We’re happy to introduce a new AMA Series, where we will take a look into some our Liquidity Mining Partners who have helped us bootstrap the Layer 2 ecosystem.
The following is an AMA with the ICHI team — a new Stable Currency and Economic Stimulus project — conducted over a week on Reddit, with questions sourced from both Reddit +Discord.
You may have already noticed ICHI as part of our ongoing Liquidity Mining programs in the AMM. These programs will be ongoing and are a part of their fair launch token distribution — a way of distributing their token (per block) to a wider audience.
You can currently farm ICHI on Loopring for 39.8% APY!
To participate in future AMAs, please check out our official Reddit +Discord and stay tuned.
Reddit ( u/ 0-O- ) :
Can you go into a more detailed explanation as to item #3 on the “How it works” list?
The wBTC share increases as the BTC treasury grows in size.
What is the BTC treasury? Is this just saying that as BTC goes up in value, wBTC is worth more USDC, so you can rebalance?
What if BTC, or any coin, goes down in value?
ICHI :
Each stablecoin, in this case oneBTC, has (1) a collateral reserve of USDC and (2) a community treasury of the project token, in this case wBTC.
(2) increases in value as the value of wBTC increases. This can then be used to incentivize user activity, purchase additional USDC as necessary, or provide greater rewards to users. Its up to each community to decide.
Reddit ( u/ lord_of_crypto ) :
What makes your stable coins different than say Tether or DAI?
ICHI :
The most important difference is that we aren’t trying to make one stablecoin to rule them all. Our goal is to give each community their own stablecoin managed by a Decentralized Monetary Authority.
Unlike Tether, the stablecoins are not managed by a centralized institution. Anyone can mint their own stablecoin by providing the necessary collateral. The collateral is then governed by the token holders and can be used for some of the incentives mentioned above.
Unlike DAI, the stablecoins are not debt positions which can be liquidated by a smart contract. They are always redeemable for $1 in value. Each stablecoin is created for a specific crypto community, meaning your token is used as collateral vs. a basket managed by a third party.
Discord ( @ Squid ) :
What does the Ichi team hope to accomplish partnering with Loopring?
ICHI :
The Ichi community has already seen value by using the Loopring L2 solution. We hope that providing a stablecoin managed by the Loopring community can drive value and usage of both projects.
Discord ( ) :
Is the Ichi halving priced in?
ICHI :
Ichi halving happened a few days ago. The next halving has not yet been determined but will be done by the community.
Discord ( @ cowboy ) :
How easy will it be for micro cap projects, like for example a DAO with low volume on their token, to get a oneTOKEN?
ICHI :
Our goal is to enable stablecoins to be created for any crypto project, so its really up to those projects who have a need for a decentralized stablecoin!
Discord ( @ Whipper156 ) :
Hey guys, just some questions and maybe some clarity around the ichi model. Can the team clarify the 2 percent management fee and the 20 percent performance fees that the one tokens pay out to xichi holders? How often are they Payments made? Is this 2 percent annually or monthly? How is the 20 percent fee on performance issued? Performance of what exactly?
ICHI :
You can read about both in detail here
and here.
Discord ( u/ omename23 ) :
- Can BETH be used in Ichi ? could u say the process of that ?
- What are the effects of the migration from eth 1.0 to eth 2.0 in Ichi?
ICHI :
- BETH would either need to be used on Ethereum or Ichi created on BSC.
- Our hope is the migration to eth 2.0 can bring additional staking opportunities but most importantly gas cost and performance improvement.
Discord ( @ Squid ) — for Loopring Team :
How does partnering with other coins contribute to Loopring in the long term?
LOOPRING :
Partnering with other projects to incentivize and boost liquidity on Loopring Layer 2 helps boost the entire Loopring ecosystem as a whole in many ways.
Overall, it brings in more users and more liquidity to Loopring Layer 2.
From a user perspective, more liquid pools = less slippage on trades.
From an $LRC holders perspective, more users making more trades means more protocol fees are generated, which in turn is shared back to $LRC holders.
Read more about our tokenomics for $LRC here.
About Loopring
Loopring is an Ethereum zkRollup protocol for scalable, secure exchanges & payments. Loopring builds non-custodial, high-performance products atop our Layer-2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring Exchange — an L2 orderbook and AMM DEX. To learn more, you can sign up for our Quarterly Update or see Loopring.org.
Twitter ⭑ Discord ⭑ Forum ⭑ Reddit ⭑ GitHub ⭑ Docs ⭑ YouTube ⭑ Weibo