Ichi Partnership Proposal - Rejected: Likely falsified/unauthorized

RLY Ecosystem DAO
1

This user is believed to be impersonating a member of the Ichi DAO and/or team and has been suspended. This post will remain up for archival purposes for a short duration.

Original post:

if each creator wishes to have their own token, rally would benefit from providing ways to enhance user tokenomics.

Summary
Create an oneRLY stablecoin for the Rally community on the Ethereum blockchain. oneRLY will provide a stablecoin for this community that can be used to create USD exposure during these operations, help diversify the RLY in circulation, more easily pay operating costs, provide liquidity, and earn rewards.

Specification:

  1. oneRLY will be a stablecoin guaranteed to be redeemed for $1 in USDC
  2. RLY will be the community token used in minting oneRLY
  3. $100k ICHI loaned to the oneRLY treasury by the ICHI DAO. This amount is contingent on a $100k RLY loaned to the oneRLY treasury by the Rally DAO.
  4. Initial minting ratio will be set to 75% ($0.75 USDC + $0.25 Rally to mint $1 oneRLY).
  5. ICHI will support rewards to oneRLY depositors.

Initial Bootstrapping Rewards
ICHI will provide rewards for an initial 8-week bootstrapping period. 0.1 ICHI per block will be distributed to oneRLY Deposits for the first 4-week period, and 0.5 ICHI per block will be distributed weeks 5-8.

Default Treasury Management Rules

  1. Initial Minting Ratio: 75% USDC, 25% Rally
  2. 150% treasury reserve percentage is required whenever treasury backed is $50k+
  3. Supplied USDC may be used to provide USDC-oneRLY liquidity
  4. Deposited ICHI + Rally may be used to provide ICHI-RLY liquidity
  5. Governance Rewards to xICHI: 20% performance, 2% management
  6. 100 holders, none greater than 5% outstanding oneRLY, and 40+% quorum of deposited oneRLY is necessary to hold multisig elections

Loan Terms
The loans to the oneRLY treasury by the ICHI and Rally DAOs make it possible to lower the initial minting ratio from 80% to 75% without increasing risk by providing capital that backs these initial stablecoins.

  1. $150k RLY to be loaned by Rally DAO
  2. Actual loan amounts, denominated in ICHI and RLY, are determined by spot price at the time of deposit
  3. The tokens will be used to provide protocol-locked liquidity for Rally <> ICHI.
  4. These funds may only be withdrawn from liquidity to take one of two actions: a) repay the loans, or b) recapitalize the stablecoin contract with USDC to maintain a 150% treasury reserve percentage.
  5. Loan amounts are not included in the calculation of the 2% management fee to xICHI
  6. There is no interest.

Idea 2: a stablecoin for each branded cryptocurrency created through rally.

contact info if interested:

Note from author: Hi there! My name is Gaston and im the first member of the ichi dao to write the proposal for the oneRLY stablecoin/ Ichi partnership . i’d like to recieve 5% commission from the profits Rally and Ichi make from the oneToken(s) for establishing and being a liaison for this partnership.

Ichi DAO
telegram: Telegram: Contact @ichifarm
discord: Discord

Thank you!

2

Hi Gaston,
Thanks for proposing a partnership between RLY and ICHI.

I’m curious about this statement in your proposal. This is not representative of the $RLY network and seems to be a description of IoTeX in the “About IoTeX” section linked here.

From the $oneUNI and $one1INCH proposals, I see that the initial minting ratio was set at 80% for both of those oneTokens. In the “Loan Terms” section, you mention that the loans make it possible to reduce the minting ratio from 80% to 75%. It looks like the 1INCH foundation and ICHI both loaned $100k (similar to this deal structure) with a minting ratio of 80% (Source). Could you elaborate on what makes this situation different?

Will RLY DAO be loaning $100k RLY or $150k RLY?

I find this request for a commission slightly unusual as I have not seen a commission awarded to an author of a governance forum proposal. I also couldn’t find any indication of a commission for the authors/facilitators of the $oneUNI and $one1INCH governance proposals. I would assume that the ICHI DAO has a bounty/contributor structure that allows you to earn ICHI tokens for bringing $oneRLY to the ICHI Protocol. Please provide evidence of governance forum discussions/snapshot votes from other protocols that ICHI has worked with that have agreed to pay out a commission similar to the one proposed.

Would love for you to expand on these!

4

It enables the swapping of the native token for the stablecoin to change the native tokens price less than the other token. just an idea of my own

im sure we can raise $150k RLY

I work independently. (self employed). Nothings stopping any DAO member from doing the same thing that I do. They just don’t know about both of these projects yet otherwise they surefire would have been drafting a proposal! I would argue against not mentioning one’s own interest-sustaining terms since reputation matters in business. If an agreement is reached between DAO’s and my terms are ignored, it says something about how business is done.

5

Most DAO members work independently and are paid by the DAO they represent through a bounty/contributor system. No other ICHI proposal on other forums have a commission structure and the proposal seems to be similar to the others. I would recommend you to interface with the ICHI team first to ensure if you have the authority to facilitate a partnership

The RLY DAO has USD exposure currently through stablecoins in its treasury. At its current structure, I don’t really see the need for a leveraged stablecoin as it adds one more moving piece that the DAO has to maintain.

6

Thanks for reaching out, but for a few reasons we’ll be rejecting this particular proposal’s temperature-check at this stage.

The particular benefits discussed are not of significant priority or use to RLY, as they’re reasonably covered as @bvajresh has mentioned. An undertaking such as this is more of an unnecessary distraction than it could be of meaningful use.

Adequate due-diligence has not been provided by @GastonJM to verify his official capacity and involvement with Ichi. In fact, he does not even exist in the official Ichi Discord.

In light of this, the interesting timing and circumstances of your involvement in the Discord and Forum, and the likely deception involved in bringing this forward, I will be barring you from participating in our Discords and Forum.
If you believe this is a mistake, please have a readily-verifiable member of Ichi step forward and confirm your involvement with the project, and I will rescind these restrictions. You may have them reach out to me directly in Discord DM.