the field, click on ‘unlock token’, select one of the two unlocking options, confirm the transaction in your wallet and wait for it to be mined;
- Click the ‘deposit’ button and sign the transaction in your wallet application. As soon as the transaction has been mined, the liquidity providing process will be complete.
ICHI is self-sustaining, community governed infrastructure that enables any cryptocurrency community to create and govern their own in-house, non-custodial oneToken (a stablecoin valued at $1). The platform allows communities to opt into the security and usability of a stablecoin, without stripping away the scarcity of the community’s native token.
You must use a community’s cryptocurrency to mint their oneToken. For example, you must use wBTC (wrapped Bitcoin) to mint oneBTC (Bitcoin’s oneToken). oneTokens are useful when buying or selling goods and services, paying expenses and taxes, and creating USD exposure in DeFi (decentralized finance) applications. oneTokens are not backed by complex algorithms or lending markets with liquidation risks like other decentralized stablecoins. And they are redeemed for exactly 1 USDC.
1inch (https://1inch.exchange/) is a decentralized exchange aggregator that sources liquidity from various exchanges and is capable of splitting a single trade transaction across multiple DEXes. Smart contract technology empowers this aggregator enabling users to optimize and customize their trades. Launched in May 2019 by co-founders Sergej Kunz and Anton Bukov, 1inch surpassed $25B in overall volume (live stats from Dune Analytics) in less than two years. In November 2020, 1inch was updated to version 2 (intro video) which major highlights are Pathfinder, an API that contains a new discovery and routing algorithm, and an intuitive, user-friendly UI. In December 2020, the 1inch team released its upgraded Liquidity Protocol — an AMM (automated market maker) with instant governance where LP (liquidity provider) earnings are dramatically increased by slowing down price changes to prevent arbitrage traders from earning up to 100% of the swap slippages. 1inch has already integrated support for 40+ top DEXes including Uniswap v1 and v2, Balancer, Curve, Kyber, SushiSwap, DODO, Oasis, and many more. In a move towards interoperability, in February 2021, 1inch Network expanded to Binance Smart Chain (BSC) and 1INCH governance token was deployed on BSC, offering users a chance to easily switch between Ethereum and BSC. All features of the 1inch Liquidity Protocol, the 1inch Aggregation Protocol and all 1INCH staking features became available to BSC users.
Official Medium: https://1inch.medium.com/
Official Twitter: https://twitter.com/1inchExchange
Official Discord: https://discord.gg/Xyxv2Yz
Official Telegram: https://t.me/OneInchExchange