8RC-5 - Introduction to ICHI <> MPH Collaboration - $oneMPH stablecoin

introduction to ICHI <> MPH Collaboration


  • ICHI builds and incentivizes stablecoins for other projects, like $oneMPH - always redeemable 1:1 to USDC, and backed by USDC + your project token ($MPH).
  • Benefits for MPH span from new yield opportunity for stablecoin deposits, a stable medium of exchange that can be used in MPH protocol services and gives value back to $MPH (requires $MPH to mint new $oneMPH), new product line based on $oneMPH stabelcoin bonds & more…
  • Looking to get MPH’s community feedback and ideas on $oneMPH use-cases and potential collaborations.


ICHI will launch $oneMPH - a stablecoin redeemable 1:1 for USDC, and backed by USDC + $MPH. $oneMPH can be used across MPH.finance as a stable medium of exchange governed by the stablecoin holders. Anyone can mint $oneMPH by supplying USDC and $MPH to the mint contract. This creates a reserve of USDC to ensure redemption at $1 and a community treasury of $MPH

How will it work ?

88MPH protocol is allowing users to lend their crypto assets at a fixed-interest rate. By doing so, they earn $MPH rewards and protocol’s revenues.

With over $40M TVL in various fixed rate bonds products, and a total of ~$5M in stablecoin based fixed-interest rate opportunities for depositing DAI/USDC/sUSD, there’s clearly market demand to earn interest on such products. $oneMPH - a stablecoin backed by USDC and $MPH can benefit directly the 88MPH community by introducing a token that is always redeemable 1:1 to USDC, and encourages demand for $MPH as it removes $MPH from circulation.

This will be driving alignment of interests between stablecoin depositors & protocol (as today users use other projects’ stablecoins to farm $MPH rewards which they will then sell for additional stablecoins).

Essentially ICHI helps to offset protocol farming rewards effect (inflation) with organic demand for the native token

Collaboration ideas:

ICHI to build $oneMPH stablecoin for the MPH community. From our experience talking to many project, there are multiple use cases for that, some ideas:

  1. Fixed / floating interest rate bonds that use $oneMPH instead of other projects stablecoins

  2. Treasury diversification - MPH can hold part of it’s treasury in a stable medium of exchange, while using $MPH token.

  3. Pay contributors in stablecoins - giving them a way to hedge token volatility + generate demand for $MPH token (unlike using other stablecoins that require to give up on your token to acquire it)

  4. Whitlist 88MPH strategies as approved strategies to deploy capital locked on ICHI oneToken ecosystem: Example - oneBTC pool is a stablecoin backed by USDC and wBTC - with $1.5M one BTC minted - they hold $1.42M USDC and ~7 BTC. oneBTC holders, who govern this pool of token, can decide to take part of the USDC collateral and have it “work” using MPH fixed rate bonds.

  5. oneMPH holders are the decision makers over the collateral and treasury - they can decide to use the USDC that users deposit to optimize the yield they get on their stablecoin.

And more…

About ICHI

ICHI is a family of stablecoins (coins valued at 1 USD) designed to drive scarcity of member coins (ie, $oneMPH = $1). ICHI exists to provide price stability and community treasury to projects like 88MPH, only the MPH community governs its stablecoin treasury.
ICHI is LIVE and works with coins and projects like BTC, ETH, LINK, and WING to enable them to grow their token economies.

How is the ICHI design better than other stablecoin designs?

The peg is guaranteed; redeeming $oneMPH will always get the equivalent in USDC. However, unlike USDC, ICHI is 100% on-chain and non-custodial.

When minting a $oneMPH - you deposit exactly $1 - no need for over-collateralization, or getting into a debt position as the case is with other stablecoin projects.

Who is behind ICHI?

ICHI was created with a top team of devs from Microsoft, Amazon, RedHat, and IBM. ICHI had a 100% fair launch and has been community-owned from the first block. There was no pre-sale, no initial team cut, etc.

ICHI already collaborates with top DeFi dex like Bancor (ICHI token whitelisted) Sushi and 1inch (rewards program in place), and Balancer.

Towards launch of V2 in a few weeks, ICHI completed an audit process with Quantstamp & Solidified, and is in discussions with top DeFi projects to add them on the list of new oneTokens release roadmap.

Read more:

Website - https://www.ichi.org/

dApp - ichi.farm

Docs- https://docs.ichi.farm/

Looking to get MPH’s community feedback and ideas on $oneMPH use-cases and potential collaborations.


Absolutely love this. Having a stable coin will drive more use for MPH. Would defo support


Interesting idea especially after talking about stablecoins in yesterdays community call III. I read that by creating the $oneMPH, by depositing both USDC and MPH, removes $MPH from circulation which obviously sounds good. Would there be lockup / vesting periods by doing this? As a user are you able to supply only $MPH or only $USDC, or is it both?

If I understand correctly, you get back the $oneMPH token, which later can be used to create a FIRB that rewards you in $MPH?


Thanks @0xCajmere for the feedback !
Agree 100%, stablecoins become even more important for DeFi projects and treasury diversification these days, so having one that doesn’t require the project to sell its native token does make a lot of sense

Would there be lockup / vesting periods by doing this? As a user are you able to supply only $MPH or only $USDC, or is it both?

No lockup - You can mint and redeem $oneMPH as you wish.
For every $oneMPH minted you’re required to deposit an equal value ($1) of $USDC + $MPH. the mix depends on minting ratio (see diagram below) which begin with 100% USDC , and as the collateral builds up, the ratio decrease gradually, so every new $oneMPH is minted with a bigger portion of MPH , less USDC.

88MPH community can accelerate the decrease of this ratio by providing an initial deposit of USDC and/or $MPH to bootstrap the treasury pool , so the first $oneMPH minted will drive organic demand for $MPH.

If I understand correctly, you get back the $oneMPH token, which later can be used to create a FIRB that rewards you in $MPH?

A FIRB based on $oneMPH instead of other stablecoins makea a lot of sense as a use case for MPH. But that’s just one example. The use case for oneMPH can be expended as you see fit and 88MPH community does have incentive to introduce more utility to it as this also drive demand for $MPH.


I like this idea and would be willing to deposit 88mph and USDC toward the creation of $oneMPH.


Hello to the 88MPH community !

ICHI had an amazing progress since we first posted this intro, and we are seeing great acceptance and interest from top DeFi projects to experiment with the ICHI oneToken model.

  • ICHI released v2 and introduced it’s DMA - a Decentralized Monetary Authority - a set of smart contracts allowing any community to create their own stablecoin
  • Contracts have been audited by Quantstamp and Solidified
  • First projects to launch on v2 -

[$oneFIL - a stablecoin for the filecoin ecosystem] (Filecoin Now Has Its Own Stablecoin. But Why? - Decrypt oneFIL: A medium of exchange for decentralized storage)

[$one1INCH](https://twitter.com/1inchNetwork/status/1410614612777521158?s=20 Introducing one1INCH: A stablecoin for better payments, incentives, and rewards in DeFi | by Mr. Masanobu Fukuoka | ichi.farm | Jul, 2021 | Medium)

  • A pipeline of other top DeFi project going to launch too on the coming weeks
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We would like to ask the community to vote for a liquidity rewards co investment of $24K to bootstrap the minting and liquidity of $oneMPH

Details of the $oneMPH launch plan:

Phase 1 - 42 days initial liquidity farming program


  • Create $oneMPH, a stablecoin minted with $MPH.
  • 0.05 ICHI per Block for the first 42 days to $oneMPH deposits.

88MPH to

  • Pay $24K to ICHI upon launch of $oneMPH, ICHI will mint $oneMPH and hold for at least 1 year.
  • Publish the initiative on their website and app, direct to app.ICHI.org for actual minting and depositing of $oneMPH

Phase 2 - explore implementation of use cases to drive $oneMPH demand:

  1. Introduce a Fuse (Rari Capital) pool for $oneMPH lending / borrowing
  2. Integrate $oneMPH as FIRB - Fixed Interest Rate bond
  3. Charge lower platform fees for fixed APY products using $oneMPH.
  4. Increase $MPH interest rewards on stablecoin fixed rate bonds (or other products in the future) that will use $oneMPH vs. other stablecoins

MPH team and community will consider if they wish to allocate an initial treasury deposit in $MPH or any other tokens into the $oneMPH treasury to reduce initial minting ratio, allow users to lock up more $MPH and less USDC when minting new $oneMPH.

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One of the best way to bootstrap a stabelcoin liquidity that I’ve seen is using a CRV.finance pool.
Having a stablecoin is a complexe process and we will need to make sure it bring value to the protocol.
You can check Inverse.finance for example who create Dola. They have multiple way to make sure the peg of Dola is stable.

Hi @mbaril010 - the ICHI model is actually very simple - a user always can redeem his oneMPH to USDC at anytime. this keeps the peg, and if value goes up/down, arbitrage players can mint/redeem to take advantage of the gap

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