oneToken Concepts

Keywords used in the oneToken ecosystem



oneToken System

An instance of modular contracts used to create a community stable coin governed by oneTokenGovernance.


Produced stable tokens which are created for cryptocurrency communities backed by both a collateral reserve and community treasury.


Existing stablecoins that maintain a hard peg to USD. You may claim $1 of collateral reserves when redeeming an ICHI stablecoin while supplies last. oneTokens can accept multiple stablecoins for Collateral. Therefore, the amount of each stablecoin is an upper limit of how much can be redeemed of that specific stablecoin. E.g. If the contract accepts USDC or USDT as Collateral then the user may be forced to accept multiple stablecoins when redeeming if their oneToken holdings are larger than the Collateral of a single stablecoin.

Collateral Reserve

The USD value of the collateral.

Member Coin

Cryptocurrencies that have their own oneToken (an ICHI stablecoin).

Community Treasury

The USD value of the non-collateral assets (including Member Coins) for a specific oneToken.

oneToken Governance

Governance of specific oneToken instances with user votes weighted by their holdings of the corresponding oneTokens in specific liquidity pools. oneTokenGovernance can replace oneToken modules or upgrade the core contract using the Proxy pattern. NOTE: This is external (from the perspective of these contracts), the “owner” and signer of these actions is a singleton. Decisions that were voted on go to trustees who use a multisig wallet to sign transactions that administer the oneToken instance.

Minting oneTokens

Providing stablecoins + member coins at the defined minting ratio in order to receive oneTokens.

Minting Ratio

The percentage of Collateral required to mint a oneToken. For example, oneBTC at a 91% minting ratio would be minted with 91% USDC and 9% WBTC. The Minting Ratio goes up/down based on what the Mint Master module decides to do. This is intentionally modular to allow for different logic to be applied.

Minting Step Change

This is the step size for minting ratio changes (ie, +/- 0.2%) used by the Incremental.sol implementation of the MintMaster module

Minimum Minting Ratio

In the Incremental implementation of the MintMaster, the Minting Ratio does not fall below this level. Set by oneToken Governance, the Minimum Minting Ratio starts at 90% for most oneTokens. This means while the Minting Ratio starts at 100%, it will never go below 90% when this Minimum Minting Ratio is set.

Maximum Minting Ratio

In the Incremental implementation of MintMaster, the Minting Ratio does not go above this level. Set by oneToken governance, the Maximum Minting Ratio starts at 100% for most oneTokens.

Minting Fee

This is the fee that you pay to mint a oneToken. It stays in collateral. This is set to 0% for most oneTokens. The value is the subject of ongoing revision.

Redeeming oneTokens

Providing a oneToken in exchange for 1 USD in value taken from the collateral minus the Redemption Fee.

Redemption Fee

This is the fee that you pay to redeem a oneToken. It stays in Collateral. This is usually set to 0.5% at first and lowered to 0% over time by oneToken Governance. Default is 0%. Minting and redemption fees are risk management mechanisms rather than money makers by reducing the potential profit of market manipulations.

Outstanding oneTokens

Number of oneTokens in circulation.

Total Reserves

Community Treasury + Collateral Reserve.

Total Redemption Value

The USD value of the outstanding oneTokens where every oneToken is worth $1 of value.

Reserve Ratio

Ratio of Total Reserves/Total Redemption Value. ICHI is designed to maintain a 100+% reserve ratio.

Collateral Ratio

The ratio of Collateral Reserve/Total Redemption Value.

Collateral Treasury

Outstanding oneTokens - Collateral Reserve


To make changes to the pool of funds in the collateral or community treasury for various reasons including to reduce risk. Initially, this is done by oneToken Governance but can be delegated to Controllers to automating the process.

Human Signing

A multi-signature signing account currently controlled by ICHI core team. The ICHI core team will be replaced by signers elected via voting for ICHI governance and oneToken voting for oneToken governance. These signers do not exercise decision authority or control. They simply sign the transactions that result from proposed and passed community proposals.

Architecture Components



oneToken Factory

A contract that acts as a oneToken deployment mechanism. Global (ICHI) state information is stored and managed in this system-wide hub.

oneToken Governance

Governance of specific oneToken instances with user votes weighted by their holdings of the corresponding oneTokens in specific liquidity pools. oneTokenGovernance can replace oneToken modules or upgrade the core contract using the Proxy pattern.

oneToken Vault

The core upgradeable (through a Proxy upgrade) contract owned by oneToken Governance that holds assets, mints and burns ERC20 tokens, and controls the process flow during the minting and redemption process, including coordinating modularized components.


oneToken Vault implementations that are published by deployers and admitted to the network by ICHI Governance. oneToken Governance can optionally adopt (upgrade, downgrade) an approved version of the oneTokenVault.


Price feed modules that report the value of assets in the oneToken Vault through a normalized interface. The oneToken Vault passes Oracle price conclusions and volatility signals to Mint Master modules.


A Mint Master uses any available information to compute the current minting ratio. The Minting Ratio adjusts over time to maintain the exchange rate peg of a oneToken to 1 USD. The interface includes a maximum transaction volume figure (can be infinite) to accommodate anticipated future logic requirements. Since the rate can be up to 100% and the maximum volume can be as low as zero, the Mint Master can be a circuit-breaker if so desired. Oracles report volatility. MintMasters decide what to do.

Collateral Tokens

0-n stablecoins that are accepted in tandem with Member Tokens at the Minting Ratio, by the oneToken Vaults. Upon redemption of oneTokens, oneToken Vaults burn the oneTokens in return for stablecoins of equal value (Collateral Tokens). Since more than one kind of stablecoin can exist in the oneToken Vault at any given time, multiple stablecoin options can be given upon redemption. While there will likely be sufficient Collateral to back all outstanding oneTokens, each specific stablecoin is redeemable on a “while supplies last” basis.


Trading contracts that invest funds in yield-farming contracts, receive other types of tokens and report balances of each type of token they hold. A Strategy interfaces with a oneToken contract through the Controller. The interface to the Controller defines the minimum viable requirements to be a compatible contract. Strategies will be admitted via the ICHI Governance and selected by oneToken Governance.


A global contract that executes the appointed strategies for a given oneToken Vault at the specified period of time. The Controller also implements system-wide invariants such as enforcing conservation of value or allowable fees/slippage rules.