ShapeShift DAO, a decentralized, non-custodial crypto platform and community, reveals that it has formed a partnership with ICHI in order to launch a new stable token.
As mentioned in an update shared with CI:
“Through the provision of a Decentralized Monetary Authority (DMA), ICHI empowers the ShapeShift DAO with dynamic tools to help grow the community, attract users and increase the value of the FOX token.”
ICHI, which claims to be the first DMA protocol, will enable the ShapeShift DAO to “create a stable token, worth exactly $1, backed by ShapeShift DAO’s own FOX token.” The announcement also mentioned that the new stable, branded dollar — oneFOX — will “keep more value within the project by creating a reliable, everyday currency that can easily be used to pay for business operations and investing in DeFi.”
To mint oneFOX, users will have to “deposit a blend of both FOX and USDC,” the announcement explained. This should help with increasing overall demand for and value of the FOX tokens while also “giving the community the benefits of a stable asset without the need to exchange all of their FOX for other stablecoins.”
As stated in a release, a new community-governed treasury “established as part of the oneFOX launch will also provide further liquidity and better incentives and discounts for the ShapeShift DAO’s community.”
Bryan Gross, ICHI steward, remarked:
“We built ICHI so crypto projects could control all of the aspects of their own money. FOX is a great store of value and provides important governance and incentives for the community. And now thanks to the oneFOX branded dollar, it can also be used as a reliable unit of exchange. This is about providing all of the values of a stablecoin without the tradeoffs.”
The Stable oneFOX token is the 8th branded dollar introduced via ICHI, which has “enabled the Filecoin, 1inch Network, DODO and other communities to launch stable assets backed by their own tokens.”
The announcement also mentioned that this partnership between the ICHI and ShapeShift DAOs is “unique as it is the first stable asset created through ICHI with DAO-to-DAO multisig wallet for executing governance decisions.”
Since 2014, ShapeShift has been “pioneering self-custody for digital asset trading.” The update also noted that the firm’s web and mobile platforms allow users across the globe to safely purchase, hold, trade and interact with crypto-assets like Bitcoin and Ethereum.
As noted in the release, ICHI aims to “unlock the full potential of the crypto economy by enabling any cryptocurrency project to create and control its own stable asset worth exactly $1 USD.”
