oneETH: A Gift to the Ethereum Community
The only stablecoin that drives value back to ETH while being governed by the Ethereum community.
“Before researchers become researchers they should become philosophers. They should consider what the human goal is, what it is that humanity should create.”- Masanobu Fukuoka, One Straw Revolution
Fair Launch: Ethereum Block Number 11260000
- oneETH is the first ichi.farm stablecoin
- oneETH is initially 100% backed by USDC
- Fair Launch: no pre-mine, no pre-sale, no dev/team fund
- Stake oneETH-ETH LP tokens to earn ICHI and trading fees
- oneETH is the governance token for ETH excess reserves and oneETH itself
- ICHI is the protocol governance token with 5M max supply
oneETH: a gift to the Ethereum Community
ETH is the most important asset within the world’s largest DeFi community so it is with much humility that Masanobu Fukuoka offers the gift of oneETH to the Ethereum community. oneETH is an ERC20 token on the Ethereum blockchain that has a steady value of one US dollar. It can be used to pay for things in US dollars with less exchange rate risk and is easily transferred between Ethereum wallets.
Demand Driven Reserves
oneETH begins 100% backed by USDC. However, an algorithm will decrease the reserve ratio (the required amount of collateral — USDC — to mint oneETH) by 0.1% every hour that oneETH price remains stable at $1 until it reaches a minimum percentage set by a community vote. Alternatively, the reserve ratio will go up 0.1% any hour that the oneETH price is below $1, until it reaches a maximum of 100%.
Governance of ETH Excess Reserves
When the reserve ratio goes below 100%, a user minting one US dollar of oneETH will pay one US dollar in two parts: part USDC and part ETH. The ETH that is paid to mint oneETH will go into ETH excess reserves. The community can use the excess reserves to reward users for spending oneETH, invest in critical projects, increase ETH scarcity via burning, invest for a return, add to oneETH collateral, or any other proposal which is endorsed via community voting.
Liquidity Farming
The ICHI liquidity farming program will go live at Ethereum block number 11260000 and target the oneETH-ETH liquidity pool. At start, 5 ICHI tokens will be distributed per block to LPs that stake their oneETH-ETH LP tokens. In addition, a bumper crop of 5 ICHI tokens will go to farmers and farm workers. See the ichi.farm announcement for more details on bumper crop farming.
Initial Minting and Redemption Fees
Minting and Redemption fees remain in oneETH collateral. At launch, it will cost 0% to mint a oneETH token and 0.5% to redeem a oneETH token. At the launch of oneBTC, oneETH tokens can be used to mint oneBTC tokens. The minting and redemption fees can be changed by ICHI governance. The use of oneETH as collateral for oneBTC can be changed by oneBTC governance.
How You Can Participate
Read the ichi.farm announcement. Join the Discord server, follow on Twitter, and join our Telegram group. The UI will go live on http://ichi.farm by 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.
