ShapeShift DAO, a decentralized, custodial crypto platform and community, reveals that it has formed a partnership with ICHI in order to cast a new stable testimony.
As mentioned in an update shared with CI:
“Through the provision of a decentralized monetary authority (DMA), ICHI empowers the ShapeShift DAO with dynamic tools to help grow the community, attract users and increase the value of FOX token.”
ICHI, which claims to be the first DMA protocol, will allow ShapeShift DAO to “create a stable token, with an exact value of $ 1, supported by ShapeShift DAO’s own FOX token.” The announcement also mentioned that the new stable, branded dollar, oneFOX, “will maintain more value within the project by creating a reliable daily currency that can be easily used to pay for trading and invest in DeFi.”
To coin oneFOX, users will have to “deposit a mix of FOX and USDC,” the ad explains. This should help increase global demand and the value of FOX tokens while “offering the community the benefits of a stable asset without having to exchange all of their FOX for other stable currencies.”
As stated in a statement, a new community-run treasure “established as part of the launch of oneFOX will also provide more liquidity and better incentives and discounts for the ShapeShift DAO community.”
Bryan Gross, ICHI administrator, commented:
“We built ICHI so that cryptographic projects could control every aspect of their own money. FOX is a great store of value and provides important government and incentives for the community. And now, thanks to the dollar of the oneFOX brand, it is also it can be used as a unit of reliable exchange. It is about providing all the values of a stable currency without offsets. “
The Stable oneFOX token is the eighth dollar brand introduced through ICHI, which has “enabled the Filecoin network, 1 inch, DODO and other communities to launch stable assets backed by their own tokens “.
The announcement also mentioned that this partnership between DAO ICHI and ShapeShift is “unique, as it is the first stable asset created through ICHI with DAO to DAO multisig portfolio to execute government decisions.”
Since 2014, ShapeShift has been “a pioneer in self-custody for the trading of digital assets.” The update also noted that the company’s web and mobile platforms allow users around the world to buy, maintain, trade and interact with cryptocurrencies such as Bitcoin and Ethereum.
As stated in the statement, ICHI aims to “unlock the full potential of the cryptocurrency economy by allowing any cryptocurrency project to create and control its own stable asset worth exactly $ 1.”