Proposal: $oneFOX Stablecoin, For $FOX Sake

I have been encouraged to propose partnering with the ICHI DAO to create $oneFOX: A stablecoin to accelerate the growth of the $FOX economy.


$oneFOX will increase the value of the $FOX token and provide greater economic freedom to all the contributors to the Fox DAO. It will leverage the value of the $FOX token without selling it. It is self-defeating to sell $FOX tokens for other stablecoins/fiat. $oneFOX solves this problem by keeping stored value within the Fox economy when paying dollar-denominated expenses.

  • $oneFOX will enable predictable budgeting and funding. There is no reason to be worried about market cycles.

  • More value will be retained within the Fox economy. Instead of selling $FOX tokens for assets issued by other communities, entities, or governments, Fox can use its own asset to conduct business or create dollar-denominated exposure/loans in decentralized finance.


Filecoin, 1INCH, Gitcoin, and other top projects are relying on ICHI to build their own stablecoin. The Fox DAO should partner with ICHI to make $oneFOX, a stablecoin minted with a mix of $USDC and $FOX.

  • Capital Efficient: $oneFOX will be minted and redeemed for exactly $1, unlike other decentralized stablecoins that rely on debt or algorithms.

  • Think like a Fox: ICHI is the only stablecoin design that is able to be governed by the Fox DAO. The only scarce token it hodls is the $FOX token.

  • Regulated off-ramp: $oneFOX is 1-for-1 redeemable for USDC, which is redeemable for a USD.

Where do I learn more?
ICHI website:
ICHI Telegram: Telegram: Contact @ichifarm


I have not heard of this but looking over the website and the documentation it is kind of fascinating.

This does seem like a cool decentralized way for the ShapeShift DAO to effectively have its own stablecoin for various purposes if it wanted (and this could be created without ever selling FOX and actually locking it for periods of time).

I’m not sure yet if I would support a proposal like this or not but would be curious to hear other community members thoughts and learn more.

@ICHI can you maybe walk through an example on this forum of what this could like for FOX and the all steps involved to make it happen so the community can get a clearer picture?


I would have to look deep into documentation to get a really solid grasp without a little bit more of a breakdown.

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Interesting. I think I’d like a more thorough understanding. Reading through the process of minting a oneToken, wouldn’t the Treasury have to spend an equal part FOX to buy USDC?

The oneFOX would be minted with .5 part USDC and an equal value of FOX if I understand correctly? Also, in the example it assumes the Treasury grows. How do the mechanics hold value in a bear market?

I see some marketing value in a oneFOX stablecoin as well as practicle uses for payments, etc.

Looking forward to more info and hearing other thoughts.


I am hoping to organize a call where we can discuss it, answer Qs, and then document all the details. Would you like to join it? Is there a forum for calls like this where we could present ICHI? For written reference, you can check the proposal for Gitcoin: Snapshot and ICHI docs …


Here are the normal steps: 1) discuss the concept in a forum like this, 2) organize interested people for a call/deep dive, 3) submit a more detailed proposal to the broader community, 4) vote in both DAOs, 5) launch $oneFOX! … #5 is actually trivial - we created a Quanstamp audited factory contract that will produce the $oneFOX with a function call.


Hey @inalittlewhile I’m on the ICHI biz dev team and Ichi requires a minimum treasury reserve ratio of 150% in order to ensure 100% of oneToken redemption at $1. Decreases in scarce crypto value (bear market) which put this ratio at risk should result in purchasing of additional collateral tokens or unwinding of yield bearing positions.

In the May market volatility all oneTokens were able to maintain their pegs to exactly $1 while few other stablecoins did


I created a ‘meeting request (for partners)’ thread in the discord. You can jump on there and get logistics figured out real time.


Thanks for the explanation. I was reading up on the docs last night. Looking forward to learning more about the product.

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Thanks so much! Will do :slight_smile:

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Thanks @huntthewick ! could you share a link to that channel so we can join and coordinate there?


Absolutely: Click here

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I think it’s be a great idea. Ichi essentially enables communities to issue and manage their own CaaS (currency as a service) as you call it, you’ll solve “store of value” for $FOX community. Basically, ICHI will give you the ability to also give $FOX community a medium of exchange always redeemable for $1.


Exactly, ICHI was created by a group of people who had spent years working with crypto projects trying to solve that very issue. The bottomline: it never made sense to rely on different communities for the different features of currency. Every community should govern store of value, unit of account, and medium of exchange to further their mission.


I posted the meeting thread link above to the discord, not sure if you saw that or not.

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Thanks. found and join - let’s coordinate a community call there :ok_hand:


So let’s say I mint $1 of oneFOX. I put in $0.50 USDC and $0.50 FOX. I will get out 1 USDC out of the USDC vault upon redemption; half I know will be there because I put it in, but the other half has to be covered by the community selling FOX from the FOX vault to rebalance.

As a holder of oneFOX, I’m exposed to the downside risk that the community will fail to rebalance in a bear market, but I experience no corresponding upside risk. Why would I ever hold oneFOX instead of immediately redeeming it for USDC so that I can avoid that downside risk? Or to put it another way, why would I loan the treasury $0.50 in USDC interest-free?


These are great questions @MrNerdHair and even after reading through the docs I didn’t fully understand myself.

@ICHI or @Kobayashi perhaps you could answer that here in the thread for those following? Would probably help us understand the idea a lot better.

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The way ICHI model works is that there’s always $USDC to redeem, and as such a new oneToken will never start with a 50%/50% minting ratio. these are the 2 options that gives this confidence the pool is always able to cover the redemption:

  1. $oneFOX launches with 100% minting ratio - this means every $oneFox is minted with exactly $1 USDC - only once enough collateral is build, gradually minting ratio will decrease so more $FOX are required to mint $oneFOX

  2. Shapeshift DAO deposit a pre deposit loan to the $oneFOX contract, which serve as a treasury collateral, and that builds the confidence there is enough backing. in that case minting ratio can start at 80%/20% (the loan can be anywhere between 0-$1000K worth of $FOX to the entire DAO treasury…)

In this case of 80%/20% - let’s assume $1M minted at launch - the pool holds $800K USDC and $200K $FOX , plus the pre-deposit loan from Shapeshift DAO - so there’s enough USDC for anyone to claim $0neFOX to $USDC


Can you go into a bit more detail about this pre-deposit loan? I’m having trouble understanding how $1M oneFOX can be redeemed for $1M USDC if the pool contains only $800K USDC, $200K FOX, and a pre-deposit loan of even more FOX. If there’s no liquidation risk for the DAO, how can there be no risk of default for oneFOX holders?