The ICHI Fair Launch + Ichinomics

All 5M ICHI went into the rewards contract. No pre-sale. No other initial allocation. ICHI earns 2% governance + 20% strategy performance rewards.

ICHI has been community owned and governed from the first block:

  • No pre-sale

  • No ICHI compensation to core team until 3 months after launch.

  • 5M ICHI HARD CAP - All 5M went to Farming Contract

  • Current Farming rate is 0.5 ichi per block

  • ICHI halvings are scheduled by community vote

  • ICHI is farmed to the ICHI Community Treasury, any unallocated ICHI is returned to farming contract

  • Ichipowah controls ICHI Community Treasury

  • Ichipowah is calculated by staked ICHI + ICHI in the Sushiswap ICHI-ETH Pool

Timeline with Major Community Decisions:

Date

Action

November 13th, 2020

5,000,000 ICHI were minted - additional minting is impossible

  • ICHI token contract has no owner and no governance

  • No way to generate new ICHI tokens

  • No opportunity to new minters

November 15th, 2020

5,000,000 ICHI were transferred to ICHI farming contract

  • 50% to regular farming

  • 50% to bumper crop farming

December 4th, 2020

ICHI Community Voted to end Bumper Crop farming and slow ICHI distribution rate.

December 26th, 2020

ICHI Community extended an ecosystem grant to Accomplice Blockchain and Collider Ventures:

Milestones:

  • $1.5mm funding round starting at $15m valuations, or ICHI market cap of $100mm fully diluted- should the community decide not to raise capital - 2% total supply.

  • 0.5% when 100mm oneTokens in circulation within 18 months, 0.1% bonus for every additional 77mm (max 1% total).

  • 5 collaborative listings on top 31 DeFiPulse projects, for a minimum 60 consecutive days - 1% of total supply (excludes Suhiswap)

  • 20 oneTokens issued with top 200 on CMC within 18 months - 1% total supply

February 7th, 2021

ICHI passed its first team proposal to hire 37 Aces and Masanobu Fukuoka with 500k ICHI over 3 years, streamed via Sablier. Start date of first ICHI hire: February 13th, 2021.

February 15th, 2021

ICHI passed a proposal asking oneTokens to contribute a 2% default annual governance reward to xICHI. This reward may be discontinued at any point by oneToken governance.

February 27th, 2021

ICHI passed a proposal asking oneTokens to contribute a 20% default strategy performance reward to xICHI. This reward may be discontinued at any point by oneToken governance.

Ichinomics

A oneToken's treasury can be used on any proposal passed by the holders of that oneToken. That said, it probably looks like this:

  1. Farm ICHI stablecoin pools, earn ICHI,

  2. Pair ICHI with treasury asset, provide to ICHI liquidity pools, earn more ICHI,

  3. Invest in other protocols and in systems to drive adoption,

  4. Provide better interest when saving, increasing oneToken adoption, and

  5. Provide discounts when spending, increasing oneToken adoption

#3 is most interesting as the treasury can be used to solve the pains of specific crypto projects - more to come on this! But take a look at wing.finance’s reason for wanting a oneToken as an example.

#1-5 all grow treasuries and ICHI governance rewards (2% management, 20% performance) increase as treasuries grow. You must stake ICHI into the xICHI pool to get a share of these rewards.

FAQ

1.What is bumper crop farming? What happened to it?

The initial design included a bumper crop farming game designed to reward skill (not just proportional wealth). The goal was for ICHI to go viral based on the success of this game and to distribute 5 ICHI per block to game players and 5 ICHI per block based on proportional liquidity. While it worked, it was fantastic! However, after 3 days, irrigation bots started manipulating the system with Ethereum gas transactions in the thousands of dollars while selling ICHI into the market. The community voted to turn off bumper crop farming and slow down the ichi distribution rate.

2. How were you able to slow the ICHI distribution rate to active pools?

A new pool was created that is only farmed by the ICHI community treasury. 4.5 ICHI per block are currently being rewarded to this pool.

3. What are ICHI halvings?

An ICHI halving event is when the rewards for farming ICHI are cut in half. ICHI halvings happen when the ICHI community puts forward a proposal to have a halving and passes it.

4. Can the ICHI treasury be used on things other than farming?

Yes, the ICHI treasury can be used on any proposal passed by the ICHI community.

5. When does xICHI get paid ICHI? Can I see an APY?

These payments may be made by oneToken treasuries frequently or infrequently so an APY will only be available in hindsight. The best way to avoid missing a payment is to keep your ICHI staked in xICHI. As a bonus, this also makes your ICHI eligible for Ichipowah voting.