Ichi.farm Launch: Hits, Misses, and Next Steps
A recap and next steps for the fastest growing decentralized stablecoin
Next Steps:
1. Open up the ICHI LP Pools: ICH-ETH, ICHI-oneETH, and ICHI-oneBTC
2. Create snapshot LP voting for ICHI LP holders and ICHI stakers
3. Use voting to decide the 5 community choice coins that will get ichi.farm stablecoins
Hits
1. 5,002,316 newly minted oneETH in 20 hours. The Ethereum community has minted over 5 million oneETH. This is likely the fastest growing decentralized stablecoin of all time! Let’s see if Bitcoin hodlers can do better when oneBTC starts minting ahead of wBTC-oneBTC farming scheduled to begin on 11310000 (Sun Nov 22 2020).
2. $51,080 in ETH Excess Reserves in 20 hours. This fund will be governed by ETH-oneETH LP holders and multi-sig signers elected by them. Its purpose is to drive the adoption of Ethereum and oneETH. Please begin a discussion on the election process, potential uses of the funds, and possible multi-sig nominations in the Ethereum channel of Discord.
3. oneETH stability. The oneETH price in USD has been $1.000 +/- $0.001 most of today. This is really promising early performance. Also, there have been a few arbitrage bots already working against the coin. A very encouraging sign for stability purposes.
4. Launched as promised. The UI was delivered 24 hours in advance of farming which began at Ethereum Block 11260000. The next major commitment is to begin the farming of the ICHI-ETH pool at Ethereum Block 11270000 (Mon Nov 16 2020 12:02:39 GMT-0400). If you don’t want to miss the start, you can go ahead and deposit liquidity into the ICHI-ETH pool using the Pool tab.
Misses
1. Watering the Crops. The water plants functionality is designed to provide a 10% tip over the cost of gas. However, the gas estimation was off so many users didn’t submit transactions with correct gas and the ICHI-ETH pool lacks liquidity until enough ICHI is in circulation and the start of ICHI-ETH farming. As a result, the water plants function produced very unpredictable results and therefore farmers infrequently watered crops. This led to 7,000+ ICHI being deposited to the Fertilizer fund designed to pay for watering crops. We made an update so that the function would overpay and they 7,000 ICHI was gathered up by the community hitting the function at up to 20 times per second. The fertilizer fund went to 0 and the system has stabilized. However, it still pays a lot. We will return the function to the original design when the ICHI-ETH pool has $500k+ liquidity for over an hour.
2. Dashboard and Analytics. We had planned to put out a Gitcoin bounty for an analytics dashboard but decided to wait until after launch. It seems like it really would have helped more people learn bumper crop farming. If there are talented devs in the community who are working on an analytics dashboard or would like to build one, please reach out on telegram or discord.
How You Can Participate
Read the ichi.farm announcement. Join the Discord server, follow on Twitter, and join our Telegram group. Liquidity farming starts on http://ichi.farm at Ethereum block 11260000. After launch, you can …
- Mint oneETH stable coins.
- Provide oneETH-ETH liquidity to the oneETH-ETH liquidity pool.
- Stake oneETH-ETH LP tokens and earn ICHI.
- Nominate signers to govern the oneETH contract and ETH excess reserve fund.
- Vote on ICHI protocol decisions with your ICHI-ETH LP tokens.
- Vote on oneETH stable coin and excess reserve decisions with your oneETH-ETH.
