Loopring AMA Series: ICHI

This article was first published on Loopring Protocol - Medium
-----

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 ...

-----
To keep reading, please go to the original article at:
Loopring Protocol - Medium

Comments (No)

Leave a Reply