oneLINK: The Stablecoin for Marines

Earn yield on your LINK starting at Ethereum Block number 11360000 at www.ichi.farm.

By: Masanobu Fukuoka

oneLINK — the first stablecoin designed for the Chainlink community

oneLink Summary:

• oneLINK is the third ichi.farm stablecoin — designed to be worth $1 and backed by LINK + oneBTC (Bitcoin’s stablecoin)
• oneLINK may be minted at a 0% minting fee with oneBTC and LINK
• The protocol quickly becomes over-collateralized, hoarding LINK
• The Fair Launch: no pre-mine, no pre-sale, no dev fund
• Deposit oneLINK-LINK LP tokens to earn ICHI and trading fees

Chainlink enables smart contracts to offload the oracle problem. In a similar way, ichi.farm enables coins like Chainlink to power payments. Ichi.farm does this by introducing a first-of-kind suite of stablecoins, each tailored to a specific cryptocurrency. Ichi.farm has minted 385k oneBTC since November 22nd and 760k oneETH since November 14th. Let’s see how many oneLINK the Link Marines can mint!

Massive Community Collateralization drive by LINK

oneLINK will pull LINK out of circulating supply and lock it in a community-governed stimulus fund. Only a community vote of oneLINK holders can move this LINK. This will lead to massive over-collateralization of oneLINK just like it has for oneETH (109% collateralized after 12 days) and oneBTC (105% collateralized after 5 days).

The model decreases the required amount of collateral (USDC) to mint oneLINK by 0.2% every hour that oneLINK price remains stable at $1 until it reaches a minimum percentage set by a vote by oneLINK holders.

When the required amount of collateral goes beneath 100%, you mint oneLINK by paying a US dollar in two parts: part oneBTC and part LINK. The LINK that is paid to mint oneLINK will go into community governed collateral fund. The oneBTC is stored on-chain, waiting to be redeemed for a oneLINK.

Earn Yield on your LINK Deposits

The liquidity farming program for oneLINK begins at approximately 6:20 AM Eastern Standard Time on Monday, November 30th 2020 at Ethereum Block number 11360000. You are able to deposit oneLINK-LINK LP tokens into the farm at www.ichi.farm now to be ready for the start of yield farming.

How You Can Participate

First you can join us on Telegram, Discord, and follow us on Twitter. Next, you can go to www.ichi.farm and use the following products:

1. Minter: Mint oneLINK stable coins using the Minter tab
2. Pool: Provide oneLINK and LINK assets to the oneLINK-LINK liquidity pool using the Pool tab, receive oneLINK-LINK LP tokens
3. Farm: Deposit oneLINK-LINK LP tokens and earn ICHI
4. Vote: Nominate signers to govern the oneLINK contract and LINK community governed collateral