Ren x ICHI Bring Interoperable Stablecoins to DeFi

Published on: 10.08.2021

ICHI and Ren communities have formed a strategic partnership to launch community governed stablecoins for each asset supported by RenVM!

This means cross-chain stablecoins can be created with any Ren-based asset, providing yet more utility for these assets along with another DeFi building block for the ecosystem.

How does ICHI Work?

ICHI unlocks the full potential of the crypto economy by enabling any cryptocurrency project to create and control its own stablecoin worth exactly $1 USD. ICHI allows any individual to mint the stablecoin of their choice by providing part $USDC and part Ren-asset. For example, anyone can mint $oneFIL by providing part $USDC and part $renFIL.

The assets are then held in a Decentralized Monetary Authority (DMA) which is governed by the stablecoin holders and guarantees the peg is maintained. Stablecoin holders can earn yield by depositing or farming with their tokens at app.ichi.org.

Ren-Asset Stablecoin Launches

Partnerships to launch ICHI stablecoins for each Ren-Asset on Ethereum and other mutually supported networks will include the following stablecoins on Ethereum:

$oneFIL ($renFIL) | Already released, so learn more here.
$oneZEC ($renZEC)
$oneBTC ($renBTC)
$oneBCH ($renBCH)
$oneDGB ($renDGB)
$oneDOGE ($renDOGE)
$oneLUNA ($renLUNA)

Looking Forward | The Ren and ICHI Community Collaboration Initiatives

Native RenVM Integration | ICHI and Ren will support the creation of a “native minting” feature for ICHI stablecoins via RenJS.
Multi-chain Integration | The communities will explore releasing these stablecoin on other networks outside of Ethereum (L1s & L2s) as demand necessitates.
$REN Stablecoin | ICHI also plans to launch a stablecoin for the Ren community, $oneREN. This stablecoin will be collateralized with the $REN token, providing the community a stablecoin option which drives demand and locking of $REN. If approved, the Ren community will provide an initial deposit to the community treasury of $oneREN to lower the minting ratio resulting in an increase in demand for $REN and overall minting of $oneREN.
Co-Marketing | Both communities will promote the initial launch of each stablecoin, along with engaging RenVM integrated applications to support their usage of oneTokens.
Liquidity | All stakeholders involved will approach projects for initial liquidity funding and jointly incentivize initial liquidity where applicable.

“Stablecoins — for all the utility they provide in enabling reliable transactions — compete with other cryptocurrencies and drain value from projects,” said Bryan Gross, ICHI steward. “Until every community has complete control over its own money, Satoshi Nakamoto’s vision of a ‘purely peer-to-peer electronic cash system’ will not be realized. We are thrilled to partner with Ren to provide communities with autonomy over how to spend, invest, save and otherwise use their money to encourage the scalable and sustainable growth of DeFi.”