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.