Ren, an inter-blockchain liquidity agreement, and ICHI, a platform that allows the cryptocurrency community to create and manage their own non-custodial stablecoins, announced the establishment of a new partnership to make Bitcoin, Dogecoin, Zcash and other cryptocurrency communities available to use. Centralized stablecoin.
ICHI Decentralized Financial Administration (DMA) Agreement Promote the creation of stablecoins by the crypto community, which is supported by a mixture of its own native tokens and stablecoins backed by fiat currencies. This increases the demand for native tokens in each community and ensures that the value is always locked in the community.
The new integration will enable ICHI to create stablecoins for popular cryptocurrencies (including DOGE, BTC, etc.)—— virtual machine Brought to Ethereum. This will enable these cryptocurrencies to be used in DeFi applications throughout the blockchain ecosystem.
“This partnership is a key step in allowing liquidity to flow between any blockchains. ICHI’s agreement encourages the adoption and use of these tokens and returns value to the community in the form of revenue, thereby providing support for the Bitcoin, Any stakeholder in Dogecoin, Digibyte or other crypto communities creates value.”
-Michael Burgess, chief operating officer
In addition to enabling any crypto project to create an internal stablecoin, ICHI’s protocol is fully audited by Quantstamp, and it also provides each crypto community with the tools to operate its own economy. This includes the establishment of a community-managed treasury created by minting “oneTokens.”
When the number of community vaults exceeds the number of oneToken minted, the oneToken of each community becomes over-collateralized; this is because the community invests in DeFi projects to obtain income.
“Unless each community can fully control its own funds, Satoshi Nakamoto’s vision of a’pure peer-to-peer electronic cash system’ will not be realized. We are very happy to work with Ren to provide the community with how to spend money and invest The autonomy to save money, save and otherwise use their money to encourage the scalability and sustainable growth of DeFi.”
– Brian Gross, ICHI
A stablecoin is a cryptocurrency designed to maintain a stable value of 1 U.S. dollar. In the context of falling prices of Bitcoin, Ethereum and other cryptocurrencies, traders turned to USDC and Tether as a way to reduce exposure. The current stablecoin market now exceeds $100B. However, these stablecoins have actually increased the severity of these market declines, thereby exposing the crypto economy to greater risks. This is because selling cryptocurrencies is to mint them… and this selling pressure will reduce the value of these cryptocurrencies (just as selling a stock will reduce the value of the stock).
This cooperation was carried out after the cooperation between ICHI, Ren and ConsenSys to develop a stable currency for Filecoin. Since its launch in June, more than 2 million USD oneFIL stablecoins have been minted. ICHI also successfully launched internal stablecoins for 1inch Network, Fuse Network and Wing Finance.