The only way ICHI tokens are brought into circulation is through Liquidity Rewards. Halvings are events in which ICHI Liquidity Rewards are cut in half. These events happen periodically and are scheduled by community vote.
The current distribution rate of ICHI to ICHI Liquidity Rewards is 0.25 ICHI per Ethereum Block. This will halve to 0.125 ICHI per block after the next halving. You must claim your ICHI rewards before halving to receive the pre-halving level of rewards.
A halving is a way to distribute the dwindling supply of ICHI without ceasing liquidity rewards. The theory of halving works like this: the liquidity reward is halved → half the inflation → lower available supply → higher demand → higher price → liquidity incentive still remains, regardless of smaller rewards, as the value of ICHI is increased in the process.
It is important that the ICHI community agrees on the timing of halvings. ICHI voters who stake ICHI may prefer to halve the reward schedule sooner. ICHI voters who are providing liquidity may prefer to wait longer before halving the reward schedule. By holding a token-weighted vote, every single ICHI that is staked or used as liquidity is able to influence the outcome.
The ICHI community may schedule a halving vote at any time. However, they are typically scheduled about 2-4 weeks after a halving. This gives the ICHI community time to observe the effects of halving and make an informed decision.
A pool-specific reward schedule may be passed by the community. For example, the oneWING-USDC pool received 0.2 ICHI per block for 500k blocks as part of an agreement with wing.finance. This, or similar proposals, may cause a pool to be unaffected by a specific halving.