1inch Network and ICHI Partnership
Distributed network for decentralized protocols on Ethereum, Polygon and BSC, 1inch Network was thrilled to announced their partnership with ICHI, a protocol for creating the world’s first Decentralized Monetary Authorities (DMAs), in launching a new in-house stablecoin for the 1inch community — one1INCH. This stablecoin will provide a reliable form of payment for DeFi transactions and enable to offer better incentives and rewards to 1inch stakers and liquidity providers.
“The one1INCH stablecoin can grow into an economic game changer. At scale, its treasury can drive value back to 1inch DeFi operations because it is minted and over-collateralized with 1INCH tokens.”—Sergej Kunz, co-founder of the 1inch Network.
As part of the launch, the 1inch Foundation is contributing $100,000 in 1INCH for collateral, which ICHI is matching, to support the one1INCH tokens. These funds will enable the one1INCH tokens to be minted using 80% USDC and 20% 1INCH rather than the typical 95% USDC and 5% 1INCH, further increasing the demand for and keeping the value locked in 1INCH tokens.
“Projects are realizing that if it’s not your stablecoin, it’s not your money. We’re thrilled to partner with the 1inch Network to release the one1INCH token and give the 1inch community complete freedom over how to spend, invest, save and otherwise use its money.”—Bryan Gross, former Principal Product Manager of IBM Blockchain who now serves as an ICHI Steward.
In addition to enabling any crypto project to create an in-house stablecoin, ICHI’s protocol provides every crypto community with tools needed to operate all aspects of a sustainable, scalable economy.
ABOUT ICHI
ICHI is a protocol for creating the world’s first Decentralized Monetary Authorities
ABOUT 1INCH
1INCH is a distributed network for decentralized protocols on Ethereum, Polygon and BSC.
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1INCH BLOG
