ICHI is a self-sustaining, community governed platform that enables any third party cryptocurrency community to create and govern their own in-house, non-custodial oneToken (a stablecoin valued at $1) with a Decentralized Monetary Authority (DMA).
The ICHI platform:
Allows third party projects to issue their own collateralized stable currency (oneToken) for any cryptocurrency community.
Applies market forces to set level of reserves backing the stablecoin between 0-100% to provide stability that is just as good as fiat-backed stablecoins, which a user can redeem for exactly 1 USDC.
Locks up existing native project tokens to collateralize oneToken, and is fully on-chain creating more demand for said project token backing oneTokens.
Gives oneToken holders the ability to govern their own individual project's Treasury.
Additionally, ICHI introduces a Decentralized Monetary Authority (DMA) as an innovative DAO-like governance model for managing each oneToken. The DMA ensures minting and redemption at $1, governance of community treasuries by oneToken holders, and autonomous execution of any yield or incentive strategies chosen by the community.