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Solana, Moonbeam, SushiSwap, 1inch Network, Loopring, and Bancor are among the high-profile partners in the ICHI ecosystem.
ICHI, a stablecoin issuance platform, has introduced a Decentralized Monetary Authority, or DMA, which allows cryptocurrency networks to issue their own stablecoins more simply and securely.
Cryptocurrency communities may use ICHI’s DMA to generate and manage their own fully-collateralized stablecoins with a value of exactly $1. The developers of ICHI claim that their platform eliminates the plethora of issues connected with existing stablecoins, including as the requirement to trade other cryptocurrencies in order to generate new tokens. This issue is analogous to selling a stock while concurrently decreasing its worth.
ICHI’s technology aims to deliver the benefits of fiat-backed currencies such as USDC and USDT while eliminating such drawbacks. On ICHI, stablecoin issuers are called as “oneTokens,” and they are supposed to be tied to the US dollar and completely collateralized by a mixture of fiat coinage and the community’s native token. The ICHI network is entirely onchain, which means that anybody at any moment may check the reserves and collateral pools.
Stablecoin projects that launch on onToken may establish a customised stablecoin contract, implement liquidity mining incentives, and run a community-controlled treasury.
Bryan Gross, an ICHI steward who formerly served as lead product architect at IBM Blockchain, believes the “true promise of DeFi” is significantly larger than the present bull market. He stated:
“Our vision at ICHI is to help give people complete freedom over how they spend, invest, save and and otherwise use their money. ICHI is built to provide every crypto community with the tools they need to operate all aspects of a sustainable, scalable economy while keeping value locked in their own communities rather than transferring value out.”
Tether is the market’s de facto stablecoin, having recently issued its 60 billionth USDT. Tether has revealed its complete reserve split earlier this month for the first time.
According to industry figures, the total value of all stablecoins currently surpasses $109 billion. Aside from Tether, USD Coin, Binance USD, and DAI have also amassed significant market share.