Temperature Check: How much $UNI will be used to mint Stable UNI ($oneUNI) by 11/30/2021?
A UNI <> ICHI partnership was discussed on the June 2nd and June 30th Uniswap community calls.
Based on the positive feedback from those community calls and feedback from multiple community members, we created $oneUNI. This is the sixth stable asset launched with ICHI’s V2 contracts with prior launches supported by 1inch, Filecoin, Wing, and more.
We hope to now kick off the community discussion on use and support of oneUNI with this temperature check.
I’d like to thank all of those who provided feedback in this process.
Why?
$515M $USDC and $181M $USDT are locked within Uniswap V3.
$UNI is sold to mint $USDC and $USDT. The value locked is governed for the benefit of Centre and Tether.
$UNI is purchased to mint $oneUNI. The value locked is governed by $oneUNI holders for the benefit of the Uniswap community.
What?
$oneUNI was created on 08/23/2021 with the ICHI Factory, audited by Quantstamp and Solidified. It will become a new base asset on Uniswap. You can deposit $oneUNI to earn $ICHI rewards.
ICHI has three upcoming use cases for $oneUNI:
$oneUNI can be recommended to $UNI grant recipients who need USD exposure. For example, grants could be paid in $oneUNI, enabling grant recipients like the DeFi Alliance to pay for necessary operational expenses.
Napkin Math
$oneUNI is currently minted with 98% $USDC and 2% $UNI. The goal of this proposal is to loan $UNI to the $oneUNI contract so that the minting ratio may be lowered from 98% to 80%. This means users will begin depositing $0.20 of $UNI and $0.80 of $USDC to mint each $oneUNI.
Proposal: How much $UNI will be used to mint Stable UNI ($oneUNI) by 11/30/2021?
If you don’t want Uniswap to loan any $UNI, pick option 1 ‘Make no change’.
If you want Uniswap to support this effort, pick options 2-7. The actual requested loan amount will be the $UNI-weighted average of these selections. Every $UNI counts!
Why isn’t this a single yes vote? Vitalik proposed a ‘skin in the game’ solution to break the ‘tragedy of commons’ problem in token voting. As a first step, our idea is to make the voters focus on predicting the desired outcome of supporting Stable UNI. If this vote passes ‘Temperature Check’, we would like to discuss a potential reward for most accurate voters as part of the ‘Consensus Check’ process.
Options:
See our snapshot here: https://snapshot.org/#/uniswap/proposal/QmYeNLn1x2AxfzrU2G4nkxDRBDju9f4EF2dzs2xAqBoK31
Learn more about ICHI: ichi.org
Temperature Check: How much $UNI will be used to mint Stable UNI ($oneUNI) by 11/30/2021?
A UNI <> ICHI partnership was discussed on the June 2nd and June 30th Uniswap community calls.
Based on the positive feedback from those community calls and feedback from multiple community members, we created $oneUNI. This is the sixth stable asset launched with ICHI’s V2 contracts with prior launches supported by 1inch, Filecoin, Wing, and more.
We hope to now kick off the community discussion on use and support of oneUNI with this temperature check.
I’d like to thank all of those who provided feedback in this process.
Why?
$515M $USDC and $181M $USDT are locked within Uniswap V3.
$UNI is sold to mint $USDC and $USDT. The value locked is governed for the benefit of Centre and Tether.
$UNI is purchased to mint $oneUNI. The value locked is governed by $oneUNI holders for the benefit of the Uniswap community.
What?
$oneUNI was created on 08/23/2021 with the ICHI Factory, audited by Quantstamp and Solidified. It will become a new base asset on Uniswap. You can deposit $oneUNI to earn $ICHI rewards.
ICHI has three upcoming use cases for $oneUNI:
$oneUNI can be recommended to $UNI grant recipients who need USD exposure. For example, grants could be paid in $oneUNI, enabling grant recipients like the DeFi Alliance to pay for necessary operational expenses.
Napkin Math
$oneUNI is currently minted with 98% $USDC and 2% $UNI. The goal of this proposal is to loan $UNI to the $oneUNI contract so that the minting ratio may be lowered from 98% to 80%. This means users will begin depositing $0.20 of $UNI and $0.80 of $USDC to mint each $oneUNI.
Proposal: How much $UNI will be used to mint Stable UNI ($oneUNI) by 11/30/2021?
If you don’t want Uniswap to loan any $UNI, pick option 1 ‘Make no change’.
If you want Uniswap to support this effort, pick options 2-7. The actual requested loan amount will be the $UNI-weighted average of these selections. Every $UNI counts!
Why isn’t this a single yes vote? Vitalik proposed a ‘skin in the game’ solution to break the ‘tragedy of commons’ problem in token voting. As a first step, our idea is to make the voters focus on predicting the desired outcome of supporting Stable UNI. If this vote passes ‘Temperature Check’, we would like to discuss a potential reward for most accurate voters as part of the ‘Consensus Check’ process.
Options:
See our snapshot here: https://snapshot.org/#/uniswap/proposal/QmYeNLn1x2AxfzrU2G4nkxDRBDju9f4EF2dzs2xAqBoK31
Learn more about ICHI: ichi.org
My two cents - ICHI already seems to be building large parts of their infrastructure on Uni V3 so they are contributing to the growth of this platform. On top of that they can provide more value add by creating a stable currency backed by UNI that has multiple use-cases out the gate with a strong roadmap for future growth. Seems like a no brainer to me. With the additional value it provides I would vote for the highest loan :).
ICHI has been successful with each stablecoin launch. I like how they are able to bring different projects together and allow each one of them to benefit from their respective $oneTokens. $oneUNI is off to a good start as well with $1M minted in just a couple of days. With $UNI loan on top of it this could go big really fast.
I have been following the ICHI project for the last several months. I must say I am impressed how ICHI continues to gain momentum. Would like to see a UNI investment here.
ICHI CTO here - Let me know if you have any questions.
My two cents - ICHI already seems to be building large parts of their infrastructure on Uni V3 so they are contributing to the growth of this platform. On top of that they can provide more value add by creating a stable currency backed by UNI that has multiple use-cases out the gate with a strong roadmap for future growth. Seems like a no brainer to me. With the additional value it provides I would vote for the highest loan :).
ICHI has been successful with each stablecoin launch. I like how they are able to bring different projects together and allow each one of them to benefit from their respective $oneTokens. $oneUNI is off to a good start as well with $1M minted in just a couple of days. With $UNI loan on top of it this could go big really fast.
I have been following the ICHI project for the last several months. I must say I am impressed how ICHI continues to gain momentum. Would like to see a UNI investment here.
ICHI CTO here - Let me know if you have any questions.
Consensus Check is live: https://snapshot.org/#/uniswap/proposal/QmXNPB7FQG8KhpVLRLjCFZVSHJZe7XFJRQMqj1zJUySAnG
Voting starts in 19 hours.
I think this proposal is well balanced - it brings a logical usecase for the ecosystem while taking the token holders´ considerations into account. Thumbs up! I will vote yes.
Thanks for your support! Please vote
Consensus Check is live: https://snapshot.org/#/uniswap/proposal/QmXNPB7FQG8KhpVLRLjCFZVSHJZe7XFJRQMqj1zJUySAnG
Voting starts in 19 hours.
I think this proposal is well balanced - it brings a logical usecase for the ecosystem while taking the token holders´ considerations into account. Thumbs up! I will vote yes.
Thanks for your support! Please vote
Here is an example to illustrate the use of ICHI Vaults + $oneUNI.
Problem: Currently liquidity in UNI-USDC V3 is 80% UNI: $1.5M $UNI (60k UNI Tokens) and $360k USDC. (See Figure 1) A small drop in UNI price can convert this to almost all $UNI. However, it takes a large increase in UNI price to make it 50-50 UNI-USDC. ICHI vaults will fix this by incentivizing buy-side liquidity.
Here is an example to illustrate the use of ICHI Vaults + $oneUNI.
Problem: Currently liquidity in UNI-USDC V3 is 80% UNI: $1.5M $UNI (60k UNI Tokens) and $360k USDC. (See Figure 1) A small drop in UNI price can convert this to almost all $UNI. However, it takes a large increase in UNI price to make it 50-50 UNI-USDC. ICHI vaults will fix this by incentivizing buy-side liquidity.
Solution: ICHI Vaults (ICHI Use Case #2 in proposal) can incentivize the addition of Stable UNI ($oneUNI) to a $oneUNI-$UNI pool. This liquidity range could be from -50% to -0.35%. This 'Liquidity Put' helps prevent a drop in UNI price. It will work for all other crypto projects as well!
Figure 1: Current UNI-USDC Liquidity
ICHI rewards are live for $oneUNI deposits.
Step 1. Mint: https://app.ichi.org/mint?name=oneuni&collateral=USDC Step 2. Deposit: https://app.ichi.org/deposit?poolId=1014&back=deposit
Here is an example to illustrate the use of ICHI Vaults + $oneUNI.
Problem: Currently liquidity in UNI-USDC V3 is 80% UNI: $1.5M $UNI (60k UNI Tokens) and $360k USDC. (See Figure 1) A small drop in UNI price can convert this to almost all $UNI. However, it takes a large increase in UNI price to make it 50-50 UNI-USDC. ICHI vaults will fix this by incentivizing buy-side liquidity.
Here is an example to illustrate the use of ICHI Vaults + $oneUNI.
Problem: Currently liquidity in UNI-USDC V3 is 80% UNI: $1.5M $UNI (60k UNI Tokens) and $360k USDC. (See Figure 1) A small drop in UNI price can convert this to almost all $UNI. However, it takes a large increase in UNI price to make it 50-50 UNI-USDC. ICHI vaults will fix this by incentivizing buy-side liquidity.
Solution: ICHI Vaults (ICHI Use Case #2 in proposal) can incentivize the addition of Stable UNI ($oneUNI) to a $oneUNI-$UNI pool. This liquidity range could be from -50% to -0.35%. This 'Liquidity Put' helps prevent a drop in UNI price. It will work for all other crypto projects as well!
Figure 1: Current UNI-USDC Liquidity
ICHI rewards are live for $oneUNI deposits.
Step 1. Mint: https://app.ichi.org/mint?name=oneuni&collateral=USDC Step 2. Deposit: https://app.ichi.org/deposit?poolId=1014&back=deposit
