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if each creator wishes to have their own token, rally would benefit from providing ways to enhance user tokenomics.
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.
- oneRLY will be a stablecoin guaranteed to be redeemed for $1 in USDC
- RLY will be the community token used in minting oneRLY
- $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.
- Initial minting ratio will be set to 75% ($0.75 USDC + $0.25 Rally to mint $1 oneRLY).
- 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
- Initial Minting Ratio: 75% USDC, 25% Rally
- 150% treasury reserve percentage is required whenever treasury backed is $50k+
- Supplied USDC may be used to provide USDC-oneRLY liquidity
- Deposited ICHI + Rally may be used to provide ICHI-RLY liquidity
- Governance Rewards to xICHI: 20% performance, 2% management
- 100 holders, none greater than 5% outstanding oneRLY, and 40+% quorum of deposited oneRLY is necessary to hold multisig elections
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.
- $150k RLY to be loaned by Rally DAO
- Actual loan amounts, denominated in ICHI and RLY, are determined by spot price at the time of deposit
- The tokens will be used to provide protocol-locked liquidity for Rally <> ICHI.
- These funds may only be withdrawn from liquidity to take one of two actions: a) repay the loans, or b) recapitalize the stablecoin contract with USDC to maintain a 150% treasury reserve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.
- Loan amounts are not included in the calculation of the 2% management fee to xICHI
- 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.